Galaxy Report: Over 50 traditional companies are building blockchain-based products on Ethereum and its L2 network

PANews reported on February 16th, according to Bitcoin.com, that more than 50 traditional companies are developing cryptocurrency-specific applications on Ethereum and its L2 network. These include financial institutions such as Deutsche Bank and Paypal, as well as brands like Louis Vuitton and Adidas. The efforts focus on non-speculative use cases such as RWA tokenization, NFTs, and Web3 games bypassing general crypto infrastructure like exchanges.

Ethereum leads in RWA tokenization with the value of hosted assets nearly ten times that of competitor blockchain Stellar. Of the 20 financial institutions building crypto infrastructure, 13 issue RWAs including Blackrock's Ethereum-based fund BUIDL. Stablecoins are also thriving on Ethereum with Paypal's PYUSD and Robinhood's USDG driving a supply surge of 70% by 2024. Ethereum holds over 50% of the $400 billion stablecoin market.