Ethereum Is Becoming the ‘Master Ledger’ for Finance, Says Co-Founder Joseph Lubin

Ethereum’s role in the digital financial system is no longer speculative, it’s foundational. According to Ethereum co-founder Joseph Lubin, the network is evolving into the world’s “master ledger,” a neutral, censorship-resistant, tamper-proof base layer capable of supporting the next generation of financial infrastructure.

His comments come as hard data reveals explosive growth in on-chain U.S. Treasury products, overwhelmingly built on Ethereum.

Lubin responded to a that highlighted the imminent passage of the US stablecoin bill with TradFi institutions begin adopting stablecoins like USDC (75% of which circulates on Ethereum), then migrate to Coinbase’s Base layer (secured by Ethereum), and ultimately converge on ETH itself, the asset that underpins the majority of tokenized value on-chain.

Notably, the real-world numbers . The tokenized Treasury market, which mirrors money market fund yield generation on-chain, has ballooned 400% in the past year, now exceeding $7 billion.

The largest such fund, BUIDL, holds $2.9 billion in tokenized Treasuries. Of that, a staggering 93% is based on Ethereum.

As per the daily chart, Ethereum (ETH) is trading around $2,520, hovering within a tight consolidation range following a strong move off the $2,446 support zone. The Fibonacci retracement levels show the immediate resistance at the 0.618 Fib level near $2,788, with further bullish targets at $2,934 (1.0 Fib extension), $3,236 (1.618 Fib), and $3,724 (2.618 Fib).

However, technical momentum indicators reveal a pause in bullish strength as the RSI sits at 53.81, indicating neutral momentum with no clear overbought or oversold signal.

On the other hand, the MACD lines are flattening, with the MACD line slightly under the signal line, suggesting indecision or a potential bearish crossover unless momentum picks up.