An increasing number of mainstream companies are experimenting with blockchain technology, according to a new report.
Around 60% of Fortune 500 executives say their companies are “working on blockchain initiatives,” according to a new survey published by crypto exchange Coinbase on Tuesday, in partnership with GLG Research. That’s a 4% increase from last year. Many of these crypto projects are related to the use of blockchain technology for payments and settlements, supply-chain management, and blockchain infrastructure.
GLG Research and Coinbase did not immediately respond to a request for comment from Fortune.
The latest data comes as a new political climate has made the idea of blockchain more interesting to mainstream U.S. corporations. President Donald Trump has supported the idea of a clear regulatory framework for crypto, and has been much more supportive of the industry than President Biden was.
The industry has also experienced a recent IPO boom. This month, Circle—a major company that issues a stablecoin called USDC, which is pegged to the value of the U.S. dollar—went public with an $8 billion valuation. Other crypto companies have also recently filed to go public or are reportedly considering it, including crypto exchanges Gemini and Kraken.
Since the start of the year, a number of financial companies have announced that they are using or experimenting with stablecoins, including asset manager Fidelity, global payments company Visa, and fintech company Stripe.
Other tech companies are jumping on the stablecoin trend as well. Social media platform X, AirBnB, and Google are all in early conversations about integrating stablecoins into their business operations. And in May, Fortune reported that Mark Zuckerberg’s Meta—which has unsuccessfully experimented with blockchain technology in the past—has been in discussions with crypto companies to introduce the use of stablecoins for payouts.
