Wall Street Giants Bet Big on Ethereum Blockchain

More than 35 large financial institutions are currently being constructed on Ethereum. Every Wall Street firm, starting with JPMorgan and BlackRock, is fast-moving towards blockchain adoption, and tokenized assets are the catalyst.

Ethereum has established itself as the most popular blockchain in world finance. Ethereum Foundation declared on X that over 35 institutions are currently utilizing the network, an all-time record of Wall Street adoption.

According to the Ethereum Foundation, Kraken introduced xStocks on Ethereum. The platform issues U.S. stocks and ETFs as tokens on the ERC-20, enabling eligible clients to deposit and redeem collateral-backed equities directly on Ethereum.

Tokenized Assets Flood the Network

Ondo Finance also launched Ondo Global Markets, which included more than 100 tokenized stocks and ETFs. The platform offers 24/7 access to programmable equities backed by real securities and enables lending and trading through DeFi integrations.

China AMC created its Select USD Money Market Fund on Ethereum. It has over 449 billion USD in assets and provides 24 hour round the clock settlement on short-term USD instruments.

Fidelity launched an FDIT tokenized money-market fund. The Fidelity Digital Interest Token accelerates settlement on the blockchain, preserving the stability of conventional assets on bank investors.

Google published the Agent Payments Protocol (AP2) over Ethereum. Developed by The Ethereum Foundation, Coinbase, and MetaMask, AP2 enables AI agents to make autonomous payments with stablecoins, enabling safe AI transactions in the financial system.

Deposit Tokens on Ethereum were tested by UBS, PostFinance, Sygnum, and the Swiss Bankers Association. The evidence of a concept proved a legally binding cross-bank settlement, which opens the way to programmable, real-time, cross-institution transactions.

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Banking Giants Enter the Ecosystem

JPMorgan transferred its tokenized deposit product to Base, an Ethereum Layer 2. JPM Coin transitioned to a public blockchain infrastructure, instead of a privately authorized one, to address institutional requirements of payments and collateral settlement.

Openbank by Santander opened ETH trading in Germany. Under the MiCA regulation, banks allow customers to purchase, sell, and hold ETH through their accounts, signaling a high level of institutional confidence.

American Express launched Amex Passport on Base. Platforms issue travel stamps as NFTs, giving cardholders on-chain records of international travel.

SWIFT and 30 or more banks have been developing a blockchain ledger of tokenized assets. The prototype is constructed using Consensys, and it supports cross-border payments in real-time. SWIFT links over 11,500 institutions across the globe, joining conventional finance and the value chain.

EURCV and USDCV lending were deployed by Société Générale FORGE on Morpho and Uniswap. Being one of the largest custodians in Europe, it now provides institutional-grade collateral, providing liquidity to DeFi markets.

Stripe added crypto support to stablecoin-based subscriptions. Hundreds of thousands of companies now accept USDC for recurring bill payments, benefiting from lower costs and near-immediate settlement.

Stablecoins and Global Payments Expand Adoption

BlackRock submitted a staked ETF. The filing opens the native staking rewards of Ethereum, allowing traditional investors to access yield generation after the success of its spot ETH ETF.

Morgan Stanley made a staked Ether ETF application. One of the largest wealth managers in the world is going beyond spot exposure, securing the native Ethereum staking yield on behalf of customers.

SoFi was the first national retail bank in the United States to issue a stablecoin on a public blockchain. SoFi implemented SoFiUSD on Ethereum to speed up internal settlements and uses it with its partners.

The ADI Foundation collaborated with M-Pesa to onboard 60 million users. The biggest mobile-money platform in Africa now supports blockchain rails, which enable instant cross-border payments and stablecoin transactions.

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