Ethereum L2 Adoption Accelerates as Banks Tokenize Rails Now

The account named several firms that recently started using Ethereum infrastructure. In November, JPMorgan Chase & Co. moved its tokenized deposit product, JPM coin (JPMD), onto Base and Ethereum layer-2 networks to support faster payments, collateral movement, and settlement on public infrastructure, according to the bank. Details are available on the JPMorgan page.

In late September, American Express rolled out Amex Passport, a digital travel tool that lets cardholders create blockchain travel records; the travel stamps are recorded as non-transferable NFTs on Base. The company described the feature on its site; more information is on the American Express announcement.

BitMine Chairman Tom Lee said that while Vitalik Buterin avoids endorsing individual companies, he is not opposed to large financial firms building tokenization rails on Ethereum, and Lee noted that this development “does not make Vitalik unhappy.”

Ether (ETH) traded at about $3,124, down roughly 2.1% over 24 hours. Retail sentiment around Ethereum shifted from “neutral” to “bearish” and general chatter declined from “high” to “normal” in the past day. A crypto commentator, Crypto Rover, said in December that “Ethereum is becoming the world’s neutral settlement layer and 2026 would be huge for Ethereum.”