Ethereum Derives Value From Driving Tokenization, Stablecoin Growth: Bernstein

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

Firms like Coinbase and Robinhood are integrating public blockchain rails to offer tokenized trading and payments services.
Ethereum’s use in real-world infrastructure marks a shift from “useless crypto” to “useful tech,” analysts conclude.
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Analysts at Bernstein say that Ethereum ETH/USD is emerging as the foundational layer for real-world financial applications such as stablecoins and tokenization and developments that signal a turning point for public blockchain utility and value.

In their latest note, Bernstein analysts wrote, "Stablecoins and tokenisation driven financial applications are being built on public blockchain/crypto networks such as Ethereum."

They argue that while Bitcoin's BTC/USD narrative remains rooted in store-of-value use cases, Ethereum's strength lies in enabling decentralized financial infrastructure at scale.

The report highlights how this utility is becoming more visible to institutional investors. While Bitcoin ETFs have gathered over $120 billion in assets under management, Ethereum ETFs, though smaller in comparison, have started to gain momentum with $815 million in inflows over the past 20 days and total year-to-date net inflows turning positive at $658 million.

Bernstein analysts describe this moment as "the stage where crypto takes a leap from speculative token markets to blockchain-driven financial innovation."

Ethereum, they argue, is no longer just a decentralized computer in theory, but one powering open financial rails that integrate stablecoins, tokenized assets, and modern fintech use cases.

Also Read: Circle Surges To $69 In NYSE Debut, Raising $1.1B As Investors Bet On Stablecoins Going Mainstream

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They point to active development by major players such as Visa V, MasterCard MA, and Stripe in stablecoin infrastructure, as well as efforts by Robinhood HOOD and Coinbase COIN to build tokenized equity platforms and stablecoin-based payment systems, all using public crypto rails like Ethereum.

Addressing a common investor refrain that “blockchain is valuable, but crypto is useless,” Bernstein counters: "These are not different things. If you believe in stablecoin based payments innovation, why is the Ethereum network that mints the stablecoins and processes stablecoin transactions, not valuable?"

The analysts argue that Ethereum is now reaching an inflection point where both its utility and its native asset's value are being recognized.

"There is now both utility and value accrual," the note says, suggesting that institutional capital is beginning to acknowledge Ethereum’s foundational role.

Coinbase's Base network and Robinhood's tokenized asset plans are cited as further evidence that crypto-native infrastructure is becoming the backend for the next wave of financial services.

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