@maryama

Financial institutions are moving away from the Ethereum network and are instead turning to proprietary blockchains. The shift comes after Klarna launched its stablecoin, KlarnaUSD, on Tempo, a network designed by Stripe and Paradigm that completely bypasses the Ethereum ecosystem. Analysts see the decision as a negative signal for Ethereum, as stablecoins are one of the main pillars of the network. Ethereum hosts stablecoins such as Tether (USDT) and USDC, which have a combined market cap of over $100 billion and play a key role in its fees and transaction volume. Meanwhile, some experts, such as Zach Rynes, believe that companies' embrace of private blockchains indicates that public chains are retreating from enterprise solutions.

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