A recent report by Coinbase highlights the significant challenges faced by US crypto developers in meeting the growing demand for onchain platforms. Despite corporate interest in blockchain technology, the lack of skilled talent is a major obstacle, with nearly 50% of executives citing it as the primary barrier to adoption.

The report, titled "State of Crypto," reveals that the US has lost nearly 14% of its share in the global crypto developer market over the past five years, now accounting for only 26%. This decline is attributed to the lack of trusted talent and the right skills.

Coinbase's Chief Legal Officer, Paul Grewal, emphasized the importance of the US government taking decisive action to improve its stance on crypto development. He urged policymakers to recognize the potential of blockchain technology and take steps to support its growth.

The report also highlights the growing interest in stablecoins, with 70% of Fortune 500 executives showing a deep interest in learning about their use cases. This is due to the instant processing times and lower fees offered by stablecoins.

Small businesses are also increasingly attracted to digital assets, which provide faster and cheaper payment solutions. The report concludes that the US needs to take immediate action to address the talent shortage and maintain its position as a global leader in technological innovation.

Wyoming Senator Cynthia Lummis has come out in support of the Coinbase report, stating that the Biden administration's "persecution" of Bitcoin and digital assets is pushing the industry overseas and causing the US to fall behind. She urged policymakers to provide a supportive environment for the industry to thrive.