Traditional Companies Develop Crypto Applications on Ethereum

According to PANews, a report by Christine Kim, Vice President of Research at Galaxy Digital, reveals that over 50 traditional companies, including financial institutions like Deutsche Bank and PayPal, as well as brands such as Louis Vuitton and Adidas, are developing cryptocurrency-specific applications on Ethereum and its Layer 2 networks. These initiatives focus on non-speculative use cases, such as the tokenization of real-world assets (RWA), non-fungible tokens (NFTs), and Web3 gaming, bypassing general crypto infrastructure like exchanges. Ethereum leads in RWA tokenization, with assets under custody valued at nearly ten times that of its competitor blockchain, Stellar. Among the 20 financial institutions building crypto infrastructure, 13 have issued RWAs, including Blackrock's Ethereum-based fund BUIDL. Stablecoins are also thriving on Ethereum, with PayPal's PYUSD and Robinhood's USDG contributing to a 70% surge in supply in 2024. Ethereum holds over 50% of the $400 billion stablecoin market.