TechFlow news, on February 16, according to a report by Christine Kim, Vice President of Research at Galaxy Digital, more than 50 traditional companies—including financial institutions such as Deutsche Bank and PayPal, as well as brands like Louis Vuitton and Adidas—are developing crypto-specific applications on Ethereum and its Layer 2 (L2) networks. These efforts focus on non-speculative use cases such as real-world asset (RWA) tokenization, NFTs, Web3 gaming, and scalable infrastructure. The report states that Ethereum leads in RWA tokenization, hosting nearly ten times the value of assets compared to Stellar. Among 20 financial institutions building crypto infrastructure, 13 have issued RWAs, including BlackRock’s BUIDL. Stablecoins are also thriving on Ethereum, with PayPal's PYUSD and Robinhood's USDG driving a 70% surge in supply in 2024, while Ethereum holds over 50% share of the $400 billion stablecoin market.
Investments in scalable infrastructure underscore enterprise adoption: Deutsche Bank is developing a compliant financial solution using an Ethereum L2 integrated with ZKSync, while Sony's L2 project Soneium targets gaming and entertainment. These initiatives highlight Ethereum's role as a customizable foundation for enterprise-grade blockchains.
Moreover, Ethereum's centralized roadmap for L2 scaling balances scalability and security, attracting institutions seeking efficient on-chain solutions. Regulatory tailwinds—including the SEC's focus on tokenization—and partnerships such as Stripe's $1 billion acquisition of stablecoin platform Bridge signal growing mainstream adoption.
The Galaxy report concludes that Ethereum remains the dominant chain for finance-focused crypto services, with RWA and stablecoins expected to expand through 2025. Kim noted: "As the most decentralized, widely accessible to crypto-native users, and longest-running general-purpose blockchain, Ethereum serves as the gateway many institutions use to incubate and launch finance-focused crypto services and products."
