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Ethereum’s flexible design and its multi-year plan for upgrades, including ones that will improve interoperability, have made it a popular platform for digital bond issuances. Large institutions such as the European Investment Bank have issued bonds on Ethereum, which was also the blockchain underlying a digital green bonds Moody’s rated in 2023, a €10 million senior unsecured digital green bond issued by Société Générale. Over time, in Moody’s view, public blockchain networks like Ethereum and traditional infrastructure will be more interlinked, which will enhance blockchains’ use cases, promoting industry growth.