Grayscale Identifies 5 Altcoins That Could Thrive as Tokenized Stocks Go Mainstream

TL;DR:

• Current market: “Wrapper token” products represent more than 70% of the total market value of tokenized stocks.
• Institutional milestone: Tokenization firm Securitize tokenized $295 million of its own Class A shares during its debut on the New York Stock Exchange.
• Closing price: In the spot market, Ethereum’s price hovered near $1,785, while Solana traded around $78.

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The advancement of tokenized stocks within the traditional financial ecosystem marks a transformation in the infrastructure of global equity markets. In this context, Grayscale identified 5 blockchain networks that stand out as the best positioned to absorb this capital flow toward decentralized finance. The platforms identified by the asset management firm are Ethereum, Solana, Avalanche, BNB Chain, and Canton Network.

The Three Models Driving the On-Chain Ecosystem

Grayscale’s analysis, authored by its head of research, Zach Pandl, outlines three phases or structures that will coexist in the market over the coming years. The first corresponds to the third-party “wrapper” model, where issuers deposit traditional shares into special purpose vehicles (SPVs) to issue digital claims. Grayscale data suggests that this format accounts for more than 70% of current market capitalization, offering a product that provides continuous price exposure but not direct ownership of the securities.

The second model consists of integrating existing securities through regulated rails into traditional financial infrastructure. Official project documentation indicates that Canton Network serves as the supporting network for the Depository Trust and Clearing Corporation (DTCC) pilot program. According to the current timeline from the consortium’s administrators, the definitive live launch of this institutional initiative is projected to formally take place during the first half of 2026.

The third variant is based on native on-chain issuance by public corporations. This month, tokenization firm Securitize became the first public entity to debut on the New York Stock Exchange (NYSE) while simultaneously issuing its SECZ common stock on the Avalanche and Solana networks. According to the company’s own financial projections, this initial issuance valued at $295 million aims to become the world’s largest tokenized equity fund.

Internal metrics provided by Grayscale confirm that open-architecture public networks retain a dominant position in securing digital assets linked to third-party platforms. The report details that Ethereum, Solana, and BNB Chain concentrate the vast majority of the value locked in DeFi protocols. The long-term viability of these alternative ecosystems will depend on the evolution of regulations for native digital security issuance and deep liquidity in secondary markets.

Next Steps in Regulated Financial Infrastructure

The consolidation and expansion of the five networks analyzed by the fund manager will depend on the technical balance between permissioned institutional platforms and retail execution environments. A milestone that will determine the regulatory direction of this sector will be the final decision from the U.S. Securities and Exchange Commission (SEC) regarding the “no-action letter” under which the banking infrastructure consortium currently operates on the Canton Network.