According to BlackRock's 2026 Thematic Outlook, Ethereum is central to its tokenization thesis, potentially serving as a "toll road" for tokenized assets. BlackRock noted that over 65% of tokenized assets reside on Ethereum. However, this figure is a point-in-time snapshot, as market share can shift with issuance expanding to other chains. Data from RWA.xyz indicates Ethereum's tokenized RWA market share was around 59.84% as of late January, with a total value of approximately $12.8 billion. The key issue for ETH holders is whether tokenization routes fee-paying settlement through ETH. The base-layer role for Ethereum could be diluted if execution shifts to rollups or if tokenized funds are distributed across multiple L1s.

According to BlackRock's 2026 Thematic Outlook, Ethereum is central to its tokenization thesis, potentially serving as a "toll road" for tokenized assets. BlackRock noted that over 65% of tokenized assets reside on Ethereum. However, this figure is a point-in-time snapshot, as market share can shift with issuance expanding to other chains. Data from RWA.xyz indicates Ethereum's tokenized RWA market share was around 59.84% as of late January, with a total value of approximately $12.8 billion. The key issue for ETH holders is whether tokenization routes fee-paying settlement through ETH. The base-layer role for Ethereum could be diluted if execution shifts to rollups or if tokenized funds are distributed across multiple L1s.