99% of surveyed financial services firms in the United States in 2023 gave at least the same level of attention to crypto projects as in previous years. The Paxos report says.
The sample included 400 firms with at least 5 million users and AUM or annual payments volume of at least $50 billion.
The study showed that respondents continue to face various barriers and challenges that hinder the integration of crypto solutions. 56% of respondents cited this.
“The resilience of digital assets and blockchain in the face of market upheavals, economic headwinds and the need for greater regulatory clarity reflects the long-term value that companies place on the technology,” the document says.
51% of respondents cited market volatility as a barrier, while 43% mentioned the costs associated with implementing projects.
Despite the challenges, fewer than 2% of respondents cited a lack of belief in the benefits of DLT as an obstacle.
The authors said that nearly 80% of the surveyed companies have blockchain development teams, and 60% planned to hire more staff to carry out these functions in 2024.
Earlier in November, Paxos received principal approval from the Monetary Authority of Singapore (MAS) to issue a dollar-pegged stablecoin.
On 7 August, the infrastructure company launched PayPal’s PYUSD stablecoin on the Ethereum network.
The asset has elicited a mixed reaction among crypto-community participants. Some argued the coin would facilitate broad adoption of digital assets, while others pointed to centralisation risks.