In a recent report by Coinbase, it was revealed that a notable 19% of individuals residing in New York are proud owners of cryptocurrencies. The study, which delved into the state’s evolving crypto landscape, shed light on the growing acceptance of crypto among residents.
Moreover, a Coinbase survey found that one-third of New Yorkers see cryptocurrencies promoting a fairer financial system. Additionally, these individuals view cryptocurrencies as a promising avenue for future investments.
New York’s Thriving Crypto Ecosystem: A Hub for Blockchain Initiatives
The Coinbase report didn’t solely focus on individual ownership; it also underscored the thriving crypto ecosystem within the state. As NewYork continues to warmly embrace the concept of crypto, it is becoming a hub for numerous blockchain-driven initiatives. Impressively, the state is currently home to a substantial count of 692 blockchain organizations and boasts over 800 enterprising founders dedicated to the innovative field.
As the use of cryptocurrencies becomes more popular, regulatory agencies in New York are also working to improve their ability to monitor the situation.
The New York State Department of Financial Services (NYDFS), for example, has announced that it is getting better at identifying illegal activities related to cryptocurrencies. This includes activities like insider trading, manipulating the market, and engaging in front-running actions.
Simultaneously, the United States Federal Reserve has expanded its monitoring program concerning American banks’ involvements with cryptocurrencies and blockchain technology. The newly instituted initiative, effective from August 8th, aims to curtail specific crypto-related undertakings supervised by banks.
Global Impact of Stablecoins: Insights from Circle CEO
In addition, Circle, a well-known company in the US that issues stablecoins, provided interesting information. Jeremy Allaire, CEO of Circle, noted that 70% of USD Coin (USDC) usage occurs outside the US. This growth is especially clear in emerging markets across Asia, Latin America, and Africa.
Coinbase’s ongoing series spotlighting crypto innovation at the state level within the US recently featured New York. The report showcased significant milestones that the state has achieved in its journey towards embracing and integrating cryptocurrencies.
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