Product development, enterprise adoption, and exchanges To drive real-world adoption, blockchain must offer tools that address genuine operational needs, while demonstrating measurable advantages and increased value comparable to legacy systems. With this in mind, throughout 2025, the Cardano Foundation advanced several enterprise and exchange-focused solutions designed to make blockchain more usable, verifiable, accessible, and appealing to potential adopters across industries. With digital identity increasingly prominent in public and regulatory discussions, development continued on the Foundation’s identity solution, Veridian , and to promote its value as a configurable platform for secure, privacy- preserving verification. This included Veridian being showcased across major global identity forums, its inclusion in a Global Blockchain Business Council (GBBC) 2025 report published in the Library of Congress Washington, DC, and most prominently, its white-label deployment for the United Nations Development Programme in its implementation of Islamic Development Bank and Islamic Solidarity Fund for Development’s Tadamon Programme servicing its Civil Society Organizations network. The launch of the Veridian Wallet marked an additional milestone as the Foundation’s first end-user application in public app stores, following third-party security testing and legal review. Continued integration work, including efforts with UVerify , demonstrated how identity, credential issuance, and on-chain data anchoring can be combined to support humanitarian, institutional, and commercial use cases. Tokenization and RWA initiatives also featured strongly in Foundation activities. In 2025, the Cardano Foundation supported the tokenization of an existing private-market investment fund through the MembersCap initiative , delivering a regulated real-world asset vehicle using blockchain infrastructure. The initiative included execution of a US$10 million transaction through the tokenized structure, demonstrating how tokenization can improve distribution efficiency and enable lower ticket sizes while fully preserving the fund’s legal structure, Qualified Investor restrictions, and established investor- protection frameworks. Further, it showcased institutional-grade collaboration between MembersCap, London Stock Exchange, Archax and the Cardano ecosystem . By acting as a neutral infrastructure and coordination layer between traditional fund managers, regulated digital-asset venues, and blockchain technology, the Foundation reinforced Cardano’s role in compliance-ready, institutional real-world asset tokenization. Promoting and strengthening enterprise confidence through education, engagement, and applied use cases For institutions, organizations, and others in society to adopt and meaningfully engage with blockchain infrastructure, ecosystems must build confidence that’s grounded in accessible education, practical demonstrations, and clear regulatory understanding. In 2025, the Cardano Foundation expanded educational pathways, deepened collaboration with public – and private-sector partners, and developed resources that enhance understanding of Cardano’s capabilities. 16 Cardano Foundation Activity Report 2025