Ethereum (ETH) is increasingly being positioned as foundational financial infrastructure rather than a speculative crypto asset, according to BlackRock, which highlights the blockchain’s dominant role in stablecoins and tokenized assets.
The report shows that more than 65% of tokenized assets are currently issued on Ethereum, far exceeding other blockchains.
BlackRock frames Ethereum as a potential “toll road” for tokenization, where value is generated through transaction flow, settlement, and issuance rather than trading activity.
Stablecoin Usage Outpaces Crypto Trading Volumes
One of the report’s central data points shows that stablecoin transaction volumes have surpassed spot crypto trading volumes.
BlackRock interprets this shift as evidence that blockchain adoption is increasingly tied to functional financial activity rather than speculative trading cycles.
Stablecoins are described as an early, live example of tokenization in practice, enabling assets to be issued, traded, settled, and recorded directly on-chain.
The report notes that this activity is already occurring at scale, signaling that blockchain-based finance may extend beyond crypto-native use cases.
Ethereum’s Role In Tokenized Assets And Private Markets
The report links stablecoin adoption to the potential expansion of tokenization into private credit and real-world assets, areas traditionally limited by settlement friction and operational complexity.
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Ethereum’s share of tokenized assets positions it as the primary settlement layer should tokenization continue to expand into these markets.
BlackRock places Ethereum within broader infrastructure themes, comparing its function to energy grids and data networks rather than consumer-facing investment products.
Tokenized assets are defined as digital representations of ownership rights that can be issued, settled, and recorded on a blockchain, separating their utility from price movements in crypto markets.
This positioning aligns with data from RWA.xyz, which shows Ethereum hosting the majority of tokenized real-world assets by value.
Also, analysis from the Bank for International Settlements identifies tokenization as a structural shift in financial market infrastructure.
While the report makes no price forecasts, it frames Ethereum’s relevance around settlement share, transaction throughput, and infrastructure usage, highlighting its evolving role in tokenized financial markets rather than speculative cycles.