Executive Summary
Over 50 non-crypto-native companies have developed products and services on Ethereum and its Layer 2 (L2) networks. These range from luxury brands like Louis Vuitton and Adidas to financial institutions such as Deutsche Bank and PayPal. Key focus areas exclude generic market infrastructure (e.g., crypto trading, custody) in favor of crypto-native use cases:
- NFTs: 23 companies actively issue NFTs, primarily gaming firms on L2s
- Real-World Assets (RWAs): 13 financial institutions tokenize assets like money market funds and bonds
- Stablecoins: Ethereum hosts >50% of global stablecoin supply, with PYUSD (PayPal) and USDG (Robinhood) leading institutional adoption
- Scalable Infrastructure: Enterprises like Deutsche Bank and Sony deploy custom L2 rollups for compliance and performance
Market Breakdown
Financial Institutions Pioneering RWAs
- Top Tokenized Fund: BlackRock's BUIDL ($3B+ AUM) launched on Ethereum in March 2024
- Growth Metrics: Ethereum RWAs grew 300% YoY, with 160+ assets held across 60K wallets (per rwa.xyz)
- Key Players: Franklin Templeton (money markets), ABN AMRO (bonds), BNY Mellon (custody)
Stablecoin Expansion
| Metric | Ethereum Share |
|---|---|
| Total Stablecoin Supply | 70% YoY growth |
| Market Dominance (Feb 2025) | 52% |
👉 Why institutions choose Ethereum for stablecoins
Gaming & NFTs on L2s
- Atari: Deployed classics like Asteroids on Coinbase's Base
- Lamborghini: Launched FastForWorld NFT platform with Animoca Brands
- Lotte Group: Building metaverse Caliverse on Arbitrum
Emerging Infrastructure Trends
| Company | L2 Project | Use Case |
|---|---|---|
| Deutsche Bank | DAMA 2 (ZKsync) | Compliant financial rails |
| Sony | Soneium | Web3 entertainment hub |
👉 How enterprises leverage Ethereum L2s
Key Drivers for 2025
- Regulatory Clarity: SEC's Hester Peirce highlights tokenization as priority
- Strategic M&A: Stripe's $1B acquisition of Bridge (stablecoin payments)
- Performance: Arbitrum's 250ms block times enable seamless gaming
FAQs
Q: Why are banks choosing Ethereum for RWAs?
A: Ethereum offers institutional-grade security, longest uptime, and deep liquidity for tokenized assets.
Q: Which companies still actively issue NFTs?
A: Primarily gaming firms like Atari and Lamborghini, leveraging L2s for cost efficiency.
Q: What's next for stablecoins?
A: Galaxy Research projects $400B+ total supply by EOY 2025, driven by cross-border payments.
Conclusion
Ethereum remains the preferred blockchain for institutional crypto adoption, particularly for RWAs and compliant L2 solutions. With 55+ major companies actively building, its ecosystem demonstrates unmatched versatility for enterprise use cases beyond speculation.