Traceability: Ensuring Authenticity in Luxury and Textiles

Product traceability is one of the first areas where blockchain has proven its effectiveness. By linking each item to a unique identifier recorded on an immutable ledger—often in the form of an NFT or digital passport—brands can track the lifecycle of a product from manufacturing to the end customer. This addresses a dual challenge: combating counterfeiting and providing consumers with transparency about the product’s origin and journey.

In the luxury industry, this approach has already become a large-scale reality. The Aura Blockchain Consortium—backed notably by LVMH and Richemont—has launched its own private blockchain to certify the authenticity and provenance of luxury goods. In 2024, Aura enabled the registration of over 50 million luxury items. In practice, fashion houses such as Loro Piana, Tod’s, and Prada now attach an NFT or QR code to each piece (a shirt, a handbag, a piece of jewelry), containing information on raw materials, production stages, and even the product’s carbon footprint. This tamper-proof digital twin also serves as a certificate of ownership during resale, offering proof of authenticity in the second-hand market.

The textile industry is also embracing this innovation, aiming to better trace fibers and commit to more responsible fashion. Beyond the Chargeurs Group, which uses blockchain for its merino wool program, Lectra, the owner of TextileGenesis, has deployed a comprehensive traceability platform. TextileGenesis claims to trace over 300 million distinct textile products per year, in collaboration with more than 100 international brands. In a sector where counterfeiting and greenwashing remain widespread, blockchain-based traceability helps reassure investors and supports the growing resale market, which could represent 20% of the luxury market’s revenue by 2030.

Payments: The Rise of Stablecoins Over Traditional Networks

The payments sector is undergoing a major transformation with the rapid rise of stablecoins—digital tokens pegged to fiat currencies—that combine the speed of blockchain with the stability lacking in traditional cryptocurrencies.

The total transaction volume conducted via stablecoins reached record highs: in 2024, these tokens processed over $15 trillion worth of transactions, surpassing Visa’s annual volume. This achievement was driven in part by automation (notably algorithmic trading and arbitrage) and by the growing adoption among everyday users.

At the same time, the total supply of these digital currencies has soared. As of early 2025, nearly $239 billion worth of stablecoins are in circulation across all currencies. The market leader, Tether (USDT), alone holds a capitalization of over $80 billion, followed by USD Coin (USDC)—issued by Circle and Coinbase—with approximately $30 billion.

Major financial institutions are now launching their own stablecoins. PayPal, the online payments giant, introduced PYUSD, a dollar-backed stablecoin, in 2023. In Europe, Société Générale, via its subsidiary SG-Forge, launched an euro-backed stablecoin (EUR CoinVertible or EURCV) the same year, backed 100% by euros deposited in a regulated bank. EURCV is a pioneer among bank-issued stablecoins compliant with the MiCA regulatory framework.

The growing momentum behind stablecoins can be attributed to several distinct advantages, especially in B2B and international payments:

24/7 availability and speed: Stablecoin transactions settle in seconds or minutes, including on weekends, whereas traditional bank transfers can take 1 to 3 days.

Lower transaction fees: Sending one dollar via a stablecoin costs just a fraction of a cent on certain blockchain networks (e.g., Solana, Polygon), significantly lower than SWIFT fees or card commissions.

Programmability: Thanks to smart contracts, payments can be automated (e.g., funds released automatically upon delivery, smart escrow systems), reducing the need for intermediaries.

Asset Exchange and Tokenization: Toward a Financial Market 3.0

Tokenization is the third major killer app of blockchain. It involves using blockchain technology to digitally represent real-world assets (such as stocks, bonds, real estate, or fund shares) as tokens that can be traded 24/7. This shift could unlock significant liquidity in markets that are traditionally illiquid, enabling fractional ownership of high-value assets, near-instant settlement and delivery, and a reduction in intermediaries.

Over the past two years, several pilot projects have evolved into concrete investment products:

• Franklin Templeton: The asset manager launched a U.S. government money market fund whose shares are recorded on the blockchain (Franklin OnChain U.S. Government Money Fund).
• BlackRock: The world’s largest asset manager has also embraced tokenization. In late March 2024, it launched a tokenized liquidity fund (USD Institutional Digital Liquidity Fund, nicknamed BUIDL). BUIDL shares are issued on Ethereum and can be subscribed to or redeemed via BlackRock’s digital platform, offering instant access and reduced administrative costs, while maintaining the fund’s traditional structure.
• UBS: The Swiss bank developed UBS Tokenize, its internal tokenization service, and in late 2024 launched its first tokenized investment fund—uMINT—a dollar-denominated money market fund tokenized on the Ethereum blockchain.

Market research forecasts exponential growth: according to Boston Consulting Group, the value of tokenized illiquid assets could reach $16 trillion by 2030, representing 10% of global GDP. Even more conservative estimates—such as $2 trillion from McKinsey—highlight the enormous disruptive potential of this emerging market