Grayscale Identifies 5 Crypto Networks Positioned to Benefit From Tokenized Equities
Crypto asset manager Grayscale published research on July 9 identifying five blockchain networks positioned to benefit from the growth of equity tokenization. According to Head of Research Zach Pandl, Ethereum, Solana, BNB Chain, Avalanche, and Canton Network are best placed to capture value as different ownership models emerge.
Grayscale outlines three phases of tokenized equity development. The first phase involves third-party wrappers, which currently account for more than 70% of tokenized stocks by market capitalization. Under this model, traditional shares are placed into a special-purpose vehicle (SPV), and investors receive tokens representing claims on that vehicle rather than direct ownership. These wrapped assets operate on Ethereum, Solana, and BNB Chain, where they can be traded and integrated into decentralized finance applications.
The second phase centers on the Depository Trust & Clearing Corporation (DTCC)’s planned blockchain tokenization pilot. Canton Network will be the first blockchain used in this pilot, which aims to bring existing eligible securities onchain through regulated post-trade infrastructure. Grayscale describes this as the entitlement model, differing from wrapper-based systems that create claims through separate vehicles.
The third phase, issuer-sponsored tokenization, involves companies issuing securities natively onchain. Grayscale notes that Securitize became the first public company to tokenize its own common stock at the time of its New York Stock Exchange listing. The firm believes this model has the greatest long-term potential and could favor Ethereum, Solana, and Avalanche, though wider adoption requires additional regulatory clarity.
Grayscale expects wrappers, DTCC’s entitlement model, and issuer-sponsored issuance to coexist for years. The long-term distribution of activity among the five networks remains uncertain, with regulatory developments, issuer adoption, and successful implementation determining which blockchains capture the greatest role in digital securities markets.