Theo Vivek Raman, co-founder of Etherealize, the application of Ethereum in financial institutions is entering a new phase: it's no longer just experimentation but has started real-world deployment in production and operations.
If about 1-2 years ago, most banks and financial institutions viewed blockchain as a technology to explore, the mindset has shifted significantly. $ETH It is increasingly seen as a layer of digital financial infrastructure, akin to the role of the Internet in the traditional economy.
🔷 Stablecoins are just the starting point
According to Raman, following the success of stablecoins, Wall Street's interest is expanding into areas like tokenized stocks, bonds, real estate, and investment funds.
Ethereum still holds many critical advantages, such as a large stablecoin ecosystem, deep liquidity, and high acceptance from institutions. These factors create a network effect, helping to continue attracting more businesses and traditional financial institutions.
🔶 Why hasn't the price of ETH reflected this trend?
A noteworthy point is that Raman believes the deployment process of institutions often occurs very slowly. The decision-making cycle, testing, and asset onboarding onto the blockchain can take months or even years.
In other words, the "pipeline" has been built, but the actual assets deployed on-chain have yet to fully reflect the scale of plans from big players. This may mean that the impact on ETH's price isn't immediately visible in the short term.
🔷 The role of the Ethereum Fund
In light of recent criticisms, Raman argues that the Ethereum Fund's lack of direct control over the ecosystem is an advantage rather than a weakness. According to him, a global financial infrastructure needs to maintain decentralization, censorship resistance, and independence from any single entity.
He also emphasized that the Ethereum Fund should continue to focus on long-term research such as zero-knowledge proofs, security, and resistance to risks from quantum computing.
If Etherealize's assessment is correct, the market may be witnessing a structural transformation rather than a short-term speculative wave. However, the actual reflection of institutional capital into ETH's price may still need more time due to the slow deployment characteristics and complex approval processes of large financial institutions.