Ethereum has emerged as a foundational platform for innovation far beyond its cryptocurrency origins. A recent analysis reveals that over 50 non-crypto-native corporations—including major fashion brands, financial institutions, and entertainment giants—are actively developing products and services on Ethereum and its Layer 2 (L2) networks. These initiatives primarily focus on Non-Fungible Tokens (NFTs), Real-World Assets (RWA), Web3 developer tools, and scalable L2 solutions. This report explores the key use cases, corporate participation, and technological advancements driving this adoption.
Key Use Cases Gaining Traction
Overview
Prominent companies like Louis Vuitton, Adidas, Deutsche Bank, and PayPal are leveraging Ethereum’s ecosystem to build crypto-specific applications. Unlike general market infrastructure services (e.g., trading, custody, or compliance), these projects involve unique blockchain-based functionalities. NFTs and RWA issuance dominate this landscape, with financial institutions leading in tokenized asset experiments. Notably, 10 out of 20 identified financial entities are banks, most of which are issuing RWA on Ethereum.
Introduction
Corporate engagement with blockchain can be categorized into three segments:
- General Infrastructure: Services like exchanges, market makers, and consultancies that support crypto but are not exclusive to it.
- Crypto-Specific Infrastructure: Entities involved in mining, staking, or oracle networks that are inherently tied to blockchain technology.
- Crypto Applications: Companies building consumer-facing applications that operate fully or partially on-chain, such as decentralized exchanges.
Traditional corporations are not merely adapting existing services but innovating new products that are only feasible through blockchain technology. At least 55 such companies are building on public blockchains like Ethereum and its L2 networks, including Polygon, Arbitrum, and Base.
Among these, 23 are issuing NFTs on Ethereum or its L2s, while 17 are experimenting with multiple blockchains or rollups.
Real-World Assets (RWA) on Ethereum
Financial institutions are at the forefront of RWA tokenization on Ethereum. Thirteen of the 20 identified financial firms are issuing RWAs like money market funds and government bonds on the network. For instance, Franklin Templeton’s OnChain U.S. Government Money Fund and bonds issued by the European Investment Bank highlight this trend.
Ethereum is the preferred blockchain for tokenized assets, hosting nearly ten times the RWA value of Stellar, the second-most popular chain. Even ZKsync, an Ethereum L2, surpasses Stellar in RWA issuance volume. Six of the top 10 protocols for RWA issuance are Ethereum or Ethereum L2s.
As of February 11, 2025, the third-largest tokenized fund across all blockchains is BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). Launched in March 2024, BUIDL offers investors dollar-denominated yields with instant settlement and interoperability between traditional and decentralized finance. BlackRock’s Head of Digital Assets, Robert Mitchnick, stated, “Through tokenization, we are taking traditional financial investment exposure and putting it into a crypto-native wrapper.”
Initially launched on Ethereum in collaboration with Securitize and BNY Mellon, BUIDL has since expanded to five additional protocols, three of which are Ethereum L2s.
The value of RWAs issued solely on Ethereum has tripled in the past year. According to rwa.xyz, over 160 RWAs are active on Ethereum, distributed across 60,000 unique wallets—excluding stablecoins.
Stablecoins are another critical component. PayPal launched its USD-pegged PYUSD on Ethereum in August 2023, later expanding to Solana. Robinhood collaborated with Galaxy Digital, Kraken, and others to launch USDG on Ethereum in November 2024.
Ethereum’s stablecoin supply has grown 70% in the past year, with the network commanding over 50% of the stablecoin market share as of February 2025. Galaxy Research projects the total stablecoin supply could exceed $400 billion in 2025, driven by new issuances from traditional finance partners.
Stripe’s $1 billion acquisition of stablecoin payment platform Bridge in 2024 underscores this momentum. Stripe CEO Patrick Collison remarked, “Stablecoins are the room-temperature superconductors of financial services. Because of stablecoins, businesses around the world will benefit from dramatic improvements in speed, reach, and cost over the coming years.”
Regulatory developments also favor adoption. U.S. SEC Commissioner Hester Peirce’s February 2025 statement highlighted tokenizing traditional finance as a priority, signaling openness to blockchain modernization in regulated markets.
