How US Firms and Small Businesses Are Increasing Crypto Adoption: Coinbase Research

It has been over a decade and a half since Bitcoin and blockchain applied sciences emerged. Nonetheless, the cryptocurrency sector has witnessed extra widespread adoption than ever earlier than over the previous 12 months.

In line with the State of Crypto 2025 report from the digital asset change Coinbase’s analysis workforce, small enterprise operations and real-world use circumstances, like payroll and remittances from institutional buyers, have been driving stablecoin development.

U.S. Companies Embrace Crypto

Coinbase performed surveys for small and medium companies (SMBs) and institutional buyers in April and January 2025, respectively, for the report. The change discovered that claimed possession of crypto is extra widespread than individuals assume; a rising variety of establishments are engaged on blockchain initiatives and have included such plans of their company methods.

Six in ten executives of Fortune 500 (F500) firms mentioned their corporations are constructing on-chain initiatives. Roughly 47% of respondents reported that their firms have elevated their funding in blockchain know-how. Additionally, the variety of on-chain tasks per firm has risen 67% year-on-year (YoY) from 5.8 to 9.7.

The highest kinds of on-chain initiatives seen among the many F500 embrace cost/settlements, cross-border transfers, provide chain administration, company treasury, and blockchain infrastructure. Coinbase discovered that 17 distinctive on-chain initiatives had been introduced by F100 firms final quarter and 46 between Q3 2024 and Q1 2025. There may be additionally elevated variety from monetary service and know-how firms to auto and transportation, retail, meals and beverage, and healthcare corporations.

How Can Regulatory Readability Assist?

Analyzing SMBs, Coinbase discovered that 34% of such companies at present use crypto; 46% of those that don’t are more likely to begin inside the subsequent three years. No less than 82% of SMBs consider crypto can handle a few of their monetary ache factors.

“2025 has been a triple-double for crypto amongst SMBs,” Coinbase acknowledged, including that the variety of SMBs utilizing crypto and stablecoins has doubled YoY.

This elevated crypto adoption has pushed stablecoin switch volumes to unprecedented ranges. The sector witnessed its two highest month-to-month natural switch volumes in December 2024 ($719 billion) and April 2025 ($717.1 billion).

Since 2019, the variety of individuals holding stablecoins has grown to over 160 million. Stablecoin holders have surpassed the inhabitants of the ten largest cities on this planet mixed and exceed the 142 million mixed customers of the U.S. Large 4 cell banking apps.

In the meantime, Coinbase highlighted the position regulatory clarity may play within the full realization of crypto’s potential. 9 in ten F500 executives agree with the change, in addition to 72% of SMBs.