Despite the growing demand for onchain platforms, the US is struggling to maintain its position as a global leader in crypto development. According to Coinbase's latest State of Crypto report, the country has lost nearly 14% of its share in the last five years, now accounting for only 26% of the global total share of crypto developers.

The report highlights the significant lack of skilled talent as the primary obstacle for companies to transition to onchain platforms. This is evident from the fact that nearly 50% of executives cited the absence of skilled talent as the primary barrier to adoption. The decline in the share of US crypto developers is further exacerbating the issue, with only one in four crypto developers now belonging to the US.

Despite these challenges, the interest in blockchain technology remains high. A staggering 70% of Fortune 500 executives showed a deep interest in learning about stablecoin use cases, driven by the instant processing times and lower fees offered by stablecoins. Small businesses are also increasingly attracted to digital assets due to their ability to address financial pain points by providing faster and cheaper payment solutions.

The Coinbase report has urged the US government to take decisive action to improve its stance on crypto development. Coinbase Chief Legal Officer Paul Grewal emphasized that the US risks losing its position of being the global leader in technological innovation if it fails to act. Wyoming Senator Cynthia Lummis has also come out in support of the report, stating that the Biden administration's "unrelenting persecution of Bitcoin and digital assets" is pushing the industry overseas and causing America to fall behind.