In the $5 billion tokenization boom, Ethereum cryptocurrency may become the next major treasury asset

Ethereum's growing dominance in the RWA tokenization space is enhancing its narrative as a treasury asset. Ethereum (ETH) is rapidly gaining attention as the primary platform for tokenized assets. Notably, there are currently over $5 billion in RWAs being managed on Ethereum, including government bonds and other real-world assets. In comments shared with crypto.news, NoOnes CEO Ray Youssef explained how this opens new avenues for ETH. 'From tokenized U.S. government bonds to institutional-grade stablecoin tracks, Ethereum is becoming the de facto standard layer for compliant on-chain finance. Major companies are starting to realize that ETH is both a utility network and a strategic store of value that aligns with its narrative of being “digital oil,”' said Ray Youssef, NoOnes. The “digital oil” narrative of Ethereum stems from its utility as the 'fuel' powering its massive decentralized finance ecosystem, including Layer 2 networks. The network not only dominates in stablecoin issuance but also in various decentralized finance applications beyond tokenized assets. Several other developments are also enhancing Ethereum's appeal as a treasury asset. One of these is the network's shift in token economics, including deflationary fee burn and native staking. This structure combines yield with scarcity, making Ethereum a more attractive asset for treasury holdings. Regulatory clarity surrounding Ethereum is also improving, especially regarding ETH-based exchange-traded funds. As a result, traditional financial companies like Franklin Templeton and BlackRock have begun to embrace this trend, with Ethereum gaining recognition alongside Bitcoin (BTC). 'With the SEC indicating greater flexibility towards ETH-based ETFs and companies like Franklin Templeton and BlackRock actively investing in tokenized products built on Ethereum, the risk premium is decreasing. In this environment, Ethereum is steadily becoming an institutional complement to Bitcoin,' said Ray Youssef, NoOnes. Youssef added that while Ethereum may not replace Bitcoin as a hedge against inflation, it continues to provide utility as a foundational asset for compliant decentralized finance.