Ethereum’s grip on institutional blockchain activity tightened this week as data showed the network processing about $1.2 trillion of real-world-asset transactions so far in 2025, accounting for more than half of all such on-chain volume. The surge is being driven by blockbuster tokenizations such as BlackRock’s $2.38 billion BUIDL fund and the $110 million Securitize-issued Apollo Diversified Credit Fund (ACRED), according to the tokenization specialist Securitize. The flow of dollars onto blockchains is broadening beyond funds. Total stablecoin supply has climbed to $264.9 billion—roughly double the level in January 2024—with Ethereum and Tron together hosting about 90 percent of outstanding tokens, analytics firm Token Terminal said. Within the Ethereum ecosystem alone, more than $160 billion of stablecoins are in circulation, and their activity generated just over $10 million in mainnet gas fees during the past three months. Demand for tokenized investment products is accelerating in parallel. Assets under management in tokenized funds have risen tenfold since the start of 2024 to $7.5 billion, with Ethereum controlling 65 percent of the market and BlackRock emerging as the single-largest issuer. Tokenized money-market funds remain the most popular structure. High-profile investors are following the liquidity. Peter Thiel’s Founders Fund has accumulated stakes of 7.5 percent in ETHZilla—whose market capitalization has soared from $18 million in July to $741 million—and 9.1 percent in Bitmine Immersion, now valued at $8.3 billion. Separately, World Liberty, a financial vehicle linked to former President Donald Trump, spent 5.025 million USDC to acquire 1,076 ether at $4,670 apiece, underscoring rising institutional appetite for Ethereum-denominated assets.