On the stage of the Davos Forum, Larry Fink, the head of the world's largest asset management company, announced that the wave of tokenization is unstoppable, and a universal blockchain will be the future financial infrastructure that supports it all.
At the recently concluded World Economic Forum in Davos, BlackRock CEO Larry Fink stated that tokenization is an inevitable trend, and the future belongs to a universal blockchain platform.
The crypto community quickly interpreted that the universal blockchain implied by this financial giant, who manages nearly $10 trillion in assets, is Ethereum. BlackRock's flagship tokenization fund, BUIDL, is built on Ethereum.
I. Davos Declaration
● At the 2026 Davos World Economic Forum, Larry Fink presented his judgment on the future of finance: “Tokenization is inevitable, and a universal blockchain is the future.”
● The leader of the world's largest asset management company painted a picture: If all investments are conducted on a tokenization platform, it will significantly reduce transaction costs and allow capital to flow seamlessly between money market funds, stocks, and bonds.
● He further pointed out that having a universal blockchain could also reduce financial corruption. In Fink's vision, the blockchain will become the underlying operating system of future financial markets.
II. The Implication of Ethereum
Although Fink did not directly name Ethereum in his speech, crypto market observers quickly linked his remarks to Ethereum.
● Garrett Kin, an agent for "BTC OG insider whales," pointed out that the universal blockchain Fink referred to may imply Ethereum, as BlackRock's flagship tokenization fund BUIDL is built on Ethereum.
● This judgment is based on a simple logic: BlackRock is implementing Fink's vision of a "single universal blockchain" through its own practices, positioning Ethereum as today's leading institutional-grade real-world asset (RWA) tokenization infrastructure.
● The market generally believes that as the world's largest asset management company, BlackRock's actions often carry more weight than words.
III. Blueprint in Action
BlackRock's crypto layout has long surpassed mere verbal statements. In recent years, this financial giant has built a complete strategic map in the digital asset field.
● In terms of traditional crypto products, BlackRock's iShares Bitcoin Trust and iShares Ethereum Trust have performed remarkably. These two flagship products have seen cumulative inflows of $55 billion and $12.7 billion, respectively, both surpassing $10 billion in assets under management within a year.
● Its more forward-looking attempt is the BUIDL fund launched in 2023, which is the first tokenization fund to exceed $1 billion in scale. The full name of the fund is BlackRock USD Institutional Digital Liquidity Fund, which currently operates entirely on the Ethereum chain, with assets exceeding $2 billion by 2025.
● BlackRock is exploring the possibility of moving funds linked to real-world assets, including traditional ETFs, onto the blockchain. If successful, this exploration could mark a key step in the on-chain transformation of financial assets.
IV. On-Chain Experiments on Wall Street
BlackRock's exploration is not an isolated case; a "on-chain" experiment on Wall Street is fully underway.
● Fidelity Investments' tokenized money market fund has already launched on Ethereum. Nasdaq has applied to the U.S. Securities and Exchange Commission, hoping to trade tokenized securities alongside traditional stocks on its exchange.
● In BlackRock's latest 2026 thematic outlook report, the company officially listed cryptocurrency and asset tokenization as important trends driving the market.
● The report specifically pointed out that the Ethereum blockchain, due to its widespread application in building decentralized applications and token infrastructure, is expected to benefit from the development of tokenization.
V. Resistance to Financial Reconstruction
Despite the proactive layouts of financial giants like BlackRock, the road to a universal blockchain financial system remains fraught with challenges.
● Regulation is the primary obstacle. BlackRock's tokenization attempts cannot bypass a core premise—regulatory approval. The U.S. Securities and Exchange Commission has yet to provide a clear compliance framework for tokenized securities.
● Skeptics question the necessity of tokenization. Bloomberg ETF analyst Eric Balchunas pointed out that ETFs are already low-cost, highly liquid, and have low barriers to entry, leaving little reason for them to be replaced. According to data, the total scale of tokenized U.S. stocks on-chain is less than $500 million, far from the trillions in the ETF market.
● ETF research expert Dave Nadig believes that true tokenization requires a complete rewrite of laws and comprehensive regulatory cooperation. Under the current system, tokenization is more of a "packaging layer" rather than a fundamental financial transformation.
VI. The Path to a Universal Blockchain
● Despite the challenges, BlackRock's layout suggests that the financial system may be undergoing a fundamental transformation. Asset tokenization could become the "second growth curve" for ETFs, not as a replacement, but as an expansion.
● Tokenization can reach populations that traditional finance struggles to cover through blockchain technology. Tokenized assets are not just "buy and hold," but can also directly participate in decentralized financial activities as on-chain assets.
● The true vision of a universal blockchain means that assets are fundamentally created, traded, and settled on the blockchain, no longer relying on traditional brokers and clearinghouses. BlackRock's 2026 outlook report views digital assets as part of a larger "transformational force" that includes artificial intelligence, geopolitics, and global infrastructure.
On the Ethereum blockchain, the asset scale of BlackRock's BUIDL fund has exceeded $2 billion, making it a leader in institutional-grade real-world asset tokenization.
Bloomberg ETF analyst Eric Balchunas, however, questions: “ETFs are already low-cost, highly liquid, and have low barriers to entry, leaving little reason for them to be replaced.” In his view, the traditional financial system is already efficient enough.
But Larry Fink's declaration at Davos lingers: “All financial assets will eventually be tokenized.” This financial giant's bet is quietly driving a transformation that could reshape global financial infrastructure.
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