BlackRock's 2026 outlook positions Ethereum as the gatekeeper for tokenization, with 65%+ of assets on its network. But the framing is infrastructure, not price, and market share is drifting.

BlackRock Sees Ethereum as Tokenization's "Toll Road" — Here's Why

BlackRock's 2026 Thematic Outlook has placed Ethereum at the center of its tokenization thesis, describing the network as a potential "toll road" for the digital asset economy. According to the report, over 65% of tokenized assets currently operate on Ethereum's blockchain. 

On the surface, this looks like a strong institutional endorsement, but the framing reveals something more nuanced. BlackRock isn't making a directional call on ETH as a speculative investment. Instead, they're positioning Ethereum as infrastructure — the underlying rails that facilitate tokenization of real-world assets like treasuries, equities, and commodities. 

The "toll road" metaphor is deliberate: it suggests Ethereum captures value through usage and transaction flows, not necessarily through price appreciation. That's a meaningful distinction, because it decouples Ethereum's utility narrative from its market performance. The tension, though, is that while BlackRock sees Ethereum as foundational for institutional tokenization, market share has been drifting elsewhere. Solana, Base, Arbitrum, and other chains are capturing more transaction volume, user activity, and developer mindshare, particularly in areas like DeFi, consumer apps, and high-throughput use cases. So we're left with a split narrative: 

Ethereum as the institutional anchor for tokenized real-world assets, but losing ground in other categories that once defined its dominance. Whether the "toll road" thesis holds depends on whether institutional tokenization flows can offset the erosion happening in retail and developer activity. 

For now, BlackRock's outlook suggests they believe Ethereum's moat is durable in the institutional layer, even if it's no longer the default choice everywhere else.