Ethereum is assigned over 65% of tokenized holdings within BlackRock’s framework, yet emerging RWA metrics suggest these allocations could migrate.
Ethereum is positioned as the focal point of BlackRock’s 2026 Sector Forecast, which investigates if the infrastructure could serve as a digital “entry fee” system.
BlackRock reported that over 65% of on-chain wealth is anchored to Ethereum.
This positioning relegates Ethereum to a structural utility rather than a price-driven forecast for ETH. Such a service-fee framework hinges on where origination, clearing, and compensation occur as physical-backed holdings are transitioned onto the ledger.
BlackRock indicated that dollar-pegged transfer throughput is recalibrated to exclude artificial movements (e.g., automated scripts), referencing Coin Metrics and Allium via Visa’s blockchain monitoring interface.
This qualification constricts the indicators stakeholders evaluate, particularly when blockchain-based volume is translated into genuine fiscal output.
Ethereum’s Market Share Is in Flux
A recent end-of-January sector review demonstrates the reasons the “65% or higher” metric is considered a momentary snapshot.
The RWA.xyz index estimated Ethereum’s portion of the digitized asset market at 59.84%, with a cumulative $12.8 billion valuation as recorded during the January 22 extraction.
The RWA.xyz infrastructure perspective identifies Ethereum as the dominant chain by valuation, encompassing a non-stablecoin aggregate of $13,433,002,447, with the data being updated as of January 21.
The discrepancy between these observations and BlackRock’s January 5 statistics suggests that market dominance is permitted to fluctuate.
Such variation occurs as minting extends to alternative networks and as data disclosure intervals are modified.
For ETH investors, the primary concern involves not whether corporations digitize holdings, but rather if that activity is channeled through fee-generating routes that benefit the Ethereum ecosystem.
BlackRock’s hypothesis favors Ethereum as the primary foundation for digitized holdings. However, this foundational status could diminish if transaction processing moves to scaling solutions or if fund allocations are dispersed across various alternative networks where participants bypass ETH entirely.
Rollups and Fee Dynamics Challenge the Toll-Road Model
The L2BEAT scaling digest indicates that substantial capital reserves are secured by prominent Ethereum rollups.
Arbitrum One is valued at $17.52 billion, Base at $12.94 billion, and OP Mainnet at $2.33 billion, with each network being classified as Stage 1.
This structural design maintains Ethereum’s finality function while the location where daily transaction costs are settled shifts elsewhere.
Scaling transaction costs and settlement assets differ based on network architecture, and this variation impacts revenue generation even when the core security is provided by Ethereum.
Digitized currency could emerge as a primary catalyst for activity within on-chain baskets, and this transition is accompanied by more transparent projection modeling.
Citi’s stablecoin analysis projected 2030 supply at $1.9 trillion in a standard scenario, while a $4.0 trillion valuation is forecasted in a high-growth environment.
The researchers combined those totals with a 50x turnover premise to project approximately $100 trillion and $200 trillion in transfer volume, as is estimated for each respective outcome.
The structural consequence suggests that even slight shifts in dominance among clearing networks can be significant if throughput is expanded to those projected magnitudes.
Analytical frameworks become essential if stakeholders attempt to deduce revenue creation from unrefined blockchain movements, as such data is evaluated against raw on-chain metrics.
Stablecoin Noise, Multichain Products, and the Single-Ledger Question
Visa has contended that dollar-pegged transmission totals contain “noise,” as this data is influenced by non-organic interference.
In a specific instance, Visa reported that monthly stablecoin throughput drops from $3.9 trillion to $817.5 billion once artificial transactions are removed from the total.
BlackRock’s digitization presentation highlights the identical principle of excluding automated agents, ensuring that the broader narrative is anchored to a more precise interpretation of actual economic utility.
If the “toll network” is intended for monetization via clearing functions, the critical investment factor involves authentic transactional requirements that cannot be easily duplicated on rival platforms, rather than the primary volume metrics which are reported in headlines.
Cross-network allocation is already surfacing within corporate financial architectures, which challenges the simplistic notion that every digitization effort is translated into direct Ethereum necessity.
BlackRock’s digitized vehicle, BUIDL, operates across seven distinct distributed ledgers, while seamless cross-network connectivity is facilitated by the Wormhole protocol.
This architecture sustains a viable trajectory for alternative networks to function as distribution hubs and specialized utility tiers, even if the top-tier status for minting volume or clearing reliability is retained by Ethereum.
An independent thread of the discussion has investigated whether corporate asset digitization ultimately culminates in a single unified registry, as this specific outcome is debated by industry analysts.
Throughout the Davos summit, that particular concept gained traction across digital platforms through shared insights from BlackRock leader Larry Fink, as the dialogue is amplified by various social media channels.
World Economic Forum documents released earlier this month bolster extensive assertions regarding digital asset advantages, highlighting how improved fractional ownership and accelerated transaction finality are prioritized within current industry frameworks.
Nevertheless, the WEF refrains from endorsing that exact “unified ledger” terminology within its 2026 virtual finance forecast and asset-backing tutorial, as this specific phrasing is omitted from their official strategic publications.
Regarding Ethereum’s distributed governance premise, the primary financial friction involves whether a foundational protocol can maintain its impartiality while the digitization of assets is linked to major financial institutions and compliant marketplaces.
Assertions regarding “openness” rely on trustworthy defiance of arbitrary modifications and the transactional permanence that is inherited by subordinate protocols.
Currently, L2BEAT’s developmental benchmarks and locked-capital metrics demonstrate secondary layers expanding beneath the primary network’s protective architecture, while BUIDL’s diverse deployment indicates that top-tier providers are mitigating systemic platform dependency.
BlackRock’s “transaction highway” visual established a legacy dominance benchmark exceeding 65%, as this historical target is referenced within the firm’s strategic documentation.
That identical trend will likely influence how financiers evaluate the expansion of digitized government bonds and other blockchain-based asset classes, as this market evolution is monitored by global stakeholders.
