Key Takeaways
- • Grayscale identified Ethereum, Solana, BNB Chain, and Canton Network as the four blockchains best positioned to absorb the first wave of institutional capital following passage of the Digital Asset Market Clarity Act, which cleared the Senate Banking Committee on May 14, 2026.
- • Ethereum ranks as the market leader in tokenized assets with full on-chain functionality, followed by BNB Chain and Solana across three primary metrics: tokenized asset value, stablecoin supply, and decentralized finance total value locked.
- • Canton Network was selected ahead of competing Layer 1 platforms, holding over $348 billion in tokenized real-world asset value, hosting the DTCC's tokenized Treasury pilot program, and counting JPMorgan, HSBC, and Visa among its validators, with approximately $350 billion settling daily on the network.
- • Grayscale identified Avalanche, Base, Arbitrum, Hyperliquid, and Tron as secondary beneficiaries positioned to capture institutional flows, while noting that Bitcoin will also benefit from regulatory clarity as the industry's most secure asset.
- • The research note, published May 22, reflects Grayscale's thesis that regulatory clarity will broadly lift digital asset adoption, with institutional capital expected to flow toward blockchains demonstrating the strongest on-chain infrastructure and settlement capabilities.
Summary
Grayscale Investments published a research note on May 22, 2026, identifying four blockchains as primary beneficiaries of forthcoming regulatory clarity under the Digital Asset Market Clarity Act, which advanced through the Senate Banking Committee on May 14 with a 15-9 vote. The asset manager named Ethereum, Solana, BNB Chain, and Canton Network as the chains best positioned to absorb institutional capital flows once the legislation is signed into law.
The four networks were selected based on performance across three core metrics that Grayscale uses to assess institutional readiness: tokenized asset value, stablecoin supply and transaction volume, and decentralized finance total value locked. Ethereum emerged as the clear leader in tokenized assets with full on-chain functionality, followed by BNB Chain and Solana. Canton Network rounded out the primary tier as the leading institutional settlement network, a distinction that reflects its specialized design for enterprise and institutional use cases rather than mainstream retail adoption.
Canton Network's inclusion over alternative Layer 1 platforms underscores its institutional positioning. The network currently holds over $348 billion in tokenized real-world asset value and hosts the Depository Trust & Clearing Corporation's tokenized Treasury pilot program. Major financial institutions including JPMorgan, HSBC, and Visa operate as validators on the network, while approximately $350 billion settles daily across its infrastructure. This institutional anchoring differentiates Canton from competitors and aligns with Grayscale's assessment of chains likely to capture professional capital deployment.
Beyond the primary four winners, Grayscale identified a secondary tier of beneficiaries including Avalanche, Base, Arbitrum, Hyperliquid, and Tron, which possess significant on-chain finance exposure but did not rank as highly across the selection criteria. Grayscale's head of research, Zach Pandl, also noted that Bitcoin will benefit from regulatory clarity as the industry's foundational and most security-focused asset.
The research reflects Grayscale's broader conviction that regulatory clarity will create a rising tide across digital assets. As institutional frameworks crystallize, capital deployment is expected to concentrate initially in networks demonstrating the strongest on-chain functionality, liquidity, and validator infrastructure—criteria that favor established ecosystems with demonstrated institutional adoption.
The four networks were selected based on performance across three core metrics that Grayscale uses to assess institutional readiness: tokenized asset value, stablecoin supply and transaction volume, and decentralized finance total value locked. Ethereum emerged as the clear leader in tokenized assets with full on-chain functionality, followed by BNB Chain and Solana. Canton Network rounded out the primary tier as the leading institutional settlement network, a distinction that reflects its specialized design for enterprise and institutional use cases rather than mainstream retail adoption.
Canton Network's inclusion over alternative Layer 1 platforms underscores its institutional positioning. The network currently holds over $348 billion in tokenized real-world asset value and hosts the Depository Trust & Clearing Corporation's tokenized Treasury pilot program. Major financial institutions including JPMorgan, HSBC, and Visa operate as validators on the network, while approximately $350 billion settles daily across its infrastructure. This institutional anchoring differentiates Canton from competitors and aligns with Grayscale's assessment of chains likely to capture professional capital deployment.
Beyond the primary four winners, Grayscale identified a secondary tier of beneficiaries including Avalanche, Base, Arbitrum, Hyperliquid, and Tron, which possess significant on-chain finance exposure but did not rank as highly across the selection criteria. Grayscale's head of research, Zach Pandl, also noted that Bitcoin will benefit from regulatory clarity as the industry's foundational and most security-focused asset.
The research reflects Grayscale's broader conviction that regulatory clarity will create a rising tide across digital assets. As institutional frameworks crystallize, capital deployment is expected to concentrate initially in networks demonstrating the strongest on-chain functionality, liquidity, and validator infrastructure—criteria that favor established ecosystems with demonstrated institutional adoption.
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