New BlackRock report exposes a historic shift in crypto that leaves only one blockchain controlling the settlement layer

A new report from the BlackRock Investment Institute highlights a historic shift where stablecoins are moving beyond being a mere trading convenience to becoming foundational rails integrated into mainstream payment systems and cross-border transfers. This evolution raises the question of which blockchain will serve as the base layer for final settlement, collateral, and tokenized cash. BlackRock views stablecoins as the crucial bridge between traditional finance and digital liquidity, especially following regulatory clarity like the US GENIUS Act. While high-throughput chains like Solana are being used for immediate settlement (as seen in Visa's USDC pilot), Ethereum is positioned to be the anchor settlement layer. This is due to its role in securing L2 rollups and its dominance in tokenizing real-world assets (RWA), where it holds a significant market share. Institutions, including JPMorgan, are starting tokenized funds on Ethereum first, suggesting that while stablecoins need fast networks for payments, they require a credible settlement fabric for high-value activities like collateral and yield-bearing assets, making Ethereum the default choice for institutional trust and finality.

(Source：CryptoSlate)