According to Vivek Raman, CEO and co-founder of Etherealize, Ethereum could be priced at $15,000 in 2026 as traditional finance accelerates towards tokenization, stablecoins, and bespoke layer 2 blockchains built on top of Ethereum.
In a guest post on January 5, Raman positioned 2026 as the time when ETH transitions from a decade of building credibility to an era of commercial deployment, arguing that “Ethereum will be the best place to do business in 2026 and beyond” as the regulatory landscape, institutional precedent, and infrastructure maturity converge.
Institutions Tokenize with Ethereum
Raman’s main argument is that tokenization is moving from proof-of-concept to large-scale product deployments, with Ethereum increasingly serving as the base layer of choice for institutions when assets are high-value and have stringent operational requirements. He describes tokenization as a business process upgrade that aggregates assets, data, and payments onto a shared infrastructure, and leans heavily into the idea that once financial institutions experience efficiency, there is no going back.
“Tokenization upgrades entire business processes by digitizing assets, data, and payments on the same infrastructure,” Raman wrote. “Assets (stocks, bonds, real estate, etc.) and money will be able to move at the speed of the internet. This is a clear upgrade to the financial system that should have happened decades ago. Public global blockchains like Ethereum make this possible today.”
The post cites examples of institutional tokenization activity in Ethereum, including money market fund efforts by JPMorgan and Fidelity, BlackRock’s tokenization fund BUIDL, Apollo’s private credit fund ACRED (with liquidity concentrated in Ethereum and its L2), and European participation such as Amundi, which tokenizes euro-denominated money market funds. Raman also pointed to BNY Mellon’s tokenized products and its planned tokenized bond fund in partnership with Baillie Gifford, which spans the Ethereum and L2 networks.
Stablecoins as a “green light” moment
Raman identified stablecoins as the product market that most clearly fits into on-chain finance, citing “more than $10 trillion in stablecoin transfer volume in 2025” and claiming that “60% of all stablecoins will be on Ethereum and its Layer 2 network.” He argued that regulatory developments in the US have reduced the risk of institutional deployment, and explained that the passage of the 2025 GENIUS Act was the moment when public chain stablecoin rails effectively received formal approval.
As a near-term data point, Raman highlighted that SoFi is reportedly launching a bank-issued stablecoin, SoFiUSD, on a “public, permissionless blockchain,” adding that the bank has chosen Ethereum. He suggested that this is the beginning of a broader wave of investment banks, neobanks, and fintechs exploring stablecoin issuance, either alone or through consortium structures, within a single public chain ecosystem to maximize network effects.
Layer 2 as an organization’s business model
A large part of Raman’s thesis hinges on the idea that institutions will not converge on a single chain, but rather on a single interconnected network: Ethereum and its Layer 2 ecosystem. He argued that L2 inherits Ethereum’s security and liquidity while offering customization by jurisdiction and customer base. He cited “over 90% profit margins” as a reason why companies want their own chains, and said L2’s economics are very attractive to operators.
Raman cited examples such as Coinbase’s Base, Robinhood’s Ethereum L2 plan featuring tokenized stocks and other assets, the use of Ethereum L2 Linea for SWIFT payments, JPMorgan deploying tokenized deposits to Base, and Deutsche Bank building a licensed public network as Ethereum L2.
$15,000 Ethereum price target
Raman also argued that ETH is emerging as an institutional asset alongside Bitcoin, describing BTC as “digital gold” and ETH as “digital oil,” a store of productive value tied to the economic activity of the ecosystem.
He pointed to four publicly traded “MicroStrategy-equivalent” companies that have accumulated ETH: Bitmine Immersion (BMNR), Sharplink Gaming (SBET), Ether Machine (ETHM), and BitDigital (BTBT), claiming that they have collectively purchased approximately 4.5% of the ETH supply over the past six months, comparing that to MicroStrategy’s 3.2% BTC ownership.
These dynamics support his “5x” forecast for 2026: Tokenized assets will grow to nearly $100 billion (from about $6 billion in 2025, up from an estimated $18 billion, “66% will be Ethereum and “L2”), the stablecoin market cap expands to $1.5 trillion ($308 billion), and ETH increases five-fold to $15,000, capping his frame for an implied $2 trillion market.
At the time of writing, ETH was trading at $3,227.
Featured image created with DALL.E, chart on TradingView.com
editing process for is focused on providing thoroughly researched, accurate, and unbiased content. We adhere to strict sourcing standards, and each page is carefully reviewed by our team of top technology experts and experienced editors. This process ensures the integrity, relevance, and value of your content to your readers.