Grayscale has identified five blockchain platforms that are strategically positioned to capitalize on the growing trend of tokenized stocks in traditional finance. The asset management firm highlighted Ethereum (ETH), Solana (SOL), Avalanche (AVAX), BNB Chain, and Canton Network as key players in this emerging landscape.
Tokenized equities signify one of the clearest indications of blockchain technology making inroads into mainstream financial markets. In a recent analysis, Grayscale outlined three distinct models that are propelling this transformative shift, each benefiting different blockchain networks.
Tokenized Stocks: Three Driving Models
According to Zach Pandl, Grayscale’s head of research, the initial model is referred to as the wrapper model. In this scenario, a token is used to represent shares that are held within a special purpose vehicle. Currently, this model accounts for over 70% of the total value in tokenized stocks. These wrapped tokens provide holders with exposure to market prices without offering direct ownership, making them appealing to retail investors who favor decentralized finance solutions that operate 24/7. Recent weeks have seen a surge in demand for tokenized stock products, drawing in new capital.
The distribution of value among different blockchain platforms is notable; Grayscale’s data indicates that Ethereum, Solana, and BNB Chain dominate the market for onchain assets derived from tokenized stocks. The second model involves transferring traditional securities onto the blockchain using regulated channels, a trend that is part of a broader movement towards real-world asset tokenization. Grayscale references the ongoing pilot program by the DTCC using the Canton Network, which operates under a no-action letter from the SEC. A full-scale launch is expected in the first half of 2026, with significant backing, as the DTCC managed a staggering $3.7 quadrillion in securities transactions in the past year.
Securitize and the Emerging Model
The third and most recent model facilitates companies issuing shares directly on-chain. Securitize recently made headlines by becoming the first publicly listed company to debut its stock on-chain during its introduction at the NYSE. This launch included SECZ shares on the Avalanche and Solana networks, with the company anticipating that SECZ will emerge as the largest tokenized stock globally. Securitize’s selection of these two platforms aligns with Grayscale’s sentiment that both open and hybrid networks are well-suited for issuer-native shares. Furthermore, Securitize is also the tokenization platform supporting BlackRock’s BUIDL, which is recognized as the largest tokenized US Treasury fund.
Future Prospects for the Highlighted Networks
Grayscale predicts a coexistence of all three models for the foreseeable future, albeit with the issuer-native model holding the most promise. However, the tokenized market's liquidity remains limited and the regulatory environment lacks clarity. While the wrapped tokens largely depend on Ethereum, Solana, and BNB Chain, the Canton Network anchors the pilot project for institutional adoption. As we look towards the future, the growth of tokenized equities heavily relies on the establishment of clearer regulations concerning shares issued natively on the blockchain.
Current market pricing indicates the stakes for the mentioned blockchain networks, with Ethereum trading close to $1,785 and Solana's SOL around $78, reflecting their pivotal roles in this evolving sector.
This material is for informational purposes only and should not be considered financial advice.
