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50% of US small businesses favor stablecoins, Coinbase report reveals | CryptoTvplus
- A new report from Coinbase reveals that 50% of US small businesses favor stablecoins for their stability and lower transaction fees.
- Small businesses, which contribute 44% of U.S. GDP and employ nearly half of the private sector workforce, are increasingly adopting crypto and blockchain technologies.
- 53% of small businesses prioritize hiring candidates with crypto knowledge, highlighting the growing demand for crypto-savvy talent.
- Stablecoins are preferred for their reduced volatility, making them suitable for everyday transactions and cross-border payments.
Small businesses are the backbone of an entrepreneurial economy like the United States of America, and crypto adoption is increasing among these types of organizations according to a recent study. report by Coinbase.
Small businesses, widely considered the most trusted institutions in the United States, are increasingly exploring cryptocurrency and blockchain technology, according to Coinbase.
More than 99% of all U.S. businesses are small businesses, 88% of which have fewer than 20 employees. According to the U.S. Small Business Administration (SBA) and the U.S. Census Bureau, small businesses contribute approximately 44% of the U.S. gross domestic product (GDP).
They also employ nearly half (46%) of the U.S. private sector workforce and created just under two-thirds (63%) of new jobs between 1995 and 2021, totaling 17.3 million new ones. jobs. Additionally, small businesses account for 32.6% of the known value of exports, or approximately $413.3 billion.
To address challenges in industries such as finance, healthcare, education, luxury and sports, businesses in the United States and around the world are increasingly turning to crypto-based and crypto-based solutions. blockchain.
Find talent with cryptography knowledge
A unique trend revealed by Coinbase is that 53% of these small businesses are more likely to prioritize candidates with crypto knowledge when filling finance, legal, or IT/tech roles. This means the search for crypto-based talent has moved beyond big companies like Google, Meta, Amazon, Apple, J.P. Morgan, black rockand others.
The report highlights that the growth of small businesses could be hampered if they lack cryptocurrency-savvy employees. This suggests that a shortage of qualified talent in this field could slow their development and expansion. The availability of crypto-savvy professionals is essential for these companies to fully exploit the benefits of cryptocurrency and blockchain technology.
Why stablecoin?
Beyond talent acquisition, the report also highlighted a rush to stablecoins from these organizations. Stablecoins are cryptocurrencies linked to assets like the US dollar or gold to maintain a stable price.
They mitigate the volatility seen in popular cryptocurrencies like Bitcoin, making them more suitable for everyday transactions. They are commonly used for cross-border payments and trading other cryptocurrencies.
More than 50% of companies surveyed noted that the adoption of stablecoins could open new business opportunities. The relative stability inherent in stablecoins makes them attractive to businesses looking to avoid the fluctuations typical of other cryptocurrencies.
Another reason for the stablecoin’s appeal is its lower transaction fees and faster processing times. About 68% of these companies believe that cryptocurrencies can help solve at least one of these problems.
This is similar to what Pegah Soltani, head of payment products at Ripple. said on cross-border payments around the world. She explained that payment standards vary widely across the world. For example, using SWIFT or TIPS in Europe and FedNow in the United States requires different protocols, limiting data quality and detail.
As a result, these systems operate as closed networks that do not communicate effectively with each other, requiring a lot of manual intervention and ultimately leading to a poor payment experience.
According to Coinbase, the efficiency and profitability of crypto transactions present a compelling case for their adoption. Additionally, 76% of small businesses express interest in the potential benefits crypto could offer, indicating a broad willingness to explore these technologies.
Blockchain in healthcare and agriculture
Beyond finance, American small businesses create products in the health and food sectors. An example cited in the report is the work of Acoe. It is a company that uses blockchain technology to help public health organizations collect, organize and analyze large amounts of health data.
Likewise, in the agricultural sector, BanQu uses blockchain to enable small farmers, who often do not have access to banking services, to access the financial system. This inclusion allows them to join global supply chains, expanding their reach and economic potential.
Blockchain technology is also used in inventory management by Queen of Raw, an inventory tracking company. They are using blockchain to help businesses better monitor and manage their inventory, with the aim of reducing the $1 trillion in unused inventory sitting in warehouses each year, thereby optimizing resources and reducing waste.
The report notes that as small businesses continue to explore and adopt cryptocurrency and blockchain technologies, they are not only tackling immediate financial problems, but also paving the way for new opportunities and efficiency gains.