Sixteen years after Bitcoin’s launch, crypto has moved far beyond speculative hype. Coinbase’s latest State of Crypto Q2 2025 report paints a vivid picture of how blockchain, stablecoins, and tokenized assets are reshaping business, finance, and payments – both on Wall Street and Main Street.
From Fortune 500 companies expanding on-chain strategies to small businesses doubling their crypto adoption, the report unpacks the growing role of digital assets in the real economy.
In this breakdown, we’ll explore key insights from the report – including corporate and SMB trends, the explosive rise of stablecoins, institutional momentum, and the regulatory road ahead.
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TL;DR
Crypto and onchain tech are now mainstream, from Fortune 500s to SMBs
Stablecoins and RWAs are solving real financial problems—fast, cheap, programmable finance
Institutions are reallocating in favor of digital assets at historic levels
Regulation remains the single biggest unlock for U.S. innovation and leadership in web3
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Onchain Is Big Business: Fortune 500 Embrace Grows Sharply
Coinbase’s State of Crypto Q2 2025 reveals that crypto adoption is no longer a fringe trend – it’s a full-fledged corporate movement.
Among Fortune 500 (F500) executives:
6 in 10 say their company is working on blockchain initiatives
47% increased onchain investment year-on-year
The average number of projects per company jumped 67%, from 5.8 to 9.7
Nearly 1 in 5 F500 firms now embed onchain tech into core strategy (up 47% YoY)
THE @COINBASE STATE OF CRYPTO Q2 2025 REPORT |
Nearly 1 in 5 of F500 executives say onchain initiatives are a key part of their company’s strategy moving forward (up 47% year on year).https://t.co/7VjZ0X8YSq pic.twitter.com/xllu1L6BIC
— BitKE (@BitcoinKE) June 12, 2025
The report shows diversification beyond finance and tech. Onchain initiatives now span auto, retail, healthcare, energy, and telecom, signaling broader utility and strategic relevance.
Top use cases include payments/settlements, supply chain management, identity, and data infrastructure.
Main Street Joins In: SMB Crypto Use Doubles
If big business is scaling, small businesses are sprinting. In what Coinbase calls a “triple double” year for crypto:
34% of SMBs use crypto (vs 17% in 2024)
18% use stablecoins (vs 8% in 2024)
32% have sent or received crypto payments (vs 16% in 2024)
And the outlook is even stronger:
84% of SMBs are interested in using crypto
82% say it can help solve at least one financial pain point
57% believe adopting crypto will save them money
From high payment processing fees to sluggish settlements, SMBs see crypto – especially stablecoins – as a tool to gain speed and reduce costs.
Stablecoins Surge Past the Big Four Banks
The numbers are staggering:
Global stablecoin supply surged 54% YoY to $247B
161 million people now hold stablecoins – more than all users of JPMorgan, Bank of America, Wells Fargo, and Citibank combined
In April 2025, USDC hit an all-time high market cap of $62 billion
Stablecoin monthly transfer volume reached $717B in April 2025
THE @COINBASE STATE OF CRYPTO Q2 2025 REPORT |
There are now over 160 million stablecoin holders globally, more than the population of the 10 largest cities in the world.https://t.co/7VjZ0X8YSq pic.twitter.com/3nxQpXcHdG
— BitKE (@BitcoinKE) June 12, 2025
Stablecoin use cases are going mainstream – cross-border payments, payroll, remittances, and inflation protection are just the start. Even major players like SWIFT, Stripe, and Apple Pay (via Mesh) are now enabling stablecoin features.
Circle, Tether, and other issuers now hold more U.S. Treasuries than countries like Germany.
Tokenization of Real-World Assets (RWAs): A 245x Growth Story
Beyond stablecoins, tokenization of real-world assets has exploded:
From $85 million in 2020 to over $21 billion in April 2025
Private credit leads with 61% of tokenized RWA market share, followed by U.S. Treasuries (30%)
RWA use cases include:
Tokenized treasuries for real-time yield and 24/7 liquidity
Tokenized invoices for faster, more accessible working capital
Tokenized private credit to open access to retail and global investors
With platforms like Figure, BUIDL, and BENJI leading, tokenized finance is reshaping how capital flows in a digital-first economy.
Institutions Go All-In: ETFs and Crypto Allocations Climb
2024 marked a record-breaking year for institutional crypto exposure:
Bitcoin ETFs saw $50B in inflows, 2x more than any ETF class in history
Ethereum ETFs gained $3.5B in net inflows within months
83% of institutional investors plan to increase crypto exposure in 2025
76% intend to invest in tokenized assets by 2026
Institutions are not just experimenting – they’re allocating, often more than 5% of AUM. Crypto is entering the portfolio mainstream.
Regulation: The Last Barrier Standing
While adoption is surging, regulatory uncertainty remains the top bottleneck:
9 in 10 F500 executives say the U.S. needs clear crypto rules
54% cite regulatory concerns as a blocker to onchain adoption
72% of SMBs would be more likely to adopt crypto with a clear market structure
At the state level, 131+ crypto bills are in motion across 38 states. But a fragmented patchwork of rules risks stifling innovation. The need for federal clarity is urgent – not just to protect consumers, but to keep U.S. crypto talent onshore.
The U.S. share of global crypto developers has halved since 2015, dropping to 39%.
As Coinbase puts it: “The future of money is here – it’s only just begun.”
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