Fortune 500 Stablecoin Adoption Surges 250% in 2024 Meta Acquires 49% Stake in Scale AI for $15 Billion Netcapital Acquires Web3 Gaming Platform Mixie Guggenheim Expands Digital Debt Offering with Ripple Partnership

Stablecoins have emerged as a significant application of blockchain technology, with Fortune 500 companies increasingly recognizing their potential. A recent survey by a crypto exchange revealed that nearly 29% of Fortune 500 executives are either using or exploring the use of stablecoins, marking a more than threefold increase from just 8% in 2024. The primary drivers for this interest include faster financial transactions and lower payment fees, with about 7% of respondents already utilizing stablecoins in their operations. The stablecoin market has grown substantially, surpassing $250 billion as of June, highlighting its increasing real-world utility. However, not all companies are embracing stablecoins, particularly the US banking lobby, which is concerned about yield-bearing stablecoins disrupting their business.

Meanwhile, Meta Platforms is making significant strides in the AI sector. The company has quietly assembled a "superintelligence" unit, led by Scale AI founder Alexandr Wang. This move follows reports that Meta acquired a 49% stake in Scale AI in a nearly $15 billion all-cash deal. Wang is set to join Meta’s “superintelligence” team, which is focused on pursuing artificial general intelligence. This acquisition comes as Meta's CEO, Mark Zuckerberg, has expressed frustration with the company's slow progress in AI, despite plans to nearly double capital expenditures this year, much of which is earmarked for AI infrastructure development.

In other news, Nasdaq-listed fintech firm Netcapital has acquired Web3 gaming platform Mixie for an undisclosed sum. This acquisition is notable as it potentially marks the first time a publicly traded company has acquired a crypto-native protocol. The deal, executed through Zelgor, a Netcapital portfolio company, is expected to enhance Netcapital’s tokenization infrastructure. Netcapital operates a fully digital capital markets platform that connects private companies seeking to raise capital with investors. A company spokesperson highlighted the synergies between Mixie’s tokenization capabilities and Netcapital’s browser-based security offering.

Additionally, US investment giant Guggenheim is expanding its digital debt offering through a new partnership with Ripple. Less than a year after launching its commercial paper offering on Ethereum, Guggenheim Treasury Services will now offer its Treasury-backed fixed-income product on the XRP Ledger. Fully backed by US Treasurys, the product could eventually be available for purchase using RLUSD, Ripple’s US dollar-pegged stablecoin. As part of the agreement, Ripple has invested $10 million into the asset, further solidifying its commitment to the digital debt market.