RWAs and stablecoins represent crypto-native use cases achieving product-market fit in traditional finance. Ethereum’s decentralization, extensive user base, and reliability make it the preferred gateway for institutions launching financial innovations.
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Scalable Blockchain Infrastructure
Ethereum’s limitations in transaction speed and cost have led to the rise of L2 rollups, which enhance scalability without compromising security. Rollups like ZKsync and Arbitrum process transactions off-chain before bundling them onto Ethereum, enabling higher throughput and lower fees.
Deutsche Bank is collaborating with Matter Labs to develop a custom rollup on Ethereum, dubbed Project DAMA 2. This initiative, part of a broader effort led by the Monetary Authority of Singapore, aims to create scalable, auditable, and interoperable blockchain infrastructure for regulated finance. Alex Gluchowski, co-inventor of ZKsync, noted, “Institutions looking to build on-chain are turning to ZKsync for the ability to build in Web3 without compromise.”
Sony’s launch of the Soneium L2 using OP Stack demonstrates similar motivations beyond finance. Jun Watanabe, Chairman of Sony Block Solutions Labs, stated, “The development of comprehensive Web3 solutions based on blockchain is very important for Sony Group.” Despite controversies over network control, Sony’s investment reflects corporate confidence in Ethereum’s infrastructure for future digital experiences.
Gaming on Ethereum L2s
NFTs remain a primary use case for luxury brands and automakers, though activity has declined since the 2021–2023 boom. Most companies actively issuing NFTs in 2025 are doing so in gaming contexts on Ethereum L2s.
In July 2024, Atari deployed classic games “Asteroids” and “Breakout” on Base, Coinbase’s L2. Players could earn rewards, mint exclusive NFTs, and redeem physical goods. Lamborghini partnered with Animoca Brands to launch FastForWorld, a digital collectibles platform where gamers buy, sell, and drive virtual cars across multiple games. FastForWorld’s assets are minted on Base.
Lotte Group, a South Korean conglomerate, partnered with Arbitrum and Offchain Labs to build Caliverse, a metaverse gaming platform. Caliverse enables shopping, virtual concerts, and gaming, with plans for VR and 3D movie features in 2025. Steven Goldfeder, CEO of Offchain Labs, emphasized Arbitrum’s 250-millisecond block time as ideal for seamless virtual worlds.
Gaming applications require frequent on-chain transactions, making L2s essential for scalability and user experience.
Frequently Asked Questions
What are the main use cases for corporations on Ethereum?
NFTs and RWA tokenization are the dominant use cases. Financial institutions lead in RWA issuance, while brands and gaming companies leverage NFTs for digital engagement.
Why are companies choosing Ethereum L2s over mainnet?
L2s offer lower transaction fees, faster processing times, and greater scalability, making them suitable for applications like gaming that require high-frequency interactions.
How is regulatory policy affecting corporate blockchain adoption?
Supportive statements from regulators like the SEC’s Hester Peirce encourage innovation. Clarity on tokenization and stablecoins is driving institutional participation.
What role do stablecoins play in corporate blockchain strategies?
Stablecoins facilitate fast, low-cost transactions with reduced volatility. Their growth is accelerating due to partnerships between traditional finance and crypto-native firms.
Are NFTs still relevant for brands in 2025?
Yes, but primarily in gaming and interactive experiences rather than standalone digital collectibles. Companies like Lamborghini and Lotte are integrating NFTs into broader platforms.
How does Ethereum compare to other blockchains for corporate use?
Ethereum leads in RWA value and developer activity. Its L2 ecosystems provide scalability, while its security and decentralization appeal to institutions.
Conclusion
NFTs and RWAs are the primary drivers of corporate adoption on Ethereum. Financial institutions dominate RWA issuance, while gaming companies leverage L2s for scalable NFT integration. Ethereum’s rollup-centric roadmap enables customizable, compliant infrastructure for diverse industries. Stablecoin growth, fueled by partnerships and acquisitions, is poised for further expansion in 2025. As corporations continue to explore blockchain’s potential, Ethereum remains the cornerstone of institutional innovation in the crypto space.