Grayscale has identified Canton Network as one of five blockchain networks positioned to benefit from the growth of tokenized equities, alongside Ethereum, Solana, BNB Chain and Avalanche.
In research published July 9, Grayscale Head of Research Zach Pandl divided the market’s development into three phases, each favoring different infrastructure.
Canton’s role is tied most directly to the second phase: regulated entitlement systems connected to existing market infrastructure. The Depository Trust & Clearing Corporation plans to use Canton as the first blockchain in its tokenization pilot, bringing eligible securities onchain through regulated post-trade infrastructure rather than issuing replacement assets.
This model differs from the third-party wrappers that dominate tokenized equities today. Grayscale estimates wrappers account for more than 70% of tokenized-stock market capitalization. In this structure, conventional shares are placed in a special-purpose vehicle, while investors receive tokens representing claims on that vehicle rather than direct ownership of the underlying stock.
Ethereum, Solana and BNB Chain currently support much of this activity, allowing wrapped equities to trade onchain and interact with decentralized finance applications.
The third phase would involve companies issuing or sponsoring shares directly onchain. Grayscale cited Securitize as the first public company to tokenize its own common stock at the time of its New York Stock Exchange listing. The firm considers issuer-sponsored shares the model with the greatest long-term potential, potentially benefiting Ethereum, Solana and Avalanche.
Grayscale expects wrappers, regulated entitlement systems and issuer-sponsored shares to coexist for years. Which networks ultimately capture the most activity will depend on regulation, issuer adoption and successful implementation.
For Canton, the DTCC pilot provides a distinct position within that emerging landscape: infrastructure designed around regulated securities markets rather than the wrapper-based activity already established on public chains.
