The idea is that if Ethereum becomes an alternative to traditional settlement rails for dollars, stocks and more, ether, as its native token, would benefit from increased activity on the platform. Bulls also hope Ethereum will become a popular platform for launching new financial products. Tokenized money-market funds from BlackRock and Franklin Templeton already operate on the Ethereum network, as does the Apollo Diversified Credit Securitize Fund. Goldman Sachs and BNY launched digital tokens conferring ownership of money-market funds that operate on a blockchain built by Goldman, suggesting that Ethereum will have competition. Activity on Ethereum amounted to more than $1.2 trillion this year, compared with $960 billion during the same time frame last year, according to data from The Block.

https://www.wsj.com/finance/currencies/peter-thiel-ether-investors-39b37a98?mod=hp_lead_pos11