BlackRock’s 2026 Thematic Outlook put Ethereum on the heart of its tokenization thesis, asking whether or not the community may function a “toll street.”
BlackRock said that “of tokenized belongings 65%+ are on Ethereum.”
The framing pushes Ethereum into an infrastructure function slightly than a directional name on ETH. A “toll street” mannequin will depend on the place issuance, settlement and payment cost happen when real-world belongings and tokenized money transfer onchain.
BlackRock famous stablecoin transaction quantity is adjusted to “strip out inorganic exercise (e.g., bots),” citing Coin Metrics and Allium by way of the Visa Onchain Analytics dashboard.
That caveat narrows the metrics traders could depend on when translating tokenization “exercise” into financial throughput.
Ethereum’s share is a shifting goal
A late-January market test exhibits why the “65%+” determine needs to be handled as point-in-time.
RWA.xyz’s listing view put Ethereum’s tokenized RWA market share at 59.84%, with whole worth round $12.8 billion at retrieval on Jan. 22.
RWA.xyz’s networks view additionally exhibits Ethereum main by worth, together with a complete worth (excluding stablecoins) of $13,433,002,447, with the desk time-stamped round Jan. 21.
The unfold between these readings and BlackRock’s Jan. 5 determine leaves room for share drift.
That drift can come as issuance expands to different chains and as reporting home windows change.
Information pointEthereum worth / shareTimestamp in sourceSourceBlackRock tokenization slide snapshot“65%+” of tokenized belongings on EthereumAs of 1/5/2026BlackRock PDF (p. 17)RWA.xyz listing overview~$12.8B whole worth, 59.84% market shareRetrieved 1/22/2026RWA.xyz DirectoryRWA.xyz networks desk$13,433,002,447 (excl. stablecoins)Desk exhibits “as of” 01/22/2026, pack data as-of 01/21/2026RWA.xyz Networks
For ETH holders, the forward-looking situation is much less whether or not establishments tokenize belongings and extra whether or not tokenization routes fee-paying settlement by means of ETH-bearing paths.
BlackRock’s thesis leans towards Ethereum as a base layer for tokenized belongings. But a base-layer function may be diluted if execution shifts to rollups or if tokenized funds are distributed throughout a number of L1s the place customers don’t contact ETH.
Rollups and payment paths complicate the “toll street” thesis
L2BEAT’s rollup abstract exhibits massive swimming pools of worth already “secured” by main Ethereum rollups.
Arbitrum One is listed at $17.52 billion, Base at $12.94 billion, and OP Mainnet at $2.33 billion, every labeled Stage 1.
That structure can protect Ethereum’s settlement function whereas shifting the place customers pay charges each day.
Rollup execution economics and payment belongings differ by design, and that distinction issues for payment seize even when Ethereum stays the underlying safety layer.
Tokenized money could turn into a serious throughput driver in tokenization portfolios, and it comes with clearer state of affairs math.
Citi’s stablecoin report modeled 2030 issuance at $1.9 trillion in a base case and $4.0 trillion in a bull case.
It paired these balances with a 50x velocity assumption to mannequin roughly $100 trillion and $200 trillion in transaction exercise, respectively.
The mechanical implication is that even modest market-share adjustments in settlement networks can matter if exercise scales to these ranges.
Measurement methodology turns into central if traders attempt to infer payment technology from uncooked on-chain flows.
Stablecoin “noise,” multi-chain merchandise and the single-ledger debate
Visa has argued stablecoin switch volumes comprise “noise.”
In an instance, Visa mentioned last-30-days stablecoin quantity falls from $3.9 trillion to $817.5 billion after eradicating inorganic exercise.
BlackRock’s tokenization slide references the identical idea of stripping bots, tying its narrative to a narrower definition of financial use.
If the “toll street” is supposed to be monetized by means of settlement, the investable variable is natural settlement demand that can not be cheaply replicated elsewhere, not headline switch counts.
Multi-chain distribution already seems in institutional product design, which complicates any linear “tokenization equals ETH demand” argument.
BlackRock’s tokenized fund BUIDL is offered on seven blockchains, with cross-chain interoperability enabled by Wormhole.
This helps a survival path for non-Ethereum chains as distribution and venue-specific utility layers, even when Ethereum retains a lead in issuance worth or settlement credibility.
A separate strand of the talk has centered on whether or not institutional tokenization ends in a single widespread ledger.
Throughout Davos week, that theme circulated on social media by means of posts that includes remarks from BlackRock CEO Larry Fink.
World Financial Discussion board supplies printed this month assist broader claims about tokenization advantages, together with fractionalization and quicker settlement themes.
Nevertheless, the WEF stops wanting validating that verbatim “single blockchain” language in its digital belongings outlook for 2026 and tokenization explainer video.
For Ethereum’s decentralization thesis, the investable rigidity is whether or not a base layer can stay impartial as tokenization turns into tied to massive issuers and controlled venues.
“Transparency” claims rely upon credible resistance to unilateral change and on settlement finality that downstream layers inherit.
Immediately, L2BEAT’s stage framework and value-secured information present rollups scaling below Ethereum’s safety umbrella, whereas BUIDL’s multi-chain rollout exhibits main issuers additionally lowering platform focus danger.
BlackRock’s “toll street” slide set a dated market-share marker at 65%+.
Late-January RWA dashboards and multi-chain product releases confirmed the near-term battlefield is share, settlement location, and measurement of natural utilization throughout the RWA sector.
That very same dynamic is prone to form how traders interpret development in tokenized Treasuries and different on-chain issuance classes.
