Ethereum is emerging as the backbone of Wall Street’s push into tokenized assets, according to BlackRock’s 2026 thematic outlook. The asset manager said the network supports about 65% of all tokenized assets today.
BlackRock said Ethereum could benefit from the growing use of blockchain in traditional finance. The firm described the network as a potential “toll road” for blockchain-based markets used by major financial institutions.
The report noted that Ethereum is becoming a preferred settlement layer for real-world assets. It added that stablecoins are seeing real economic use, with adoption now outpacing spot crypto trading volumes.
Jay Jacobs, BlackRock’s U.S. Head of Equity ETFs, said Ethereum could gain value as more firms issue tokenized assets on the network. Increased trading activity and stablecoin issuance could further support its growth.
While several blockchains can support tokenization, BlackRock’s report focused mainly on Bitcoin and Ethereum. Other networks received little attention, suggesting a clear preference from the world’s largest asset manager.
Ethereum also plays a major role in BlackRock’s own tokenized fund, BUIDL. Much of the $1.6 billion product is issued on Ethereum, alongside Binance’s BNB Chain.
BlackRock said interest in the convergence of traditional finance and crypto is accelerating. Spot Bitcoin and Ethereum ETFs were cited as clear examples of this trend.
Still, the firm warned that challenges remain. Regulatory clarity, market infrastructure, and investor demand must align before tokenization delivers its full benefits.
