Market Size Gap Signals Expansion Potential
Grayscale emphasized that US Treasuries lead tokenized assets with around $15 billion in value, followed by commodities at about $5 billion. Smaller segments include private credit, funds, and equities, which continue to develop gradually.
Zach Pandl and Will Ogden Moore stated that much of the global securities market could eventually shift to blockchain infrastructure. “Over time, we believe much of the $300 trillion securities market, along with assets like real estate, will migrate on-chain,” the report noted. Hence, the firm framed tokenization as a structural change in capital markets.
Canton Leads While Ethereum and Solana Scale
Grayscale identified Canton as the dominant network in tokenized assets, holding about $390 billion in value and capturing a large share of on-chain real world assets. Significantly, the report linked this lead to Canton’s institutional focus and built-in privacy features, which align with traditional finance requirements.
Ethereum followed with roughly $16 billion in tokenized assets and about $50 billion locked in decentralized finance. Moreover, the network maintains strong ecosystem activity, including developers and applications. Geoff Kendrick from Standard Chartered said Ethereum could lead near-term adoption driven by traditional finance participation.
Solana accounted for more than $2 billion in tokenized assets and offers high transaction throughput above 1,000 transactions per second. However, Grayscale noted that lower costs and faster processing could support wider retail access and specific use cases such as on-chain stock trading.
Infrastructure and Supporting Networks Gain Attention
Chainlink emerged as a key infrastructure provider within the tokenization ecosystem. The report described it as a “picks and shovels” opportunity because it supports data and connectivity across asset lifecycles. Additionally, Avalanche and BNB Chain also featured as networks expected to benefit from broader adoption trends.
Tokenized assets total about $30 billion, a small share of the roughly $300 trillion global securities market. Consequently, researchers described the gap as a large runway for future adoption. They added that only about 0.01 percent of equities and bonds currently exist on-chain.
Grayscale Research has named six blockchain protocols it expects to benefit most as tokenization expands across global markets. The firm pointed to Ethereum, Solana, Canton, Avalanche, BNB Chain, and Chainlink as key networks positioned to capture value from this shift. Moreover, the report highlighted rapid growth in tokenized assets, which rose 217 percent year over year.
