Grayscale Research has identified a group of blockchain protocols it believes are well positioned to benefit from the continued rise of tokenized assets, arguing that tokenization could become one of the most important long-term themes in digital asset markets. In its analysis, the firm pointed to Ethereum, Solana, Canton, Avalanche, BNB Chain, and Chainlink as core pieces of infrastructure for a financial system in which assets are increasingly issued, transferred, and settled on blockchain networks.
The report frames tokenization as more than a niche use case. Instead, Grayscale describes it as a structural shift that could reshape segments of capital markets over time. While tokenized assets remain small compared with traditional finance, the firm says the growth trajectory is already notable and may create meaningful opportunities for the protocols that provide execution, privacy, customization, distribution, and data services.
A Small Market Growing at a Rapid Pace
According to Grayscale’s estimate, the tokenized asset market has reached roughly $30 billion, representing a 217% year-over-year increase. The current market is led by tokenized U.S. Treasuries, which account for about $15 billion, while tokenized commodities make up close to $5 billion.
Even so, Grayscale stresses that tokenization remains tiny relative to the scale of traditional financial markets. The firm compares the current onchain tokenized asset base with the approximately $300 trillion global securities market, noting that tokenized assets amount to only about 0.01% of global equity and bond markets. That gap is precisely why the firm sees significant room for expansion if adoption continues.
Grayscale also argues that the opportunity may extend well beyond securities alone. In its view, other categories of assets, including real estate, may eventually migrate onchain as blockchain-based issuance and settlement tools mature and institutions gain confidence in the model.
Why These Networks Stand Out
The report does not suggest that tokenization will be captured by a single blockchain. Instead, Grayscale presents the market as a layered ecosystem in which different networks may serve different institutional and market needs.
Ethereum is highlighted for its large decentralized finance environment, giving it a strong foundation for liquidity, asset issuance, and composability. For tokenized products, that existing DeFi base could be an advantage because it connects onchain assets with trading venues, lending activity, and broader financial applications.
Solana, by contrast, is positioned around speed and lower transaction costs. That makes it relevant for use cases where throughput and efficiency matter, especially if tokenized products generate more frequent activity in issuance, transfers, and trading.
Canton is described as being designed for institutional use, especially where privacy features are important. This is a meaningful distinction because many regulated financial institutions require tighter controls around access, data visibility, and permissions than open blockchain environments typically provide.
Avalanche is noted for its support for customizable blockchain deployments. That flexibility may appeal to firms that want tailored environments while still participating in a broader digital asset ecosystem.
BNB Chain is included in the list because of its distribution advantages tied to Binance, which may help with user reach and market access as tokenized assets expand.
Chainlink occupies a somewhat different role. Rather than being framed primarily as a base settlement layer, it is positioned as middleware that can provide services across multiple networks, including data delivery and proof-of-reserves functionality. That chain-agnostic role is one reason Grayscale sees it as potentially relevant across multiple stages of tokenization adoption.
How Tokenization Could Create Value for Blockchains
Grayscale’s broader thesis is that as tokenized assets grow, blockchain usage should rise alongside them. Every stage of the asset lifecycle—issuance, transfer, trading, and settlement—can generate onchain activity. In turn, that may increase demand for blockspace and transaction fees on smart contract platforms.
Beyond fees, higher usage could also strengthen the surrounding ecosystem. Networks with more tokenized activity may attract additional liquidity, more developers, and greater capital formation over time. In digital asset markets, these network effects often reinforce each other: more assets can drive more applications, which can attract more users, which can then deepen market activity further.
The report suggests this dynamic is one reason tokenization matters not just for the issuers of onchain assets, but also for the native tokens and service providers that support the underlying infrastructure.
Institutional Networks May Lead First, Open Networks May Scale Later
One of the more important points in the analysis is that Grayscale does not see tokenization as a winner-take-all race. Instead, it describes a multi-phase adoption process shaped by different architectural choices.
Institution-centric networks, especially those emphasizing privacy and permissioning, may capture early activity because they better match the compliance and operational requirements of major financial firms. For banks, asset managers, and regulated institutions, those features may be essential in the first wave of adoption.
Open networks, however, may offer stronger long-term upside if privacy solutions continue to improve. Their advantages lie in transparency, broader accessibility, and the ability to support a wider developer base and richer application layer. If those strengths become easier to combine with institutional requirements, open ecosystems could play a larger role in later stages of market growth.
Hybrid approaches may also matter. Some platforms can combine customization with interoperability, giving institutions more control while still linking them to larger blockchain economies. That is one reason Grayscale treats tokenization as an evolving market structure rather than a single-chain narrative.
Chainlink’s Cross-Chain Positioning
Grayscale gives special attention to Chainlink because its role does not depend on one specific settlement environment winning outright. In the firm’s view, LINK appears well placed to provide consistent exposure across different adoption phases through middleware services that can operate across networks.
That matters in a fragmented tokenization landscape. If institutions use private or permissioned systems in the early stage while open networks expand later, service layers that connect data, verify reserves, and help bridge systems may become increasingly important. Chainlink’s positioning, therefore, is tied less to one ecosystem dominating and more to the continued growth of tokenized finance across multiple ecosystems.
A Long-Term Infrastructure Theme
Overall, Grayscale’s message is that tokenization should be viewed as a long-duration infrastructure trend rather than a short-term market narrative. The current market size remains modest relative to traditional finance, but the recent 217% annual growth rate suggests adoption is accelerating from a low base.
Within that context, Grayscale sees value potentially accruing to underlying blockchain tokens and infrastructure providers. The firm explicitly names ETH, SOL, and CC as tokens that could benefit as institution-centric and open networks capture different phases of activity, while also arguing that LINK may offer a more chain-agnostic way to gain exposure to the trend.
If tokenized Treasuries, commodities, and eventually other real-world assets continue moving onchain, the networks that support execution, privacy, interoperability, and data verification may become central pillars of the next stage of digital asset market development.