Grayscale identified Ethereum, Solana, BNB Chain, Avalanche, and Canton Network as blockchain networks positioned to benefit from equity tokenization, highlighting how different ownership models could shape digital securities markets.
Key Takeaways
Grayscale identifies five blockchain networks positioned to support different equity tokenization models.Ethereum, Solana, and BNB Chain support major wrapped tokenized stock activity.Canton Network will support DTCC’s regulated blockchain tokenization pilot.The first phase involves third-party wrappers, which account for more than 70% of tokenized stocks by market capitalization, according to Grayscale. Under this model, traditional shares are placed into a special-purpose vehicle (SPV), and investors receive tokens representing claims on that vehicle rather than direct ownership.
DTCC Pilot and Issuer-Sponsored Shares Could Reshape Blockchain RolesDTCC plans to bring existing eligible securities onchain through regulated post-trade infrastructure rather than issue replacement versions. Grayscale describes this approach as the entitlement model, which differs from wrapper-based systems that create claims through separate vehicles.
Could Companies Eventually Issue Shares Directly on Blockchain Networks?Grayscale describes issuer-sponsored tokenization as the third phase, where companies issue securities natively onchain. The report says Securitize became the first public company to tokenize its own common stock at the time of its New York Stock Exchange listing.
The head of research stated:
