Summary
Over 50 non-crypto companies have developed products and services on Ethereum or Ethereum Layer-2 (L2) solutions, spanning industries from luxury fashion (Louis Vuitton, Adidas) to finance (Deutsche Bank, PayPal). These initiatives focus on crypto-native applications like NFTs, RWAs (Real-World Assets), Web3 developer tools, and L2 scalability—excluding generic crypto trading or custody services. Notably, 10 out of 20 financial institutions identified are banks, with most issuing RWAs on Ethereum. This report highlights Ethereum’s emerging role for traditional enterprises.
Introduction
The crypto industry can be categorized into three sectors:
- General Infrastructure: Non-crypto-specific services (e.g., exchanges, compliance).
- Crypto-Specific Infrastructure: Unique to blockchain (e.g., staking, oracles).
- Crypto Applications: Consumer-facing blockchain apps (e.g., decentralized exchanges).
Traditional companies are innovating on public blockchains, with 55+ leveraging Ethereum and L2s like Polygon and Arbitrum. Key findings:
- 23 companies issue NFTs on Ethereum/L2s.
- 17 experiment across multiple blockchains.
RWAs on Ethereum
Financial institutions dominate Ethereum’s RWA adoption:
- 13 out of 20 issue RWAs, including money market funds (Franklin Templeton) and government bonds (European Investment Bank).
- Ethereum hosts 10x more RWAs than Stellar, the next-largest blockchain.
- ZKsync, an Ethereum L2, surpasses Stellar in RWA value.
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Stablecoins and Regulatory Catalysts
- PayPal’s PYUSD and Robinhood’s USDG launched on Ethereum.
- Stablecoin supply on Ethereum grew 70% in 2024.
- SEC Commissioner Hester Peirce highlighted tokenization as a priority in 2025.
Scalable Blockchain Infrastructure
Ethereum’s rollup-centric roadmap attracts enterprises:
- Deutsche Bank is building Project DAMA 2, a compliant L2 with Matter Labs.
- Sony launched Soneium, an OP Stack-based rollup for gaming/finance apps.
Despite scalability challenges, Ethereum’s security and decentralization make it ideal for institutional adoption.
Gaming on Ethereum L2s
NFTs thrive in gaming ecosystems:
- Atari deployed classics like Asteroids on Coinbase’s Base.
- Lamborghini partnered with Animoca Brands for FastForWorld, minting assets on Base.
- Lotte Group develops its Caliverse metaverse on Arbitrum.
👉 Discover how L2s enable seamless gaming experiences
Conclusion
Ethereum’s key adoption drivers in 2025:
- RWAs/Stablecoins: Dominated by traditional finance.
- NFTs in Gaming: Scalability via L2s (Base, Arbitrum).
- Enterprise Rollups: Customizable infrastructure (Deutsche Bank, Sony).
FAQ Section
Why are financial institutions choosing Ethereum for RWAs?
Ethereum offers security, decentralization, and the largest ecosystem for tokenized assets.
How do L2s improve Ethereum’s scalability?
Rollups like Base and Arbitrum reduce fees and congestion while inheriting Ethereum’s security.
Which companies are leading NFT innovation?
Atari, Lamborghini, and Lotte Group are integrating NFTs into gaming platforms on L2s.
Legal Disclosure:
This content is for informational purposes only and not financial advice. Galaxy Digital Holdings LP disclaims liability for accuracy or updates.