BlackRock's 2026 Thematic Outlook highlights Ethereum as the central platform for tokenized assets, emphasizing its role as an infrastructure 'toll road' for on-chain settlement and fee capture. Despite holding 65%+ of tokenized assets as of early January 2026, Ethereum's market share shows potential drift as issuance expands across multiple blockchains and rollups increase transaction volume off-chain. The evolving multi-chain ecosystem complicates Ethereum's dominance in fee monetization, raising questions about future settlement fees tied directly to ETH and highlighting the importance of organic, economic throughput.

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