Grayscale Identifies Top Blockchain Networks Powering Tokenized Stocks

A new Grayscale research report highlights tokenized equities as one of the strongest indicators that blockchain technology is moving into mainstream finance. According to Grayscale Head of Research Zach Pandl, the market is evolving through three distinct models, each benefiting different blockchain networks as tokenized stocks gain traction.

The first and most established approach is the wrapper model, where blockchain tokens represent shares held in a special purpose vehicle (SPV). This structure currently accounts for more than 70% of the tokenized equity market. While these tokens provide price exposure rather than direct ownership, they have become increasingly popular among retail investors because they integrate with decentralized finance (DeFi) platforms and support 24/7 trading. Ethereum, Solana, and BNB Chain currently host the majority of these tokenized assets, reflecting their dominance in the sector.

The second model focuses on bringing traditional securities onto blockchain infrastructure through regulated financial systems. Grayscale pointed to the Depository Trust & Clearing Corporation’s (DTCC) pilot project on Canton Network as a key example. Operating under a U.S. Securities and Exchange Commission no-action letter, the initiative is expected to launch commercially in the first half of 2026. The project carries significant weight given that DTCC processed approximately $3.7 quadrillion in securities transactions during 2024 and now co-chairs Canton Network governance alongside Euroclear.

The third and newest model involves companies issuing shares directly on blockchain networks. Grayscale believes this issuer-native approach offers the greatest long-term potential. Securitize recently became the first newly public company to launch its own stock as on-chain shares during its New York Stock Exchange debut, issuing SECZ tokens on Avalanche and Solana. The company expects SECZ to become the world's largest tokenized stock and already serves as the tokenization platform behind BlackRock’s BUIDL, the largest tokenized U.S. Treasury fund.

Grayscale expects all three models to coexist as the tokenized equity market matures. While regulatory clarity and deeper liquidity remain essential for broader adoption, the report suggests Ethereum, Solana, BNB Chain, Canton Network, and Avalanche are positioned to play leading roles as blockchain-based securities continue to expand into regulated financial markets.