Key Takeaways
- • Grayscale identified five blockchain networks—Ethereum, Solana, BNB Chain, Avalanche, and Canton Network—as positioned to benefit from equity tokenization, with different networks supporting distinct ownership models across three development phases.
- • Wrapped tokenized stocks currently dominate the market, representing over 70% of tokenized equity by market capitalization, and operate primarily on Ethereum, Solana, and BNB Chain through third-party special-purpose vehicle (SPV) structures.
- • Canton Network will serve as the first blockchain in the Depository Trust & Clearing Corporation (DTCC)'s regulated tokenization pilot, representing a second phase of development where issuer-sponsored shares could reshape blockchain infrastructure roles.
- • Grayscale's research, published July 9, 2026, by Head of Research Zach Pandl, positions equity tokenization as a multi-phase evolution where different blockchain infrastructure will capture value depending on which ownership models gain regulatory and market acceptance.
Summary
Grayscale has published strategic research identifying the blockchain networks best positioned to capture value from the ongoing tokenization of equity markets. The analysis, released on July 9, 2026, outlines a three-phase development model for how equity tokenization will evolve and which blockchain infrastructure will benefit at each stage.
The first phase centers on wrapped tokenized assets, currently the dominant market structure accounting for over 70% of tokenized equities by market capitalization. In this model, traditional shares are deposited into a special-purpose vehicle (SPV), and investors receive tokens representing claims on that vehicle rather than direct ownership of underlying securities. These wrapped assets primarily operate on Ethereum, Solana, and BNB Chain, where they can be freely traded and integrated into decentralized finance applications. This phase has already demonstrated significant market traction and liquidity.
The second phase involves the DTCC's planned tokenization pilot, which will introduce issuer-sponsored shares—a structurally different approach to equity tokenization. Canton Network has been selected as the first blockchain to support this regulated pilot, marking a shift toward institutional-grade infrastructure and direct ownership models. This phase represents a more traditional financial market approach to blockchain tokenization and could significantly reshape which networks capture institutional adoption.
Zach Pandl, Grayscale's Head of Research, emphasized that the three-phase tokenization progression means different blockchain networks will capture value at different stages, depending on which ownership models ultimately achieve regulatory acceptance and market dominance. Avalanche rounds out the five networks identified as best positioned, alongside the dominant players Ethereum and Solana, reflecting the research's view that multiple blockchain ecosystems will serve different segments of the tokenized equity market. This framework suggests that equity tokenization represents not a winner-take-all opportunity, but a diversified landscape where multiple blockchain platforms will serve complementary roles in the emerging tokenized securities market.
The first phase centers on wrapped tokenized assets, currently the dominant market structure accounting for over 70% of tokenized equities by market capitalization. In this model, traditional shares are deposited into a special-purpose vehicle (SPV), and investors receive tokens representing claims on that vehicle rather than direct ownership of underlying securities. These wrapped assets primarily operate on Ethereum, Solana, and BNB Chain, where they can be freely traded and integrated into decentralized finance applications. This phase has already demonstrated significant market traction and liquidity.
The second phase involves the DTCC's planned tokenization pilot, which will introduce issuer-sponsored shares—a structurally different approach to equity tokenization. Canton Network has been selected as the first blockchain to support this regulated pilot, marking a shift toward institutional-grade infrastructure and direct ownership models. This phase represents a more traditional financial market approach to blockchain tokenization and could significantly reshape which networks capture institutional adoption.
Zach Pandl, Grayscale's Head of Research, emphasized that the three-phase tokenization progression means different blockchain networks will capture value at different stages, depending on which ownership models ultimately achieve regulatory acceptance and market dominance. Avalanche rounds out the five networks identified as best positioned, alongside the dominant players Ethereum and Solana, reflecting the research's view that multiple blockchain ecosystems will serve different segments of the tokenized equity market. This framework suggests that equity tokenization represents not a winner-take-all opportunity, but a diversified landscape where multiple blockchain platforms will serve complementary roles in the emerging tokenized securities market.
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