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Yesterday was my final day at the Ethereum Foundation.
Today, we’re launching @eth_systems .
I started my career at @GoldmanSachs , working inside the financial system. Years later, I found myself at the @ethereumfndn , working with institutions exploring how that system could evolve onchain.
I’ve had hundreds of conversations with banks, asset managers, central banks and regulators around the world about what it would take to build real financial infrastructure on Ethereum.
The ambition is there. But nearly every serious conversation eventually reaches the same question: how can institutions use a public network without exposing their positions, counterparties and sensitive client information?
EthSystems exists to answer that question.
We’re continuing the work we began through the Ethereum Foundation’s Institutional Privacy Task Force as an independent company building confidential systems for institutional Ethereum.
Today, we’re launching @eth_systems .
I started my career at @GoldmanSachs , working inside the financial system. Years later, I found myself at the @ethereumfndn , working with institutions exploring how that system could evolve onchain.
I’ve had hundreds of conversations with banks, asset managers, central banks and regulators around the world about what it would take to build real financial infrastructure on Ethereum.
The ambition is there. But nearly every serious conversation eventually reaches the same question: how can institutions use a public network without exposing their positions, counterparties and sensitive client information?
EthSystems exists to answer that question.
We’re continuing the work we began through the Ethereum Foundation’s Institutional Privacy Task Force as an independent company building confidential systems for institutional Ethereum.
Today we're launching EthSystems.
We build confidential systems for institutional Ethereum.
Institutions want to use Ethereum, but one of the biggest problems is the lack of built-in, modular privacy tools.
We were the Ethereum Foundation's Institutional Privacy Task Force r. We had hundreds of conversations with central banks, regulators, tier-one banks, and asset managers, shipping open source work the whole time.
Wall Street has found crypto as an asset class, but not yet as commercial infrastructure. Institutions want to run real flows on Ethereum: stablecoins, tokenized assets, settlement. These are businesses with billions of dollars on the line, and no bank will operate in full public view. On a public ledger, confidentiality is the hard part: each party to a transaction should see what it has a right to see, and nothing more.
We have a year of proof of work: private bonds, confidential stablecoin transfers, private settlement across chains, the Ethereum Privacy Map, and more. All with protocol specs and security properties, at our website.
We've spent a decade working on privacy in crypto. We know there's no silver bullet. Different use cases need different systems, each designed, specified, and hardened properly, and someone has to do that work. That's why EthSystems exists.
We're an independent, for-profit company, backed by long-term Ethereum-aligned investors. This is a decade-long transition, and we aren't going anywhere.
If you're an institution that wants to build on Ethereum, talk to us. We're hiring: BD in New York, protocol engineers, ops: join@ethsystems.org
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Mo retweeted
It was the 11th Hong Kong Fintech Week initiated by Invest Hong Kong and I must say every year it's getting bigger and more impactful. This year I not only met new companies coming from Fintech, Web3 and AI space coming from global but also witnessed some major partnership and business announcement taking place here. The VIP Dinner with Dim Sum and Hotpot were also cultural and fun. Hong Kong is truly the world's super-connector for both technology and finance. Bravo to Finoverse for the amazing event organization
blockunionhk.com/news-detail.ht…
blockunionhk.com/news-detail.ht…
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Mo retweeted
At Hong Kong FinTech Week, @oskarth was on a panel with Euroclear, the BIS Innovation Hub, CAT Investigators and Elephants Inc about why institutional tokenization keeps getting stuck in pilots.
A pilot can live with a public ledger. A portfolio can’t. And a tokenized bond can y it was issued under, so issuers need to plan for quantum migration too.
If you’re working on confidentiality or post-quantum migration for long-lived assets, we’d like to compare notes 📝
#HKFTW26
A pilot can live with a public ledger. A portfolio can’t. And a tokenized bond can y it was issued under, so issuers need to plan for quantum migration too.
If you’re working on confidentiality or post-quantum migration for long-lived assets, we’d like to compare notes 📝
#HKFTW26
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Mo retweeted
“As the world’s largest corporate holder of ETH, Bitmine has added to its position every week since launching the treasury strategy in June 2025, and we are approaching our target of 5% of total supply.
Through @MAVAN_BMNR, we stake our own ETH alongside our customers’ ETH and ecuring the network and providing the critical infrastructure services for the ecosystem.
