观点：华尔街正从“试点”转向深度采用以太坊，ETH价值仍未完全反映

Odaily Odaily reported that Vivek Raman, founder of Etherealize, said in an interview that Wall Street's attitude towards Ethereum is shifting from an early "proof-of-concept and pilot phase" to directly using it as production-grade infrastructure. Over the past year and a half, institutions have mainly been "testing the waters on a small scale," but the current trend has transformed into a necessity to "fully embrace public chains and use them as internet infrastructure."

Raman stated that stablecoins are the first major use case for institutions entering the crypto space, but the current narrative is expanding to broader asset classes such as tokenized stocks, bonds, real estate, and investment funds. Ethereum's network effects in stablecoins and liquidity continue to attract traditional financial institutions. He also pointed out that institutional adoption is accelerating but has yet to be fully reflected in ETH's price. This "lag" is primarily due to the longer sales and onboarding cycles for institutions. "The infrastructure is ready, but assets have not yet been put on-chain at scale."

Raman believes that Ethereum is currently at a critical inflection point: the underlying financial "plumbing" has been built, but the large-scale migration of assets is still in its early stages. As more real-world assets come on-chain, the market will reassess ETH's value as a security and settlement asset for the network. He also addressed the controversy surrounding the Ethereum Foundation, stating that its move to "step back" is the right direction to prevent a single entity from controlling global financial infrastructure. He emphasized that the Foundation should focus on security, censorship resistance, privacy, and long-term technologies (such as zero-knowledge proofs and quantum resistance). The ultimate measure of Ethereum's success is not its price, but the scale of actual users and the carrying capacity of real assets. (CoinDesk)