未来货币已至 革新征程伊始

THE FUTURE OFMONEYIS HEREAND IT’S ONLYJUSTBEGUN 6RWA.xyz INTRODUCTION 16 years after the launch of bitcoin – and with it, the modern blockchain –it is safe to say that the future of money is here. Claimed ownership ofcrypto is more common than many think; stablecoin transfer volumeshave reached unprecedented levels1; more than a third of small and me-dium businesses use crypto in their businesses2; and 6 in 10 F500 execu-tives say their companies are working on blockchain initiatives.3 1Allium2Small and Medium BusinessSurvey conducted for Coinbaseby NRG Research, April 20253Web3 Adoption Research,conducted for Coinbase byGLG Research, April 20254Institutional Investor DigitalAssets Survey, conducted forCoinbase in collaboration withthe EY-Parthenon practice,January 2025 And this is only just the beginning. Nearly 1 in 5 of F500 executives sayonchain initiatives are a key part of their company’s strategy movingforward (up 47% year on year) and more than 4 in 5 institutional inves-tors plan to increase their exposure to crypto this year.4 This growth in crypto is nowhere more apparent than among small andmedium businesses (SMBs), the backbone of the U.S. economy. 2025has been a triple double for crypto amongst SMBs. Year over year,the number of SMBs using crypto has doubled (34% in 2025 vs 17% in2024), the number of SMBs using stablecoins has doubled, and thenumber of SMBs who have paid or accepted a payment in crypto hasdoubled. Looking forward, demand is likely to only intensify as over 4 in5 of SMBs see crypto helping solve at least one of their financial painpoints (82%) and are interested in using crypto for their business (84%).And as the aphorism says, “as Main Street goes, so does the economy”. So, the future of money is here and it has only just begun. But it’s cleargreater regulatory certainty is still required for the potential of cryptoto be fully realized. That’s why passing market structure and stablecoinlegislation is so critical to the future of crypto innovation in America. 9in 10 F500 executives agree that clear regulation is needed to supportinnovation, more than 3 in 5 investors cite greater regulatory clarity asthe next catalyst for growth of the digital-asset industry and nearly3 in 4 (72%) of SMBs say they would be more likely to consider usingcrypto in their business if the market structure (i.e., rules and regula-tions for business use) for crypto were clearly defined. This seventh State of Crypto report looks at corporate, small to mediumbusiness, and investor adoption of crypto and shows the role crypto,blockchain and other web3 technologies can play in updating the globalfinancial system for the benefit of corporations and consumers alike. The report covers how: 1More of America’s top companies are onchain than ever before2Small businesses are adopting crypto at an even faster rate3Stablecoin and other tokenized asset adoption is rapidly expanding4Institutional investors are increasing their exposure to crypto5Greater regulatory certainty is needed to unlock crypto’s full potential MORE OFAMERICA’STOPCOMPANIESARE ONCHAINTHAN EVER BEFORE Onchain is big business. Among F500 executives: Source: Web3 AdoptionResearch, conducted forCoinbase by GLG Research,April 2025 •6 in 10 say their companies are working on onchain initiatives•Nearly 1 in 2 (47%) say their company’s investment in onchaintechnology has increased•The number of onchain projects per company has increased by 67%year on year, from 5.8 to 9.7 Source: Web3 AdoptionResearch, conducted forCoinbase by GLG Research,April 2025 There were 17 unique onchain initiatives announced by F100 companiesin Q1 2025, which ties the second-highest quarterly activity record-ed, and over the last 3 quarters (Q3 ‘24 – Q1 ‘25) there were 46 uniqueonchain initiatives. While financial service and technology companiesremain the industries that account for the most onchain initiatives, thethree most recent quarters (Q3 2024 to Q1 2025) have shown increasingdiversification into auto and transportation, retail, food and beverage,and healthcare companies. Onchain initiatives at F100 companiesnow span more industries Onchain is a commercial imperative Source: Web3 AdoptionResearch, conducted forCoinbase by GLG Research,April 2025 Nearly 1 in 5(18%)say onchaininitiatives are a key part of theircompany’s strategy movingforward (up 47% year on year) Onchain isseen as a bigpart of thefuture ofthe F500’sbusiness. 18% More than 1 in 3(38%)say onchaintechnology enables new revenuestreams for their company Of F500 executivessurveyed: More than 1 in 3(37%)say theircompany have onchain projects inideation stage 37% IT’S NOTJUSTBIG BUSINESS – SMALLBUSINESSES ARE MOVING ONCHAINATAN EVEN FASTER RATE The future of money is nowhere more visible than among small and me-dium businesses, the backbone of the U.S. economy. Onchain technology,especially for payments, holds great appeal to a group who see transac-tion fees and processing times as t