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Ethereum (ETH) is quietly tightening its grip on real-world asset tokenization, now hosting nearly all tokenized commodities on-chain. Data shows the network accounts for 95.9% of the market, with over $5.1 billion in commodities issued on Ethereum. The trend reinforces Ethereum’s position as the default infrastructure layer for bringing traditional assets onto blockchain rails.

Ethereum becomes default layer for tokenized commodities

The scale of Ethereum’s dominance is striking. Tokenized commodities, which represent exposure to physical assets like gold or oil, have overwhelmingly concentrated on a single blockchain, according to the data shared by Token Terminal in an X post on April 7.

This isn’t happening in isolation, either. Ethereum already leads in other tokenized sectors, including stablecoins and broader real-world assets (RWAs), thanks to its developer ecosystem and institutional adoption.

For issuers, the choice is practical. Ethereum offers established infrastructure, composability with decentralized finance (DeFi) protocols, and access to global liquidity, all critical for assets that need both credibility and usability.

What this means for the tokenization narrative

The data also signals a broader shift. Tokenization is moving from theory to real capital flows, and Ethereum is capturing most of that early adoption.

That said, this concentration brings both strength and risk. On one hand, it reinforces Ethereum’s network effects, making it harder for competitors to catch up. On the other, it raises questions about whether tokenization itself is becoming as centralized at the infrastructure level as traditional finance once was.

Meanwhile, Ethereum’s native token was at press time changing hands at the price of $2,214.25, which indicates a 1.6% gain in the last 24 hours, an advance of 7.4% over the past seven days, and an accumulated 9.1% growth across the month, per the latest chart information.

All things considered, as more RWAs move on-chain, Ethereum is positioning itself as the primary settlement layer for that transition.