BlackRock Bets on Ethereum as Tokenization's 'Toll Road' Amid Stablecoin Surge

Global investment giant BlackRock has identified Ethereum as the primary beneficiary of the burgeoning tokenization trend, positioning it as the central "toll road" for the future of digital assets. The firm's analysis suggests that Ethereum's infrastructure is crucial for the increasing adoption of stablecoins and the tokenization of real-world assets (RWAs).

Key Takeaways

• BlackRock's 2026 Thematic Outlook places Ethereum at the core of its tokenization strategy.

• Ethereum currently hosts over 65% of all tokenized assets.

• The growth of stablecoins indicates practical use cases beyond speculation.

• Concerns exist regarding Ethereum's market share and the impact of Layer 2 solutions.

Ethereum's Dominance in Tokenization

BlackRock's "2026 Thematic Outlook" report highlights Ethereum's significant role in the tokenization landscape. The report posits that Ethereum could serve as a "toll road" for blockchain-based markets, benefiting from the migration of traditional financial institutions onto the blockchain. Currently, over 65% of tokenized assets are on the Ethereum network, according to BlackRock's data. This positions Ethereum not just as a platform for digital assets but as critical infrastructure for issuance, settlement, and fee payments as real-world assets and tokenized cash move on-chain.

Stablecoin Adoption Fuels Growth

The increasing adoption of stablecoins is seen as a key indicator of tokenization's practical utility. BlackRock notes that stablecoin transaction volumes, when adjusted to remove inorganic activity, suggest genuine economic usage beyond speculative trading. This trend is crucial for Ethereum's potential to accrue value, as more firms leverage its blockchain for creating digital representations of real-world assets, including financial instruments and physical goods.

Challenges and Future Outlook

Despite Ethereum's leading position, its market share in tokenization is a dynamic figure. Data from sources like RWA.xyz indicates that while Ethereum leads, its share can fluctuate as other chains gain traction. Furthermore, the rise of Layer 2 scaling solutions, such as Arbitrum and Optimism, presents a complex dynamic. While these rollups enhance Ethereum's security and scalability, they also shift where daily transaction fees are paid, potentially impacting Ethereum's direct fee capture.

BlackRock's own tokenized fund, BUIDL, is an example of this evolving landscape, being available on multiple blockchains. This multi-chain approach suggests that while Ethereum may remain a foundational layer, the distribution and utility of tokenized assets could spread across various networks. The firm's analysis emphasizes that the "toll road" model's success hinges on organic settlement demand that cannot be easily replicated elsewhere, making measurement methodology and the distinction between headline transfer counts and genuine economic activity critical for investors.

Convergence of Traditional and Digital Finance

BlackRock sees a broader trend of "convergence" between traditional markets and crypto. The success of spot Bitcoin and Ethereum ETFs is cited as evidence of this accelerating integration. While regulatory frameworks and market structure bills are still developing, the potential for 24/7 trading and instant settlement through tokenization remains a significant driver. BlackRock believes this convergence is accelerating, with traditional assets seeking tokenization and digital assets finding their way into traditional financial systems.

Sources

• BlackRock backs Ethereum gatekeeping tokenization even though its market share is under threat, CryptoSlate.

• Blackrock Frames Ethereum as Primary Beneficiary of Rising Stablecoin Adoption – Featured Bitcoin News, Bitcoin.com News.

• BlackRock singles out ethereum as “beneficiary of growth”, Sherwood News.

• BlackRock: Ethereum Is Anchoring Wall Street's Tokenization Race, Decrypt.

• Blackrock Backs Ethereum As Tokenization Infrastructure, Stocktwits.