Summary
Recent reports indicate that over 50 non-crypto businesses have developed products and services utilizing Ethereum and its Layer 2 solutions. These businesses span various sectors, including high-end fashion brands like Louis Vuitton and Adidas, as well as financial giants such as Deutsche Bank and PayPal. The focus of these developments is primarily on crypto-centric applications and infrastructure, such as non-fungible tokens (NFTs), real-world assets (RWAs), and Web3 tools, rather than conventional market infrastructure linked to cryptocurrency trading and compliance. Among the 20 identified financial institutions engaging in crypto-specific infrastructure, half are banks, with many actively issuing RWAs on the Ethereum blockchain. This report aims to spotlight the pioneering applications of Ethereum being constructed by traditional enterprises and organizations.
Introduction
For this analysis, the crypto industry can be categorized into three key sectors: General Infrastructure encompasses businesses offering services related to cryptocurrencies and blockchains that are not exclusive to the crypto realm, such as exchanges and asset management. Crypto-specific Infrastructure includes entities that create products and services solely for crypto, like mining and staking operations, which are relevant only within the blockchain context. Lastly, Crypto Use Cases and Applications consist of companies developing consumer applications that utilize blockchain technology, such as decentralized exchanges that facilitate cryptocurrency trading without third-party intermediaries. Instead of merely adapting existing services to support cryptocurrencies, conventional companies are venturing into innovative products and services uniquely enabled by blockchain technology. Notably, at least 55 firms are actively developing solutions on public blockchains like Ethereum and its various Layer 2 options, including Polygon and Arbitrum. This report outlines a market map featuring these 55 non-crypto companies that are either creating or enhancing crypto-specific infrastructure and applications on Ethereum and its Layer 2 platforms. Among these, at least 23 organizations are actively issuing NFTs on Ethereum or its Layer 2s, while around 17 are exploring multiple general-purpose blockchains and rollups.
RWAs on Ethereum
Financial institutions represent a substantial portion of non-crypto companies engaging with the Ethereum ecosystem, including banks, payment processors, and trading platforms. Out of 20 financial entities noted for their crypto-specific infrastructure initiatives, 13 are involved in issuing RWAs on Ethereum and its Layer 2s. The range of RWAs issued on-chain includes money market funds and government bonds, exemplified by the Franklin OnChain U.S. Government Money Fund and bonds from the European Investment Bank. Ethereum stands out as the leading blockchain for tokenized asset issuance, boasting nearly ten times the value of RWAs compared to the next most utilized blockchain, Stellar. Among the top protocols for RWAs, six are linked to either Ethereum or its Layer 2 solutions. BlackRock’s USD Institutional Digital Liquidity Fund, known as BUIDL, ranks as the third-largest tokenized fund across all blockchains. Launched in March 2024, BUIDL provides U.S. dollar yields with the benefits of swift and transparent settlement, bridging traditional financial markets with decentralized finance. BlackRock’s head of digital assets emphasized that tokenization transforms traditional finance investment into a crypto-native format. Since its inception, BUIDL has expanded to include five additional protocols beyond Ethereum, three of which are Layer 2s.
The total value of RWAs on Ethereum has seen a threefold increase in the past year. Currently, over 160 RWAs are recorded on Ethereum, distributed among 60,000 unique active wallets, not accounting for stablecoins. A smaller group of financial institutions are also venturing into developing their own stablecoins. PayPal, for instance, launched its U.S. dollar-pegged stablecoin, PYUSD, on Ethereum in August 2023 and has since broadened its availability to include Solana. Similarly, trading platform Robinhood, in collaboration with several crypto-native firms, introduced its own dollar-pegged stablecoin, USDG, on Ethereum in November 2024. The supply of stablecoins on Ethereum has surged by 70% in the past year, with the majority being dollar-pegged instruments backed by high-quality liquid assets. As of February 11, 2025, Ethereum holds over 50% of the total stablecoin market share. Projections indicate that the total supply of stablecoins could double, surpassing $400 billion in 2025, driven by significant partnerships in traditional finance, such as Stripe’s $1 billion acquisition of Bridge, a stablecoin payment platform. Stripe’s CEO remarked that stablecoins represent a transformative opportunity for financial services worldwide, promising enhanced speed and efficiency.
In the U.S., the regulatory landscape is also influencing the adoption of RWAs and stablecoins. On February 4, 2025, SEC Commissioner Hester Peirce emphasized the modernization of traditional finance through tokenization, indicating a focus on the intersection of crypto and regulatory practices. The Task Force intends to collaborate with market participants interested in leveraging blockchain technology to modernize traditional financial markets.
RWAs and stablecoins exemplify crypto-native applications increasingly finding traction among traditional financial entities. Ethereum, recognized for its decentralization, extensive reach among crypto users, and proven network stability, serves as the primary platform many institutions are turning to for launching finance-oriented crypto products and services.
