BlackRock: “Ethereum emerging as core infrastructure in Wall Street’s tokenization race”

BlackRock, the world’s largest asset manager, said Ethereum (ETH) is establishing itself as a core payment and settlement layer as real-world asset tokenization spreads. With the convergence of traditional finance and crypto accelerating around Wall Street, the firm argued Ethereum could be the most direct beneficiary.

According to Decrypt on the 22nd (local time), BlackRock said in its “2026 Thematic Outlook” report that about 65% of tokenized assets are currently issued and managed on the Ethereum network. The report assessed that Ethereum is emerging as the de facto standard settlement layer amid traditional financial institutions’ push into tokenization.

The report noted Ethereum could serve as a “toll road” for blockchain-based financial markets, citing the fact that major financial infrastructure players such as the Depository Trust & Clearing Corporation (DTCC) and the New York Stock Exchange (NYSE) are conducting tokenization pilots. In particular, it said stablecoin usage exceeds spot crypto trading volumes, indicating tokenized assets are expanding beyond simple speculation into real economic activity.

Jay Jacobs, BlackRock’s head of U.S. equity ETFs, said in the report that Ethereum will naturally develop a value-accrual structure as real-world asset tokenization expands. He projected that as more companies issue stablecoins and real-world asset tokens on Ethereum, both transaction activity and issuance itself will accrue to network value.

Although multiple blockchain networks can support tokenized assets, BlackRock repeatedly referenced only Bitcoin and Ethereum throughout the report. This suggests the global asset-management industry effectively views the two networks as core infrastructure. Ethereum currently supports roughly $13.2 billion in real-world asset tokens that can be managed via wallets.

BlackRock’s tokenized money market fund “BUIDL” also has its largest exposure on Ethereum. Of the roughly $1.6 billion total, about $499 million is managed on the Ethereum network, with a portion also operated on Binance’s BNB Chain. BlackRock is also leading the spot Bitcoin and Ethereum ETF markets, with approximately $70.6 billion and $10.7 billion in assets under management, respectively.

However, BlackRock said tokenization’s potential can only be fully realized if regulatory frameworks and market infrastructure upgrades progress in tandem. Jacobs said that for tokenization’s advantages—such as 24-hour trading and instant settlement—to translate into tangible benefits for investors and market participants, an ecosystem spanning the broader asset landscape must be built.