Report Library

This Ethereum Foundation primer, produced by its Global Policy Strategy team, is a non-technical guide for government officials, central bankers, regulators, and enterprise leaders evaluating Ethereum as digital public infrastructure. Structured as answers to 24 questions, it covers how the network and ETH work, staking and settlement finality, self-custody, layer 2s, privacy technologies, and governance, and benchmarks Ethereum against other layer 1s and permissioned chains on security, uptime, client diversity, and decentralization. It documents institutional adoption across banks, asset managers, custodians, and payment networks, citing figures such as $159 billion in stablecoin value and over $15 billion in tokenized real-world assets hosted on Ethereum as of March 2026.

This Keyrock report, co-published with Bitso, tracks how non-USD "local" stablecoins trade across four stages of their lifecycle — from centralised-exchange fiat ramps through cross-peg books, exchange withdrawals, and onchain DEX pools. Drawing on data across 30 exchanges, 45 chains, and 87 non-USD stablecoins, it finds non-USD supply has grown from $44 million to $2.2 billion, with exchanges clearing roughly $525 billion of fiat-to-stablecoin spot in 2025 across 19 currencies. It concludes that liquidity thins sharply at each stage, and that the euro — aided by MiCA — is so far the only local stablecoin active all the way down to native onchain FX.

This BIS working paper argues that stablecoin transfers are widely misread as simple payments when, on programmable blockchains, they are often bundled into atomically executed transactions spanning trading, lending, arbitrage, and settlement. Analysing 593 million event logs from 141 million Ethereum transactions across USDT, USDC, and PYUSD in 2025, the authors build a vendor-independent framework to measure transaction complexity. They find nearly 60% of all transfer events occur inside complex transactions and that the three stablecoins are not used interchangeably, with implications for how on-chain activity is measured, monitored, and regulated.

This Anchorage Digital and BCG report offers a strategic playbook for banks navigating digital assets, stablecoins, and tokenization as the market moves from experimentation to scale. It maps four strategic opportunity areas and frames where banks should participate, partner, integrate, or monitor, arguing the next one to two years are a structurally unique window — shaped by developments like the GENIUS Act and OCC rules — for incumbents to define their position in digital asset value chains.