Scalable Blockchain Infrastructure
While Ethereum is a primary gateway for financial institutions and non-crypto companies looking to harness blockchain technology, it may not be the optimal choice for scaling new blockchain applications. Compared to blockchains like Solana, Ethereum faces limitations with slower transaction speeds and higher fees. In a bid to preserve its resilience and security, Ethereum’s developers have committed to establishing it as a hub for Layer 2 rollups, which can inherit Ethereum’s security while accommodating a larger user base. Non-crypto companies are not only pushing the boundaries of crypto use cases like tokenization on Ethereum but are also investing in the necessary infrastructure to broaden accessibility beyond crypto-native users. Deutsche Bank, for example, is working on a new rollup on Ethereum in collaboration with Matter Labs, known for the ZKSync rollup. This initiative, codenamed Project DAMA 2, is part of a larger strategy to examine public blockchain applications for global finance, in partnership with the Monetary Authority of Singapore and 24 other global financial institutions.
The primary goal of Deutsche Bank’s Layer 2 project is to create a scalable, auditable, transparent, and interoperable blockchain infrastructure that aligns with regulated financial services. The co-inventor of ZKsync noted that institutions are gravitating towards this technology for its ability to facilitate Web3 development without compromise. Financial organizations like Deutsche Bank are therefore enhancing scalable blockchain infrastructures that comply with local regulations on Ethereum. However, the interest in customizable blockchain infrastructure extends beyond finance.
Sony, a major Japanese corporation, has also launched a rollup utilizing the OP technology stack on Ethereum. Their goal is to foster a diverse ecosystem encompassing gaming, finance, and entertainment applications. The chairman of Sony Block Solutions Labs highlighted the significance of developing a comprehensive Web3 solution based on blockchain for the company’s diverse business interests. Since the rollout of Soneium, Sony has faced criticism regarding its oversight of on-chain activities, particularly concerning memecoin launches, which led to restrictions on token transfers. While this has sparked debate about the extent of control that enterprises should exert over permissionless infrastructure like Ethereum, it underscores Sony’s commitment to exploring the potential of Ethereum for innovative digital experiences.
Gaming on Ethereum L2s
NFTs have emerged as the primary application for traditional companies, particularly those in luxury fashion and automotive sectors, such as Louis Vuitton and Porsche. Many of these NFTs were created during the NFT boom from 2021 to 2023, but as floor prices have declined, the majority of companies have ceased active NFT issuance on Ethereum and its Layer 2s as of 2025. Those that continue to create NFTs in 2025 are primarily focusing on game development, predominantly on Ethereum Layer 2s.
In July 2024, gaming titan Atari launched two classic arcade games, “Asteroids” and “Breakout,” on Base, a Layer 2 solution operated by Coinbase. Gamers were incentivized with rewards, exclusive NFTs, and merchandise until the end of August. Following Atari’s engagement with on-chain gaming, Lamborghini announced a partnership with Animoca Brands in October 2024 to establish a digital collectible platform named FastForWorld. This platform enables players to buy, sell, and drive Lamborghini vehicles within various games. The collaboration marks Lamborghini’s first venture into interoperable blockchain-based gaming.
Recently, on January 7, 2025, Lotte Group, a top conglomerate in South Korea, announced an expanded partnership with the Arbitrum Foundation to develop the “Caliverse,” a metaverse gaming platform on the Arbitrum Layer 2. The Caliverse is already operational, offering users a range of activities, including shopping and attending virtual concerts. The CEO of Caliverse expressed excitement about leveraging Lotte’s retail success to provide exceptional products and services to a large audience.
What is particularly noteworthy about the ongoing investments and developments in NFTs by non-crypto-native companies, such as Atari, Lamborghini, and Lotte’s Caliverse, is their integration into broader on-chain gaming applications. Blockchain-based games often necessitate frequent transactions, which can lead to high fees and network congestion; thus, these companies are utilizing Ethereum Layer 2s to reap the benefits of enhanced scalability. The co-founder of Offchain Labs highlighted that Arbitrum provides optimal conditions for Caliverse, enabling smooth interactions within virtual worlds and gaming environments.
Conclusion
NFTs and RWAs are becoming the predominant use cases for Ethereum among traditional companies and institutions. The most active participants in the Ethereum ecosystem regarding NFTs as of 2025 are those integrating them into on-chain gaming applications built on Layer 2s. This trend underscores how scalability improvements from Layer 2 solutions are facilitating crypto-native applications that require frequent on-chain engagement, particularly in the gaming sector among major retail brands and corporations. Ethereum’s ongoing efforts to enhance its infrastructure via rollups present opportunities for early adopters in traditional finance and other industries to pioneer non-speculative crypto applications by establishing compliant and customizable frameworks for these initiatives. Ultimately, Ethereum remains the favored blockchain for the issuance of RWAs and stablecoins by traditional financial entities, with key partnerships and acquisitions in 2024 anticipated to propel further stablecoin adoption in 2025.