We also invest in commercializing the Ethereum ecosystem in ways we expect to create value for shareholders — from "Moonshot" positions such as Beast Industries and Eightco Holdings to recent Ethereum Foundation spinouts including @ethlabs_org, @ethereuminsti, and @eth_systems, each launched to help the network support institutions at scale."
- Young Kim @ykkz99, COO & CFO @BitMNR, on their treasury approach.
Through @MAVAN_BMNR, we stake our own ETH alongside our customers’ ETH and ecuring the network and providing the critical infrastructure services for the ecosystem.
We also invest in commercializing the Ethereum ecosystem in ways we expect to create value for shareholders — from "Moonshot" positions such as Beast Industries and Eightco Holdings to recent Ethereum Foundation spinouts including @ethlabs_org, @ethereuminsti, and @eth_systems, each launched to help the network support institutions at scale."
- Young Kim @ykkz99, COO & CFO @BitMNR, on their treasury approach.
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Mo retweeted
Each lunchbox that a dabbawala carries is routed by a code. The food stays hidden, but the package still says where it's going.
On 4 Nov at ETHIndia, @_rymnc uses that to explain what privacy on Ethereum needs to get right. If you’re in Mumbai, come by!
On 4 Nov at ETHIndia, @_rymnc uses that to explain what privacy on Ethereum needs to get right. If you’re in Mumbai, come by!
The engineer who spent years working in and around Ethereum, is explaining it with Mumbai’s dabbawalas.
@_rymnc, Director of Engineering at @eth_systems, was part of the Ethereum Foundation’s Institutional Privacy Task Force before the team spun out as EthSystems this year.
on The Lid Leaks: what Mumbai’s dabbawalas teach us about private finance. A system the whole city trusts, used to explain what privacy on Ethereum needs to get right.
4 Nov · Mumbai, inside Devcon
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Novel insights and hands-on experience, if you’re building in digital assets and care about privacy, you’ll want to be there.
The engineer who spent years working in and around Ethereum, is explaining it with Mumbai’s dabbawalas.
@_rymnc, Director of Engineering at @eth_systems, was part of the Ethereum Foundation’s Institutional Privacy Task Force before the team spun out as EthSystems this year.
on The Lid Leaks: what Mumbai’s dabbawalas teach us about private finance. A system the whole city trusts, used to explain what privacy on Ethereum needs to get right.
4 Nov · Mumbai, inside Devcon
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Mo retweeted
Engineering Lead at EthSystems, @_rymnc will be presenting our open source work, as well as speaking about what we've learnt while working with institutions.
Meet us at @EFDevcon and @ETHIndiaco!
Meet us at @EFDevcon and @ETHIndiaco!
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Security is central to institutional adoption. Formal verification helps build stronger evidence that a system does what it claims.
One thing I appreciate about the folks i work with everyday, is the care and thought they put into every piece of work.
Great work by @oskarth and the team
One thing I appreciate about the folks i work with everyday, is the care and thought they put into every piece of work.
Great work by @oskarth and the team
We pushed formal verification through our shielded pool, from the written spec down to the bytecode running on Sepolia.
Each layer got its own tool: Lean for the model, circuits and hash, Halmos and Kontrol for the contract, Aeneas and Verus for the wallet, and byte-for-byte ers and the deployment.
What we proved, what we found and what we still assume, in the thread below.
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Mo retweeted
Fantastic piece by @eth_systems depicting the future of institutional cash.
For context, US money market funds hold nearly $8 trillion, yet they still run on silos: private registers, banking-hour settlement, and constant reconciliation between fund, agent, custodian and bank.
On Ethereum, the ledger becomes the register. Shares settle around the clock, move directly between holders, and work as collateral. Compliance runs inside every transfer. Zero-knowledge proofs keep positions hidden from the public, while the transfer agent sees every share.
No more silos. Instead, continuous visibility is provided, while privacy is preserved.
For context, US money market funds hold nearly $8 trillion, yet they still run on silos: private registers, banking-hour settlement, and constant reconciliation between fund, agent, custodian and bank.
On Ethereum, the ledger becomes the register. Shares settle around the clock, move directly between holders, and work as collateral. Compliance runs inside every transfer. Zero-knowledge proofs keep positions hidden from the public, while the transfer agent sees every share.
No more silos. Instead, continuous visibility is provided, while privacy is preserved.
