Crypto asset manager Grayscale published research on July 9 outlining three phases of equity tokenization. Head of Research Zach Pandl said Ethereum, Solana, BNB Chain, Avalanche, and Canton Network are best positioned to benefit as ownership models evolve.

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.

These wrapped assets operate on Ethereum, Solana, and BNB Chain, where they can be traded and integrated into decentralized finance applications. Pandl said each phase of tokenization could benefit different blockchain infrastructure.

Grayscale identifies the Depository Trust & Clearing Corporation (DTCC)’s planned pilot as the second phase of tokenized equity development. Noting that Canton Network will be the first blockchain used in DTCC’s tokenization pilot, Pandl wrote:

“We see the tokenization of equity markets progressing in three phases, with each phase driving value to different types of blockchain infrastructure.”

DTCC 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.

The research says the pilot may help define Canton Network’s role alongside public blockchains supporting tokenized assets.

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 crypto asset manager believes this model has the greatest long-term potential and could favor Ethereum, Solana, and Avalanche. Wider adoption still requires additional regulatory clarity.

The head of research stated:

“The blockchain networks best positioned to capitalize on the growth in tokenization include, in our view, Ethereum, Solana, BNB Chain, Avalanche, and Canton Network.”

Grayscale expects wrappers, DTCC’s entitlement model, and issuer-sponsored issuance to coexist for years. The long-term distribution of activity among Ethereum, Solana, BNB Chain, Avalanche, and Canton Network remains uncertain. Regulatory developments, issuer adoption, and successful implementation will determine which networks capture the greatest role in digital securities markets.

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