Galaxy Report: Ethereum Dominates Enterprise Blockchain Adoption with Use Cases Like NFT and RWA Tokenization

Odaily News According to a report by Christine Kim, vice president of research at Galaxy Digital, more than 50 traditional companies, including financial institutions such as Deutsche Bank and Paypal, as well as brands such as Louis Vuitton and Adidas, are developing cryptocurrency-specific applications on Ethereum and its L2 network, focusing on non-speculative use cases such as RWA tokenization, NFTs, Web3 games, and scalable infrastructure.
The report said that Ethereum leads in RWA tokenization, with almost 10 times the value of assets under custody than Stellar. Among the 20 financial institutions building crypto infrastructure, 13 issue RWA, including BlackRock BUIDL. Stablecoins are also booming on Ethereum, with Paypal's PYUSD and Robinhood's USDG driving a 70% supply surge in 2024, and Ethereum accounting for more than 50% of the $400 billion stablecoin market.
Scalable infrastructure investments underscore enterprise adoption. Deutsche Bank is developing an Ethereum L2 compliant financial solution with ZKSync, while Sony’s L2 project Soneium targets gaming and entertainment. These projects highlight Ethereum’s role as a custom foundation for enterprise-grade blockchains.
Additionally, Ethereum’s L2 centralized roadmap balances scalability and security, attracting institutions seeking effective on-chain solutions. Regulatory tailwinds, including the SEC’s focus on tokenization, and collaborations like Stripe’s $1 billion acquisition of stablecoin platform Bridge, indicate growing mainstream adoption.
Galaxy’s report concluded that Ethereum remains the chain of choice for financial-focused crypto services, with RWAs and stablecoins expected to expand in 2025. Kim noted: “As the most decentralized general-purpose blockchain with the broadest reach for crypto-native users and the longest track record of network uptime, Ethereum is the gateway many institutions use to incubate and launch financial-focused crypto services and products.”