The opening panel at Sibos 2025 brought forward a clear message: public and permissioned blockchain networks are converging, and this convergence is beginning to shape the future of financial infrastructure.
Hosted by Adi Ben Ari of Applied Blockchain, the discussion featured leaders from Citi, the Linux Foundation Decentralized Trust, Ubyx Inc., and the Enterprise Ethereum Alliance. The panel examined how institutions are approaching open networks and why adoption is accelerating.
Below is a streamlined summary of the core insights.
1. Public Blockchains Are Now Active Markets
Tony McLaughlin began by reframing the conversation. Public networks such as Ethereum and Solana are not experimental technologies. They are active places where customers already hold assets and transact.
Institutions are therefore not choosing between abstract systems. They are deciding whether they want to serve customers on the platforms where those customers already operate. When banks see funds leaving for exchanges or on chain assets, it reflects customer demand for these environments.
2. Hybrid Architectures Are Becoming Standard
Citi’s Biswarup Chatterjee noted that enterprises increasingly operate in a model where public infrastructure supports broad participation, while private and permissioned areas provide trust and confidentiality.
He described these controlled environments as comfort zones. They allow institutions to maintain verified identity, privacy, and sensitive processes while still benefiting from the reach of public ecosystems. Public and private are no longer viewed as separate technologies. They are parts of the same system.
3. Public Infrastructure Has Reached Enterprise Maturity
Daniela Barbosa highlighted how enterprise adoption shifted as developers pushed for open systems and as the benefits became clearer. Public networks provide liquidity, global access, and lower operational costs compared to consortium systems that require institutions to maintain their own infrastructure.
She also emphasized the progress in interoperability and privacy technologies. Zero knowledge techniques and confidential computing are improving quickly, making public networks increasingly viable for regulated financial activity. Regulators and central banks are now actively involved in Linux Foundation working groups, which reflects a growing alignment between innovators and policymakers.
4. Redwan Meslem: Neutrality, Resilience, and Liquidity Explain the Shift
Representing the Enterprise Ethereum Alliance, Redwan Meslem laid out a concise framework for understanding why enterprises are leaning toward public systems.
Neutrality matters because private networks can recreate the closed silos that already exist in traditional finance. Public systems operate on shared, vendor neutral rails.
Resilience is demonstrated by Ethereum’s history. It has been live for ten years, has undergone sixteen major upgrades, and successfully transitioned to proof of stake without downtime. Because thousands of independent teams maintain it, the network has no central operator or single point of failure.
Liquidity is the defining advantage. Market depth, settlement activity, and composability already live on public networks. Institutions looking to optimize financial flows cannot recreate that environment on isolated private chains.
5. Layer 2 Networks Offer Privacy and Performance While Preserving Liquidity
Redwan also emphasized the practical shift made possible by Layer 2 networks. Enterprises can now operate in semi private environments with higher performance and privacy controls, while remaining connected to Ethereum’s liquidity.
This creates a workable path for regulated institutions that need privacy but cannot be isolated from the broader market.
6. User Behavior Is Pulling Institutions On Chain
To show how expectations have changed, Redwan shared a direct example. He borrowed against ETH using a DeFi protocol at approximately five percent interest for one week to make a payment. The process took minutes.
This is why users adopt decentralized finance. It is fast, flexible, and programmable. Institutions are responding to this behavior rather than leading it.
7. Stablecoins and Interoperability Are Accelerating Adoption
Daniela noted that stablecoins have become a functional form of tokenized money, and interoperability frameworks have improved enough to support multi network connectivity. Both trends are pulling enterprises further into open ecosystems.
8. Wallets Are Becoming the Primary User Interface
The session concluded with a forward looking observation from Tony McLaughlin. As tokenized money becomes more common across multiple chains, customers will interact through wallets rather than traditional bank accounts. Competitive advantage will shift toward those who provide secure, versatile wallet experiences.
Conclusion
Across the discussion, the signal was clear. Public and permissioned networks are converging. Institutions are no longer debating whether to engage with public infrastructure. They are determining how to participate while meeting compliance, privacy, and customer expectations.
Ethereum’s neutrality, resilience, liquidity, and maturing tooling position it as a central environment for this transition. Hybrid models that blend public foundations with permissioned controls will define the next phase of enterprise adoption.
Public and private systems are no longer moving in different directions. They are becoming parts of the same global financial architecture.
