Key Takeaways
- • Grayscale identified Ethereum, Solana, BNB Chain, and Canton Network as the four blockchains best positioned to capture institutional capital following passage of the Clarity Act, according to a research note published May 22, 2026.
- • Selection criteria focused on three metrics: tokenized asset value, stablecoin supply and transaction volume, and DeFi total value locked, with Ethereum leading in tokenized assets.
- • Canton Network holds over $348 billion in tokenized real-world asset value, hosts the DTCC's tokenized Treasury pilot, and counts JPMorgan, HSBC, and Visa among its validators—positioning it as the leading institutional settlement network.
- • Grayscale identified Avalanche, Base, Arbitrum, Hyperliquid, and Tron as secondary beneficiaries with significant on-chain finance exposure that would also benefit from regulatory clarity.
- • Grayscale's head of research Zach Pandl noted Bitcoin will also benefit from regulatory clarity as the industry's most secure asset.
Summary
Grayscale published a research note on May 22, 2026, designating four blockchain networks as primary beneficiaries of institutional capital inflows should the Digital Asset Market Clarity Act become law. The four selected chains—Ethereum, Solana, BNB Chain, and Canton Network—were chosen based on their market leadership across tokenized asset value, stablecoin supply, transaction volume, and DeFi total value locked.
Ethereum leads the group in tokenized assets, followed by BNB Chain and Solana in rankings across the three primary evaluation metrics. Canton Network's inclusion reflects its dominance as an institutional settlement layer, a distinction that separates it from competing Layer 1 and Layer 2 platforms. The network currently settles approximately $350 billion daily and hosts over $6 trillion in tokenized real-world assets. Its institutional credibility is reinforced by major validators including JPMorgan, HSBC, Visa, and the DTCC, which operates its tokenized Treasury pilot on the Canton Network.
Grayscale framed regulatory clarity as a catalyst for broader digital asset adoption, noting that "a rising tide will likely lift digital assets broadly" once the Clarity Act passes. The firm's analysis extends beyond the primary four winners, identifying Avalanche, Base, Arbitrum, Hyperliquid, and Tron as secondary beneficiaries with meaningful exposure to on-chain finance. Zach Pandl, Grayscale's head of research, emphasized that Bitcoin would also benefit from the regulatory framework as the industry's most secure asset, suggesting the Clarity Act's impact will span both established and emerging digital assets.
The research reflects institutional investor positioning ahead of potential legislative action, with network selection indicating where large capital allocators expect settlement activity and tokenized finance infrastructure to concentrate under a clearer regulatory regime.
Ethereum leads the group in tokenized assets, followed by BNB Chain and Solana in rankings across the three primary evaluation metrics. Canton Network's inclusion reflects its dominance as an institutional settlement layer, a distinction that separates it from competing Layer 1 and Layer 2 platforms. The network currently settles approximately $350 billion daily and hosts over $6 trillion in tokenized real-world assets. Its institutional credibility is reinforced by major validators including JPMorgan, HSBC, Visa, and the DTCC, which operates its tokenized Treasury pilot on the Canton Network.
Grayscale framed regulatory clarity as a catalyst for broader digital asset adoption, noting that "a rising tide will likely lift digital assets broadly" once the Clarity Act passes. The firm's analysis extends beyond the primary four winners, identifying Avalanche, Base, Arbitrum, Hyperliquid, and Tron as secondary beneficiaries with meaningful exposure to on-chain finance. Zach Pandl, Grayscale's head of research, emphasized that Bitcoin would also benefit from the regulatory framework as the industry's most secure asset, suggesting the Clarity Act's impact will span both established and emerging digital assets.
The research reflects institutional investor positioning ahead of potential legislative action, with network selection indicating where large capital allocators expect settlement activity and tokenized finance infrastructure to concentrate under a clearer regulatory regime.
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