A research report published by the Bank of Italy simulates an extreme scenario: what would happen if the price of Ethereum's native token drops to zero?

The report points out that this is not simply a matter of token price. Ethereum has become a crucial infrastructure for stablecoin settlement and tokenized assets. If ETH prices experience extreme volatility, especially a sharp decline, this price risk can quickly translate into operational risks at the infrastructure level—affecting the stability of the entire ecosystem.

In other words, the financial applications carried by the Ethereum network, such as stablecoins and tokenized assets, are not only dependent on the projects themselves but are also directly linked to the stability of the underlying infrastructure token's value. The study emphasizes that this potential risk transmission chain warrants attention.