The price of Ethereum (ETH) has repeatedly reached new highs, and the establishment of a regulatory framework in the United States, along with the legalization of stablecoins, has made the prospects for this world's second-largest blockchain clearer than ever. However, as banks and large financial institutions accelerate their entry into the market, a key question arises: finding a balance between transparency and privacy will determine whether Ethereum can truly become a global enterprise-level financial infrastructure.
Privacy has become an enterprise-level bottleneck for Ethereum
Paul Brody, the Blockchain Director at Ernst & Young and Chairman of the Enterprise Ethereum Alliance, stated: "Privacy is not just about protecting users; it's also about preventing the leakage of business secrets from companies."
On public blockchains, absolute transparency of transactions is one of the core values, but for enterprises, this kind of transparency can also be a fatal risk:
Competitors can infer supply chains, sales volume, and expansion strategies through on-chain data.
Public companies may face insider trading risks due to on-chain visible transaction data.
Sensitive information such as corporate finance, contract terms, and capital flow may be analyzed externally.
Therefore, if Ethereum wants to attract multinational companies to scale up on-chain, it must solve the problem of "how to protect data privacy while maintaining necessary transparency."
Zero-Knowledge Proof (ZKP): A Key Technology for Balancing Transparency and Privacy
ZKP (Zero-Knowledge Proof) allows for the verification of transaction authenticity without exposing underlying data, providing a potential solution for enterprises:
Transaction verifiable: Ensuring trust and compliance
Data confidentiality: Protecting business secrets such as partners and transaction amounts.
Cross-border application: Reduce the risk of data leakage, protect market value and brand reputation
Commonly used two types of ZKP technology:
zk-SNARK: Efficient and fast, but requires a "trusted setup"
zk-STARK: No trusted setup required, higher scalability, but higher computational costs.
Currently, Ethereum Layer 2 protocols such as StarkNet and zkSync are attempting to apply ZKP to privacy protection layers, ensuring that enterprises can enjoy the security and openness of public chains while also protecting sensitive data.
Regulatory Turning Point: US Stablecoin Bill Sparks Bank Influx
In July 2025, the U.S. Congress passed the Genius Act, allowing banks, non-bank financial institutions, and technology companies to issue stablecoins.
JPMorgan, Bank of America, Visa and other giants have launched their own stablecoin projects.
Citibank estimates: the stablecoin market could grow by 1,200% in 5 years, reaching 3.7 trillion USD.
DefiLlama data: Most new stablecoins will be deployed on Ethereum.
This means that Ethereum will become the core channel for traditional financial capital flowing into the decentralized economy, solidifying its status as the "default infrastructure for digital assets."
The Future of Ethereum: From DeFi Platforms to Global Financial Operating Systems
As stablecoins and privacy technology merge, Ethereum's role will evolve from a DeFi, NFT, Web3 application platform to a global enterprise-level financial operating system:
Supply Chain Management: Transparent Tracking of Transportation, Inventory, and Delivery
Financial Management: Instant recording of receivables and payables, optimizing cash flow.
Trade Financing: Tokenized Assets as Loan Collateral
Cross-border payment: stablecoins reduce costs and shorten settlement time
Paul Brody emphasized: "Once assets are tokenized, we can manage inventory and accounts receivable transparently and in real time, and use them as collateral for loans."
Key Challenge: Balancing Privacy and Compliance
Excessive privacy: may trigger regulatory risks such as money laundering, terrorism financing, and tax evasion.
Insufficient privacy: Enterprises are hesitant to deploy core business on the blockchain.
Best solution: With the support of technologies like ZKP, balancing corporate privacy and regulatory transparency.
Only when Ethereum establishes a privacy layer that can both protect corporate data and meet global regulatory requirements can it truly attract multinational companies to scale on-chain, becoming the default platform for the global economy in the 21st century.
Conclusion
The wave of entry from the banking industry and the legalization of stablecoins are driving Ethereum towards a historic turning point. Privacy technology will be key in determining whether it can leap from a "cryptocurrency platform" to a "global financial infrastructure." If Ethereum can find a golden balance between transparency and privacy, it will not only dominate DeFi but also become the core operating system for global business, finance, and supply chains.
