A new research slide from BlackRock, the world’s largest asset manager with roughly $13 trillion under management, highlights Ethereum as the primary beneficiary of the tokenization trend, arguing that the network already underpins the majority of real-world assets brought on-chain.
According to BlackRock’s analysis, more than 65% of all tokenized assets currently live on the Ethereum network, positioning it as the dominant settlement layer for blockchain-based financial infrastructure.
Stablecoins Signal Tokenization in Action
The slide frames stablecoins as the clearest real-world example of tokenization already operating at scale.
While spot crypto trading volumes have stagnated or declined in recent years, stablecoin transaction volumes have continued to grow sharply, indicating that blockchain usage is increasingly shifting toward payments, settlement, and financial plumbing rather than speculative trading alone.
BlackRock notes that this divergence suggests tokenization is advancing even when broader crypto market activity remains subdued, reinforcing the idea that blockchains are finding durable use cases beyond price speculation.
Ethereum’s Dominance in Tokenized Assets
A breakdown of tokenized assets by blockchain shows Ethereum with a commanding lead, accounting for over 65% of total tokenized value. Other networks—including BNB Chain, Stellar, Solana, Avalanche, Polygon, Aptos, Arbitrum, and the XRP Ledger—collectively make up the remaining share, but none approach Ethereum’s scale individually.
This concentration supports BlackRock’s thesis that Ethereum functions as a “toll road” for tokenization: as more assets are issued, traded, settled, and recorded on-chain, the base network capturing the majority of that activity stands to benefit structurally.
Beyond Speculation: Real Assets and Private Credit
In BlackRock’s view, tokenized assets represent ownership rights encoded in token form that can be traded, settled, and recorded on a blockchain. Stablecoins are cited as one example, but the firm emphasizes that the opportunity extends far beyond fiat-backed tokens.
The research suggests tokenization could expand into private credit, real assets, and other non-speculative instruments, enabling blockchains like Ethereum to play a central role in mainstream financial markets rather than remaining confined to crypto-native trading.
The “Toll Road” Thesis
BlackRock’s conclusion is clear: if tokenization continues to scale, the blockchain that already hosts the majority of tokenized assets is structurally advantaged. With most tokenized value already concentrated on Ethereum, the firm sees the network as a core layer for the next phase of financial market infrastructure, where blockchains act less like speculative venues and more like settlement rails for global assets.
