America is coming on-chain, and it is using Ethereum as its ledger, said Ryan Sean Adams from Bankless on Thursday.
“In the coming decades, I believe Ethereum could become the root of trust for $100 trillion in American capital markets,” he added.
He said that America’s real-world asset tokenization drive could see as much as $120 trillion in stocks, bonds, and exchange-traded products go on-chain in a “multi-decade transformation.”
“In short, tokenization has been mostly illegal in the U.S. through 2024, but not only has it become legal in 2025, it’s now being pushed by the U.S. government in an effort to modernize U.S. markets. Wall Street and FinTechs are incented to make this happen.”
RWA Onchain Value at ATH
With the US dollar as the world’s reserve currency and US treasuries as the world’s reserve asset, Ethereum will become the world’s ledger, he said.
Ethereum’s total value locked growth is looking like early 2021, he said in a separate post.
According to DeFiLlama, the Ethereum ecosystem TVL is currently $94 billion, which isn’t far from its 2021 peak of $108 billion. Over the past three months, it has surged 57%.
Ethereum is “the fastest growing economy ever,” observed ‘Milk Road,’ adding that it clears more value than Visa, has more dollars circulating than PayPal, and institutions are stacking it as a major treasury asset.
“Ethereum is no longer just a blockchain. It’s a digital economy scaling faster than anything we’ve seen before.”
Real-world asset value on-chain hit an all-time high this week of $29 billion, excluding stablecoins and $307 billion including them, according to RWA.xyz.
More than 75% of this total value is tokenized on Ethereum, layer-2 networks, and EVM (Ethereum virtual machine) protocols.
Additionally, a recent Bloomberg report indicated that BlackRock was planning to tokenize its ETFs . It did not mention Ethereum directly, but it could be the chosen network since the firm’s tokenized money-market fund ( BUIDL ) was launched on it.
Ether Price Outlook
ETH prices tapped a two-week high of $4,530 during early Asian trading on Friday morning. The asset is now up 2.8% on the day and is just 8.5% away from its all-time high.
Some analysts still expect a big September correction, but Ether has remained largely sideways for the past month as support above $4,200 solidifies.
