BlackRock 2026 Outlook: Ethereum is the Global Settlement Anchor

BlackRock’s 2026 Global Outlook, released Saturday, formally classifies stablecoins as “foundational rails” for the financial system and positions Ethereum as the definitive settlement layer for the digital economy. The world’s largest asset manager argues the industry has bifurcated: execution happens on high-speed chains like Solana and Layer-2s, but finality lives on Ethereum.

The Settlement Monopoly

The report identifies a structural shift in how institutions deploy capital on-chain. According to BlackRock, the pattern is to “start where liquidity, custody integrations, and smart contract standards are most mature,” then expand outward for distribution.

Data supports this thesis. As of Jan. 5, Ethereum hosts approximately $12.5 billion in tokenized real-world assets (RWA), commanding a 65% market share. While high-frequency trading migrates to faster environments, the high-value collateral remains anchored to Ethereum’s security guarantees.

The industry has matured enough that we now treat stablecoins as foundational rails for the market… widening beyond exchanges and integrated into mainstream payment systems.

The BUIDL Precedent

BlackRock’s own strategy mirrors this outlook. Its BUIDL fund, which recently surpassed $2.9 billion in assets, launched natively on Ethereum before expanding to Solana, Aptos, and Ethereum L2s. This “hub-and-spoke” model allows the fund to leverage Ethereum for settlement validity while accessing cheaper distribution channels for users.

Samara Cohen, BlackRock’s Head of Global Markets Development, noted in the report that stablecoins have evolved from niche crypto trading tools into a “bridge between traditional finance and digital liquidity.” The firm anticipates this trend will accelerate as cross-border payments and tokenized collateral replace legacy banking rails.

Market Reaction

Ethereum (ETH) held the $3,000 level on the news, validating the market’s view of the asset as internet collateral rather than just a transaction network. The report arrives as the broader RWA market approaches $20 billion, with institutions signaling that while execution may be multi-chain, settlement is converging on a single standard.