Ethereum continues to consolidate its role as the primary settlement layer for tokenized assets, accounting for more than 65% of total on-chain tokenization according to data shared by BlackRock.
Ethereum Emerges as the Default Tokenization Layer
Ethereum holds over 65% of tokenized assets by blockchain, based on data cited in BlackRock’s 2026 Thematic Outlook and aggregated from RWA.xyz. The dataset includes fiat-backed stablecoins alongside other real-world asset representations.
Ethereum’s lead stands out amid a growing field of smart contract platforms. Networks such as Solana, BNB Chain, Polygon, and Stellar host tokenized assets, yet their combined share remains well below Ethereum’s dominance.
The concentration reflects issuer preference for a settlement layer with deep liquidity, established standards, and long-term operational reliability.
Beyond Stablecoins: The Real Growth Story
Fiat-backed stablecoins account for a significant share of tokenized assets on Ethereum. DefiLlama data shows that roughly 52.69% of all stablecoins are issued on Ethereum.
Ethereum’s stablecoin supply has expanded from approximately $80 billion in early 2023 to nearly $180 billion by January 2026. USDT represents over $100 billion of that total, while USDC accounts for roughly $40–50 billion.
This stablecoin liquidity forms the foundation for more complex tokenized products, enabling settlement, collateralization, and yield generation across Ethereum-native markets.
The stablecoin foundation provides crucial liquidity, with Ethereum's stablecoin supply growing to nearly $163B by January 2026, dominated by USDT and USDC. This liquidity infrastructure enables more complex RWA products to thrive.
Real-World Assets Drive the Next Phase of Growth
Beyond stablecoins, growth in yield-bearing real-world assets is emerging as the more structural driver of tokenization on Ethereum. Treasury-backed tokens, funds, and on-chain credit products increasingly rely on Ethereum’s composability to integrate with DeFi primitives.
Issuers benefit from access to lending markets, liquidity pools, and payment rails without fragmentation. Once deployed, assets can interact across protocols using standardized infrastructure rather than bespoke integrations.
This interoperability lowers operational friction and reinforces Ethereum’s role as the base layer for tokenized finance.
Tokenization Reinforces Ethereum’s Economic Role
The distribution of tokenized assets highlights a broader shift in Ethereum’s positioning. Rather than competing solely as a smart contract platform, Ethereum is increasingly functioning as financial infrastructure for on-chain capital markets.
As institutional issuers continue to tokenize assets, network effects favor a deeply liquid and widely adopted settlement layer. The concentration of tokenized assets on Ethereum suggests its economic gravity is strengthening as real-world finance moves on-chain.