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A giant wave is coming for the banking industry! "Privacy" will determine whether Ethereum can become the global financial operating system.
The price of Ethereum (ETH) has repeatedly reached new highs, and the establishment of a regulatory framework in the United States, along with the legalization of stablecoins, has made the prospects for this world's second-largest blockchain clearer than ever. However, as banks and large financial institutions accelerate their entry into the market, a key question arises: finding a balance between transparency and privacy will determine whether Ethereum can truly become a global enterprise-level financial infrastructure.
Privacy has become an enterprise-level bottleneck for Ethereum
Paul Brody, the Blockchain Director at Ernst & Young and Chairman of the Enterprise Ethereum Alliance, stated: "Privacy is not just about protecting users; it's also about preventing the leakage of business secrets from companies."
On public blockchains, absolute transparency of transactions is one of the core values, but for enterprises, this kind of transparency can also be a fatal risk:
Competitors can infer supply chains, sales volume, and expansion strategies through on-chain data.
Public companies may face insider trading risks due to on-chain visible transaction data.
Sensitive information such as corporate finance, contract terms, and capital flow may be analyzed externally.
Therefore, if Ethereum wants to attract multinational companies to scale up on-chain, it must solve the problem of "how to protect data privacy while maintaining necessary transparency."
Zero-Knowledge Proof (ZKP): A Key Technology for Balancing Transparency and Privacy
ZKP (Zero-Knowledge Proof) allows for the verification of transaction authenticity without exposing underlying data, providing a potential solution for enterprises:
Transaction verifiable: Ensuring trust and compliance
Data confidentiality: Protecting business secrets such as partners and transaction amounts.
Cross-border application: Reduce the risk of data leakage, protect market value and brand reputation
Commonly used two types of ZKP technology:
zk-SNARK: Efficient and fast, but requires a "trusted setup"
zk-STARK: No trusted setup required, higher scalability, but higher computational costs.
Currently, Ethereum Layer 2 protocols such as StarkNet and zkSync are attempting to apply ZKP to privacy protection layers, ensuring that enterprises can enjoy the security and openness of public chains while also protecting sensitive data.
Regulatory Turning Point: US Stablecoin Bill Sparks Bank Influx
In July 2025, the U.S. Congress passed the Genius Act, allowing banks, non-bank financial institutions, and technology companies to issue stablecoins.
JPMorgan, Bank of America, Visa and other giants have launched their own stablecoin projects.
Citibank estimates: the stablecoin market could grow by 1,200% in 5 years, reaching 3.7 trillion USD.
DefiLlama data: Most new stablecoins will be deployed on Ethereum.
This means that Ethereum will become the core channel for traditional financial capital flowing into the decentralized economy, solidifying its status as the "default infrastructure for digital assets."
The Future of Ethereum: From DeFi Platforms to Global Financial Operating Systems
As stablecoins and privacy technology merge, Ethereum's role will evolve from a DeFi, NFT, Web3 application platform to a global enterprise-level financial operating system:
Supply Chain Management: Transparent Tracking of Transportation, Inventory, and Delivery
Financial Management: Instant recording of receivables and payables, optimizing cash flow.
Trade Financing: Tokenized Assets as Loan Collateral
Cross-border payment: stablecoins reduce costs and shorten settlement time
Paul Brody emphasized: "Once assets are tokenized, we can manage inventory and accounts receivable transparently and in real time, and use them as collateral for loans."
Key Challenge: Balancing Privacy and Compliance
Excessive privacy: may trigger regulatory risks such as money laundering, terrorism financing, and tax evasion.
Insufficient privacy: Enterprises are hesitant to deploy core business on the blockchain.
Best solution: With the support of technologies like ZKP, balancing corporate privacy and regulatory transparency.
Only when Ethereum establishes a privacy layer that can both protect corporate data and meet global regulatory requirements can it truly attract multinational companies to scale on-chain, becoming the default platform for the global economy in the 21st century.
Conclusion
The wave of entry from the banking industry and the legalization of stablecoins are driving Ethereum towards a historic turning point. Privacy technology will be key in determining whether it can leap from a "cryptocurrency platform" to a "global financial infrastructure." If Ethereum can find a golden balance between transparency and privacy, it will not only dominate DeFi but also become the core operating system for global business, finance, and supply chains.