Tokenized money market funds on Ethereum publish their shareholder books: every balance, every subscription and redemption.
Our proof of concept hides positions from the public, while the fund's transfer agent still sees all of them.
How it works, and the links, below 👇🏻
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Mo retweeted
Fund and asset managers, we hear you.
You want the liquidity and distribution that Ethereum brings, but your institutional clients wont engage at scale unless you bring confidential tokenised funds that can be used confidentially as collateral too!
We constantly strive to showcase how today's privacy tech practically solves these challenges.
Here is a reference implementation by @david__nunez to show what's possible today.
Beyond this, we also have good news if you want to know more about the economics of confidentiality on chain, reach out!
You want the liquidity and distribution that Ethereum brings, but your institutional clients wont engage at scale unless you bring confidential tokenised funds that can be used confidentially as collateral too!
We constantly strive to showcase how today's privacy tech practically solves these challenges.
Here is a reference implementation by @david__nunez to show what's possible today.
Beyond this, we also have good news if you want to know more about the economics of confidentiality on chain, reach out!
Tokenized money market funds on Ethereum publish their shareholder books: every balance, every subscription and redemption.
Our proof of concept hides positions from the public, while the fund's transfer agent still sees all of them.
How it works, and the links, below 👇🏻
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Mo retweeted
Tokenized money market funds on Ethereum publish their shareholder books: every balance, every subscription and redemption.
Our proof of concept hides positions from the public, while the fund's transfer agent still sees all of them.
How it works, and the links, below 👇🏻
Our proof of concept hides positions from the public, while the fund's transfer agent still sees all of them.
How it works, and the links, below 👇🏻
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Mo retweeted
Privacy is a serious design requirement for institutional Ethereum.
On Oct 22-23, @RedoudouM joins:
> Kaushal Vyas (@eth_systems),
> Rob Dawson (@Consensys),
> John Church (@Nethermind)
> Vivek Raman (@Etherealize_io)
..for the Building Ethereum panel at @lfdecentralized's NYC workshop, mol (@DTCC).
On Oct 22-23, @RedoudouM joins:
> Kaushal Vyas (@eth_systems),
> Rob Dawson (@Consensys),
> John Church (@Nethermind)
> Vivek Raman (@Etherealize_io)
..for the Building Ethereum panel at @lfdecentralized's NYC workshop, mol (@DTCC).
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Mo retweeted
We published a writeup on Ethereum's upgrades, past and coming, read through what banks, custodians and other institutions need.
Apart from the move to proof of stake, most institutions we talk to haven't followed the forks closely. Since 2021 the gas limit has doubled, and accounts and rollups can now do things they couldn't before.
The next two forks have different focuses. Glamsterdam, due in December, is mostly about capacity: it prepares clients for a 200M gas limit and makes writing new storage more expensive. Hegotá, planned for 2027, is about control. Frame transactions give accounts more say over how they sign and pay fees, and FOCIL makes it harder for block producers to leave valid transactions out.
We looked at each change through five needs: key control, capacity at a cost firms can plan for, speed to finality, neutral inclusion and confidentiality. Each section opens with a summary for six kinds of firms, from bank treasuries to staking providers, and a replay of mainnet transactions under the new gas rules shows where costs move.
One of those needs the forks leave open. More below.
Apart from the move to proof of stake, most institutions we talk to haven't followed the forks closely. Since 2021 the gas limit has doubled, and accounts and rollups can now do things they couldn't before.
The next two forks have different focuses. Glamsterdam, due in December, is mostly about capacity: it prepares clients for a 200M gas limit and makes writing new storage more expensive. Hegotá, planned for 2027, is about control. Frame transactions give accounts more say over how they sign and pay fees, and FOCIL makes it harder for block producers to leave valid transactions out.
We looked at each change through five needs: key control, capacity at a cost firms can plan for, speed to finality, neutral inclusion and confidentiality. Each section opens with a summary for six kinds of firms, from bank treasuries to staking providers, and a replay of mainnet transactions under the new gas rules shows where costs move.
One of those needs the forks leave open. More below.
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Mo retweeted
Stablecoins just crossed 300M holder addresses globally for the first time.
The Ethereum ecosystem is now 37% of all stablecoin holders, up from 29% two years ago, and L2s account for ~3 of every 4 of them. The strategy of scaling adoption through L2s is working. I expect low the same path.
