Coinbase has raised concerns over the dwindling pool of crypto talent in the US, citing a 14-point decline in US-based crypto developers over the past five years. The largest US exchange has stressed the need for regulatory clarity to retain talent domestically. Despite this, there has been a significant uptick in on-chain projects, with a 39% increase in Web3 initiatives by Fortune 100 companies. The report also highlighted that assets under management for spot Bitcoin ETFs have surpassed $63 billion following the approval of a spot Bitcoin ETF earlier this year.

Coinbase also praised the efforts of payment companies like PayPal and Stripe in making crypto and stablecoins more accessible. For instance, Stripe now allows merchants to accept USDC payments, which are automatically converted to fiat. Meanwhile, PayPal supports transaction-free cross-border transfers across 160 countries, significantly lower than the global standard of 4.45% to 6.39% in average charges in the international remittance market.

The report concludes by emphasizing the potential of crypto to increase access to financial systems, particularly for the underbanked and unbanked, provided the US takes leadership in the crypto space.