BlackRock sees Ethereum as the gatekepper for tokenization even though market share is drifting elsewhere

BlackRock's 2026 Thematic Outlook positions Ethereum as the potential "toll road" for tokenization, noting that over 65% of tokenized assets were on the network as of early January. However, this view frames Ethereum as an infrastructure role, dependent on where issuance, settlement, and fee payments occur. Current data from late January shows Ethereum's tokenized RWA market share slightly below the 65% mark, indicating drift as issuance expands to other chains. Furthermore, the rise of Ethereum Layer 2 rollups like Arbitrum and Base, which secure value under Ethereum but handle day-to-day fees, complicates the "toll road" thesis by potentially diluting ETH fee capture. The article also highlights that measurement methodologies are crucial, as factors like stripping out inorganic stablecoin volume affect perceived economic throughput. While BlackRock's tokenized fund BUIDL is multi-chain, suggesting non-Ethereum chains will serve distribution roles, the core tension for Ethereum's decentralization thesis is whether the base layer can remain neutral while handling settlement for large, regulated issuers.

(Source：CryptoSlate)