If there is one chart to show EVM dominance, it’s this one: EVM-compatible chains hold ~94% of all stablecoin addresses.
It took 8 years to get to 300M. I think we reach 1B wallets within 18 months, well ahead of trend.
The Ethereum ecosystem is now 37% of all stablecoin holders, up from 29% two years ago, and L2s account for ~3 of every 4 of them. The strategy of scaling adoption through L2s is working. I expect low the same path.
If there is one chart to show EVM dominance, it’s this one: EVM-compatible chains hold ~94% of all stablecoin addresses.
It took 8 years to get to 300M. I think we reach 1B wallets within 18 months, well ahead of trend.
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The challenge isn’t just scaling the technology. It’s making it work with the confidentiality, compliance and controls they require.
Great discussion with fellow builders pushing this forward.
Thanks to @ethereumhkhub for having us!
Great discussion with fellow builders pushing this forward.
Thanks to @ethereumhkhub for having us!
How Institutions Are Unlocking the Full Potential of Ethereum Infrastructure
In this panel moderated by @mcamarda0, leaders across Ethereum infrastructure—including @KimonSh (@LidoFinance), @vnovakovski (@Lighter_xyz), @motypes (@eth_systems), @_julianma (@ethlabs_org ), and —explored how institutional adoption is accelerating performance, privacy, and security upgrades across L1 and L2 layers.
Panelists highlighted advancements such as faster slot times, synchronous L1/L2 composability, node-level compliance frameworks (e.g., Nethermind’s PoC with UBS), and bespoke ZK-privacy primitives for global regulators, positioning Ethereum as the unified, post-quantum settlement layer for global finance.
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Mo retweeted
10/ In Tokyo, @motypes joined the Institutional Privacy session at the Ethereum Institutional Summit (@eis_eth ) during ETHTokyo Week. @wecandaoit framed it around stablecoins, which lines up with this month's map work: private stablecoins is the use case we audited in full. Thanks to Fracton Ventures for the invitation.
x.com/eis_eth/status…
x.com/eis_eth/status…
[Session 2]
Institutional Privacy
機関投資家がEthereumを導入し、ステーブルコインを利活用してくためにはプライバシーが不可欠です。様々なアプローチ、ソリューションのユースケースを元にディスカッションを行いました。
#EIS2026
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Incredible to see how much the team has shipped in September. we’re building the foundations for institutions to use Ethereum without compromising on confidentiality, compliance or interoperability.
Open standards, real implementations, and infrastructure anyone can build on.
Still early. Lots more to come.
Open standards, real implementations, and infrastructure anyone can build on.
Still early. Lots more to come.
Our September community update starts with the specs behind our shielded pools, and it’s now public. How our pools work was defined by the code until now. The specs write it down as a standard anyone can implement or audit against, released under CC0, and our own proof of concept Also this month: two new building blocks, two people joining the team, four talks, and more collaborations with @lfdecentralized and @0xMiden.
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Mo retweeted
Kaushal Vyas (@liftlines ), Managing Director at EthSystems, speaks at @Sibos in Miami on Tuesday 29 September, 12:00 ET, at the @lfdecentralized booth.
The session is on the patterns that let institutions build on Ethereum without giving up confidentiality or the controls they ails below.
The session is on the patterns that let institutions build on Ethereum without giving up confidentiality or the controls they ails below.
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Mo retweeted
CEO @joechalom on @asiasquawkbox discussing how correlated cryptocurrencies are to inflation expectations and the Fed hiking cycle.
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From private to public is the journey and the institutions that are the most ahead are deploying on Ethereum.
You can have the affordances, security and control needed to be compliant on public blockchains.
You can have the affordances, security and control needed to be compliant on public blockchains.
Most banks started on permissioned networks, and that did real work for hedging the risk and building capability. @motypes 's EthConnect 2026 keynote was about what comes after, because the architecture chosen at step one sets the cost of step three, and the wall on the way to a t always confidentiality.
Confidential is not anonymous. It is control over who sees what, when and how: the counterparty sees the trade, everyone else sees only a proof that it is valid, the operator sees nothing, and the regulator holds a disclosure key.
The same question ran through both panels. Good conversations with @Sharplink , @LidoFinance , @ETHGasOfficial , @Offchain , @zama , @axelar and @FourPillarsFP , and our thanks to @0xundefined_ for hosting.
Coverage in threads 👇🏻
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