Grayscale Investments has identified five specific blockchains — Ethereum, Solana, Avalanche, BNB Chain, and Canton Network — as the primary beneficiaries of the burgeoning tokenized stock market.
In a research note titled “The Evolution of Tokenized Equities,” Grayscale’s Head of Research Zach Pandl outlined how these networks are positioned to capture value as traditional securities migrate to digital ledgers. The report highlights a critical shift in how global capital markets operate, moving away from legacy systems toward round-the-clock, on-chain settlement.
Three distinct models for on-chain stock adoption
Currently, the total value of tokenized assets remains modest at approximately $30 billion, representing just 0.01% of the $300 trillion global securities market. However, Zach Pandl suggests this sector is poised for exponential growth. Grayscale projects that if regulatory and infrastructure hurdles are cleared, the market could grow 1,000x to reach $30 trillion by 2030.
This optimistic outlook follows a year of rapid expansion, with tokenized assets reportedly growing 217% year-over-year according to Grayscale’s data from early 2026.
The Grayscale research note breaks down the market evolution into three core categories. The most prominent today is the “third-party wrapper model,” where a token represents shares held within a special purpose vehicle. This structure currently dominates the space, accounting for over 70% of the total tokenized stock market value.
These tokens provide investors with price exposure rather than direct ownership, making them highly popular among retail participants who value 24/7 trading availability.
Open networks like Ethereum, Solana, and BNB Chain currently carry the majority of these wrapped assets. The Ethereum network outlook remains a key indicator for this model, as its deep liquidity and integration with decentralized finance (DeFi) protocols attract the bulk of third-party issuance.
Retail traders favor these chains because they allow for the seamless exchange of tokenized stocks for other digital assets without relying on traditional exchange hours.
Beyond retail-focused wrappers, Grayscale highlights the emergence of “regulated rails.” This model involves bringing existing securities on-chain through institutional infrastructure, exemplified by the Depository Trust & Clearing Corporation (DTCC) pilot on the Canton Network.
The DTCC, which processed $3.7 quadrillion in transactions during 2024, is working under an SEC no-action letter to tokenize DTC-custodied US Treasuries, with a live launch targeted for the first half of 2026.
Native issuance and the role of Avalanche and Solana
While wrappers and regulated rails provide immediate utility, Grayscale views the “issuer-native model” as the most promising long-term development. In this scenario, companies issue shares directly onto a blockchain, bypassing traditional intermediaries.
A landmark event for this model occurred in July 2026, when Securitize brought its own public stock on-chain at its New York Stock Exchange (NYSE) debut. The firm launched its SECZ shares on both the Avalanche and Solana networks on its first day of trading.
Securitize, which also manages BlackRock’s BUIDL fund, anticipates that SECZ will become the world’s largest tokenized stock. This move underscores why Avalanche and Solana are considered leaders in the “altcoin” category for institutional use. These networks offer the high throughput and low fees necessary for high-volume equity trading.
While Russia lawmakers push to legalize various digital asset classes, the U.S. market is seeing these native issuance experiments set a global precedent for technical standards.
Despite the technological progress, Zach Pandl noted that native issuance faces ongoing challenges, particularly regarding thin liquidity and regulatory ambiguity. However, as institutions like Euroclear join the governance of networks like Canton, the infrastructure for large-scale migration is being established.
Investors are also closely monitoring technical levels for these assets; as of July 10, 2026, Ether (ETH) was trading near $1,785, while Solana (SOL) held steady around $78.
The infrastructure and future market outlook
Beyond the layer-1 blockchains, Grayscale identifies Chainlink as a critical “picks and shovels” component of this megatrend. Because tokenized stocks require constant, accurate data regarding trade settlement and proof of reserves, Chainlink’s middleware services are viewed as essential for maintaining market integrity. This role becomes even more vital as the variety of tokenized products expands from treasuries into broader corporate equities.
The long-term trajectory depends on how these networks balance the needs of various stakeholders. While institution-centric networks like Canton may dominate the near-term regulated pilots, open networks like Ethereum and Solana offer a more expansive vision for decentralized capital markets. As crypto market liquidations occasionally impact shorter-term pricing, the structural move toward tokenization represents a fundamental shift in financial plumbing.
Grayscale expects all three models to coexist for the next several years. The wrapper model will likely continue to serve retail demand for synthetic stock exposure, while native issuance will become the standard for new, blockchain-native enterprises. The ultimate scale of this $30 trillion opportunity will be determined by how quickly global regulators can provide clear frameworks for digital ownership and cross-chain compliance.