Grayscale Names 5 Crypto Networks for Tokenized Equity Growth

July 11, 2026 — Crypto asset manager Grayscale has identified five blockchain networks positioned to benefit from the growing tokenized equities market. In research published July 9, the firm highlighted Ethereum, Solana, BNB Chain, Avalanche, and Canton Network as key infrastructure for different ownership models in digital securities.

Immediate Details & Direct Quotes

Grayscale’s research outlines three phases of equity tokenization, each potentially favoring different blockchain networks. The first phase, third-party wrappers, currently accounts for over 70% of tokenized stocks by market capitalization, according to the report. Under this model, traditional shares are placed into special-purpose vehicles, with investors receiving tokens representing claims on those vehicles rather than direct ownership.

“Each phase of tokenization could benefit different blockchain infrastructure,” said Zach Pandl, Head of Research at Grayscale. Wrapped assets currently operate on Ethereum, Solana, and BNB Chain, where they can be traded and integrated into decentralized finance applications.

The second phase involves the Depository Trust & Clearing Corporation’s planned tokenization pilot, which will use Canton Network as its first blockchain. “We see the tokenization of equity markets progressing in three phases, with each phase driving value to different types of blockchain infrastructure,” Pandl added.

The third phase, issuer-sponsored tokenization, describes companies issuing securities natively onchain. Securitize became the first public company to tokenize its own common stock during its New York Stock Exchange listing.

Market Context & Reaction

“The blockchain networks best positioned to capitalize on the growth in tokenization include, in our view, Ethereum, Solana, BNB Chain, Avalanche, and Canton Network,” Pandl stated in the report.

Grayscale expects wrappers, DTCC’s entitlement model, and issuer-sponsored issuance to coexist for years. The long-term distribution of activity among these five networks remains uncertain, with regulatory developments, issuer adoption, and successful implementation determining which networks capture the greatest role in digital securities markets.

The research notes that DTCC’s pilot may help define Canton Network’s role alongside public blockchains supporting tokenized assets. This regulated approach differs from wrapper-based systems that create claims through separate vehicles.

Background & Historical Context

Grayscale’s research identifies DTCC’s planned pilot as the second phase of tokenized equity development. DTCC plans to bring existing eligible securities onchain through regulated post-trade infrastructure rather than issuing replacement versions, an approach Grayscale describes as the entitlement model.

The crypto asset manager believes issuer-sponsored tokenization has the greatest long-term potential and could favor Ethereum, Solana, and Avalanche. However, wider adoption still requires additional regulatory clarity.

What This Means

Grayscale expects tokenized equity markets to evolve through three coexisting models, each supporting different blockchain infrastructure.

– Short-term: Wrapper-based tokens on Ethereum, Solana, and BNB Chain will continue dominating the market

– Medium-term: DTCC’s pilot could establish Canton Network’s role in regulated tokenization

– Long-term: Issuer-sponsored native onchain securities may favor Ethereum, Solana, and Avalanche if regulatory clarity improves