It’s not a stretch to say the 2025 cycle marked a shift toward “institutionalization.” Sure, while ETF launches in 2024 helped establish credibility and access, they alone didn’t drive meaningful adoption.
Instead, adoption really accelerated once “utility-driven” assets moved on-chain. In that context, the Real World Asset (RWA) sector has clearly become the core engine powering institutional participation.
Backing this, BlackRock CEO Larry Fink has called tokenization necessary and pointed to Ethereum [ETH] as the natural platform for it. The question, then, is whether this is merely theoretical or a case that holds real weight.
‘One Common Blockchain’ vision centers on Ethereum
A statement from a major firm like BlackRock was bound to create a stir.
At the World Economic Forum, CEO Larry Fink emphasized the need for rapid adoption of tokenization, highlighting India and Brazil as two developing nations already leading the way with tokenized currencies.
However, the real buzz came when Fink mentioned the “One Common Blockchain” to drive this shift. Naturally, market participants started asking which blockchain would fit the vision, with many pointing to Ethereum.
Looking at the numbers, the hypotheticals actually hold weight.
For instance, Ethereum leads the RWA sector, controlling roughly 60% of the total $22.6 billion RWA market. By comparison, Binance Smart Chain [BSC] comes in second with just 10.2%, underscoring ETH’s dominance.
On top of that, BlackRock’s token, BUIDL, has crossed $1.5 billion on Ethereum, while JPMorgan’s MONY token has officially launched, further reinforcing Fink’s narrative about ETH as the platform for tokenization.
Given this, along with Ethereum’s RWA dominance and the broader trend of institutionalization, it’s easy to see why CEO Larry’s view that ETH could become the “one common blockchain” for tokenized assets holds weight.
Still, at a fundamental level, what does this development actually mean?
Fee falls, activity rises: ETH proves its institutional case
Larry Fink has repeatedly emphasized one key aspect: Fees.
In contrast to TradFi, where buying an asset comes with platform fees, broker commissions, and other costs, purchasing tokenized assets costs much less. As Fink points out, this could become a major differentiator.
Given that, the question naturally arises: Does Ethereum deliver on this promise? Even though prices have lagged, 2025 has pushed ETH forward at a fundamental level through its back-to-back major on-chain upgrades.
The result? Average gas price has dropped to a multi-year low of 0.5 Gwei.
At the same time, Glassnode’s latest report shows a sharp spike in Month-over-Month Activity Retention, meaning transactions are rising even as gas fees fall, bringing new wallets onto the network.
In this context, Ethereum’s upgrades are doing more than improving technology. Instead, they’re driving real adoption, which makes Larry Fink’s take on ETH as the “one common blockchain” much more tangible.
Hence, its dominance in RWA is becoming a major institutional bull case.
Final Thoughts
- Ethereum leads the $22.6 billion RWA market (60% share), backed by BlackRock and JPMorgan initiatives.
- Lower gas fees and rising adoption reinforce Ethereum’s role as the “one common blockchain.”
