PANews reported on February 16 that according to Bitcoin.com, more than 50 traditional companies, including financial institutions such as Deutsche Bank and Paypal, and brands such as Louis Vuitton and Adidas, are developing cryptocurrency-specific applications on Ethereum and its L2 network, according to a report by Christine Kim, vice president of research at Galaxy Digital. These efforts focus on non-speculative use cases such as RWA tokenization, NFT, and Web3 games, bypassing general encryption infrastructure such as exchanges.

Ethereum leads in RWA tokenization, hosting nearly 10 times the value of assets than rival blockchain Stellar. Of the 20 financial institutions building crypto infrastructure, 13 issue RWAs, including Blackrock's Ethereum-based fund BUIDL. Stablecoins are also booming on Ethereum, with Paypal's PYUSD and Robinhood's USDG driving a 70% supply surge by 2024. Ethereum accounts for more than 50% of the $400 billion stablecoin market.