Grayscale has named five blockchains best positioned to gain as tokenized stocks push deeper into traditional finance. The asset manager pointed to Ethereum (ETH), Solana (SOL), Avalanche (AVAX), BNB Chain, and Canton Network.

A new research note frames tokenized equities as one of the clearest signs of blockchain entering mainstream markets. Grayscale sees three models driving that shift, and each rewards a different set of networks.

Three Models Moving Tokenized Stocks Onchain

Grayscale head of research Zach Pandl laid out the three phases in the note. The first is the wrapper model, where a token represents shares held inside a special purpose vehicle. That structure holds more than 70% of tokenized stock value today.

These wrapped tokens give holders price exposure rather than direct ownership. They appeal to retail traders because they fit decentralized finance and trade around the clock. Demand has climbed fast, with tokenized stock products drawing fresh capital in recent weeks.

The split already favors specific chains. Grayscale’s data shows third-party platforms hold most tokenized stock value. Ethereum, Solana, and BNB Chain carry the majority of onchain assets.

The second model brings existing securities on-chain through regulated rails, part of the broader real-world asset tokenization trend. Grayscale pointed to the DTCC pilot on Canton Network.

That pilot runs under a no-action letter from the US Securities and Exchange Commission. A live launch is targeted for the first half of 2026. The weight behind it is substantial. DTCC processed $3.7 quadrillion in securities transactions in 2024, and it recently joined Euroclear as co-chair of Canton’s governance.

Securitize Pushes the Newest Model

The third and newest model has companies issue shares natively on-chain. Securitize became the first newly public company to bring its own stock on-chain at its NYSE debut this month. It launched SECZ shares on Avalanche and Solana on day one.

The firm expects SECZ to become the world’s largest tokenized stock. Its choice of Avalanche and Solana tracks Grayscale’s view that open and hybrid networks suit issuer-native shares. Securitize also serves as the tokenization platform behind BlackRock’s BUIDL, the largest tokenized US Treasury fund.

Grayscale expects all three models to coexist for years. It sees the issuer-native model as the most promising, though tokenized market liquidity stays thin and rules remain unclear. Wrapper products lean on Ethereum, Solana, and BNB Chain, while Canton anchors the institutional pilot.

What Comes Next for the Five Networks

The framework lands as tokenized equities move from pilots toward regulated infrastructure. Broader adoption still depends on clearer rules for natively issued shares.

Market pricing shows the stakes for the named chains. Ethereum’s spot market had ether near $1,785, the second-largest crypto asset, while Solana’s SOL price hovered around $78. Both networks host a rising share of on-chain tokenized assets.

Whether regulated pilots can match the retail pull of wrapper tokens will shape the next phase. For now, Grayscale’s map sends the value toward a short list of chains.

Источник: BeInCrypto