Grayscale’s latest research note draws a clear line through the crypto landscape, naming five blockchains—Ethereum, Solana, Avalanche, BNB Chain and Canton Network—as the most likely beneficiaries as tokenized stocks transition from experimental pilots to regulated financial products. The analysis arrives at a moment when both retail enthusiasm for wrapped tokens and institutional pilots for on‑chain securities are converging, creating a tension that could reshape market dynamics.
The note outlines three distinct models driving the shift. The first, the “wrapper” model, issues a token that mirrors shares held in a special‑purpose vehicle. Today, wrapped tokens represent more than 70 % of the tokenized stock market’s value, offering price exposure without direct ownership. Retail traders gravitate toward this model because it blends with decentralized finance protocols and operates 24/7. Grayscale’s data show that Ethereum, Solana and BNB Chain currently host the bulk of these wrapped assets, giving them a liquidity edge.
The second model moves existing securities onto a blockchain via regulated rails. The most visible example is the DTCC pilot on Canton Network, operating under a no‑action letter from the U.S. Securities and Exchange Commission. DTCC, which processed $3.7 quadrillion in securities transactions in 2024, and Euroclear’s co‑chairmanship of Canton’s governance signal deep institutional backing. A live launch is slated for the first half of 2026, positioning Canton as the bridge between legacy market infrastructure and decentralized ledgers.
The newest model lets companies issue shares directly on‑chain. Securitize’s recent NYSE debut of SECZ shares on Avalanche and Solana marks the first instance of a publicly listed company issuing its own tokenized stock at launch. The firm also powers BlackRock’s BUIDL, the largest tokenized U.S. Treasury fund, underscoring that heavyweight asset managers are already testing native on‑chain issuance. Grayscale predicts this issuer‑native model will become the most promising, even as overall market liquidity remains thin and regulatory clarity lags.
Market reaction to these developments is already visible. Ethereum’s ether traded near $1,785, while Solana’s SOL hovered around $78, both reflecting modest price appreciation tied to growing on‑chain asset volumes. Avalanche and BNB Chain have also seen incremental price lifts as developers and issuers announce new tokenized equity projects. The price movements suggest that investors are pricing in the potential for these networks to capture a slice of the $10‑plus trillion securities market.
For institutional participants, the implications are twofold. First, the DTCC‑Canton pilot offers a regulated pathway to digitize existing holdings, potentially reducing settlement times and operational costs. Second, the issuer‑native approach could enable companies to tap global capital instantly, bypassing traditional underwriters and opening new shareholder engagement models. BlackRock’s involvement through BUIDL signals that large asset managers view tokenized securities not merely as a curiosity but as a viable asset class.
However, the transition is not without hurdles. Regulatory frameworks for native token issuance remain under development, and thin liquidity could deter large‑scale trading. Moreover, the coexistence of three models means that each blockchain must cater to distinct user bases: retail wrappers on Ethereum, Solana and BNB Chain; institutional pilots on Canton; and issuer‑native projects on Avalanche and Solana. The ability of these networks to support hybrid solutions—combining open‑source flexibility with enterprise‑grade compliance—will likely determine long‑term relevance.
In sum, Grayscale’s map does more than list favored chains; it highlights a structural shift where blockchain technology is being woven into the fabric of traditional finance. As regulators clarify rules and institutional capital flows increase, the five identified networks stand to capture both retail enthusiasm and institutional demand, reshaping how equities are issued, traded and settled.
