Grayscale says tokenization will reshape capital markets, with Canton leading near-term institutional adoption while Ethereum and Solana compete for long-term dominance

Grayscale Research has released a new tokenization-focused analysis arguing that on-chain asset issuance will structurally reshape capital markets, with institution-focused Canton Network leading near-term institutional adoption while Ethereum and Solana are positioned to compete for longer-term dominance of open tokenized markets. The firm frames tokenization as a “megatrend,” noting that tokenized assets have grown to roughly $30 billion (up about 217% year‑over‑year) but still represent only around 0.01% of the roughly $300 trillion global securities market, leaving substantial room for expansion as more assets move on-chain. In the report and supporting posts, Grayscale highlights six protocols it believes are best placed to benefit from this shift: Ethereum, Solana, Canton, Avalanche, BNB Chain, and Chainlink. It argues that institution-centric networks like Canton are likely to capture the bulk of early tokenization activity because they are architected to align with how regulated financial institutions already operate, including requirements around privacy, governance, and compliance. Over a longer horizon, Grayscale expects value and activity to increasingly migrate toward public, open networks, with Ethereum and Solana singled out as leading contenders for long-term dominance in tokenized assets, given their developer ecosystems, DeFi and stablecoin traction, and capacity to host large-scale tokenized markets. Grayscale’s thesis also emphasizes that tokenization could materially alter fee flows, liquidity, and infrastructure demand across these ecosystems as more types of assets—such as U.S. Treasuries, commodities, private credit, funds, and potentially real estate—are represented on-chain. The analysis notes that tokenized U.S. Treasuries already make up roughly $15 billion of the market and tokenized commodities about $5 billion, illustrating that real‑world asset (RWA) tokenization is moving beyond proof‑of‑concept into a measurable market segment. Within this framework, Grayscale additionally identifies Chainlink as key middleware that can benefit across chains by providing data and interoperability services needed throughout the lifecycle of tokenized assets.

✨ AI-generated background, compiled from web sources — not editorial content.

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