A new report from Grayscale predicts that tokenisation of traditional assets on blockchain could reshape the structure of global capital markets within the next decade, accelerating growth and competition across digital ecosystems.
Blockchain-based tokenisation is moving from a niche concept to one of the most closely watched themes in digital finance, with Grayscale arguing that the shift could redraw the map of global capital markets over the next decade.
In a report published on 6 May, the asset manager said the roughly $300 trillion market for global securities could gradually migrate on-chain as more traditional assets such as equities, bonds and property are represented and traded on blockchain rails. The opportunity is still tiny by comparison: the tokenised asset market is only about $30 billion today, or around 0.01% of the scale of the wider stock and bond universe, but Grayscale said that gap points to substantial room for growth.
The early stages of that expansion are being driven by tokenised U.S. government debt and commodities, while the broader market has grown rapidly. According to Grayscale, the value of tokenised assets has jumped 217% year on year as the category has widened into private credit, funds and equities.
A central argument in the report is that tokenisation could solve some of the long-standing inefficiencies of traditional markets. Current systems depend on multiple intermediaries, separate ledgers and settlement delays that can stretch into the next day or longer. By contrast, blockchain-based systems can move assets and cash together through smart contracts, creating near-instant settlement and around-the-clock market access.
That technical shift is also intensifying competition between blockchain ecosystems. In the short term, Grayscale said institutional networks are likely to lead because they are built around privacy and regulatory requirements. The most prominent example is Canton, which hides transaction details from anyone other than the parties involved, making it more attractive to banks and other regulated firms. The report pointed to growing ties with firms such as Nomura and Mizuho, while also noting that the Depository Trust and Clearing Corporation has adopted Canton as a support network for tokenisation services. Visa, Circle and Apollo Global have also emerged as key validators.
Longer term, however, Grayscale believes open networks may prove stronger. Ethereum has a major lead thanks to its large decentralised finance ecosystem and roughly $50 billion in total value locked, while Solana is seen as well placed for tokenised stocks because of its high throughput and low transaction costs. Hybrid systems such as Avalanche and Base are also in contention as firms look for a balance between openness and control.
One of the clearest beneficiaries, Grayscale said, is Chainlink. Rather than competing as a standalone blockchain, it acts as middleware, supplying price feeds, proof-of-reserves data and compliance-related services that can work across multiple chains. That infrastructure role, the report suggested, makes it a likely winner regardless of which network ultimately dominates.
Grayscale also named Securitize and Ondo as important parts of the emerging stack, with one focused on issuance and the other on packaging and distributing tokenised assets. The firm added that regulatory uncertainty and the slow transfer of functions such as custody and voting rights on-chain remain obstacles, while volatility in crypto markets continues to deter some institutions.
Still, the firm’s broad conclusion was that tokenisation is no longer a question of if, but when. In its view, institutional networks such as Canton may capture the first wave of activity, but open ecosystems such as Ethereum and Solana could ultimately generate the greater upside as the market matures.
- https://www.mk.co.kr/en/stock/12036992 – Please view link – unable to able to access data
- https://www.mk.co.kr/en/stock/12036992 – This article discusses the emergence of blockchain-based ‘tokenization’ as a transformative force in the global capital market. It highlights the movement of traditional assets like stocks, bonds, and real estate onto blockchain platforms, intensifying competition among blockchain networks to dominate the real asset tokenization (RWA) market. Grayscale, the world’s largest virtual asset management company, predicts that the global securities market, valued at approximately $300 trillion, will gradually transition to on-chain systems, with smart contract blockchains providing the necessary tokenization infrastructure to absorb substantial economic value.
- https://cryptorank.io/news/feed/ed04b-tokenization-institutional-chains-ethereum-solana – This article examines the shift in the tokenization market, noting that institution-focused chains like Canton are leading initially, while open networks such as Ethereum and Solana are expected to surge later. Grayscale Investments predicts that the tokenization of the $300 trillion securities market will take over a decade, with institution-focused chains gaining an initial edge before open networks become competitive. The article also highlights the growth of the tokenized asset market, which has surged 217% year-over-year, and identifies key protocols poised to benefit, including Ethereum, Solana, Canton, Avalanche, BNB Chain, and Chainlink.
- https://broadchain.info/en/articles/rsgwkh – This article reports on Grayscale Research’s identification of six blockchain protocols—Ethereum, Solana, Canton, Avalanche, BNB Chain, and Chainlink—as key beneficiaries of the tokenization wave. The tokenized asset market has grown 217% year-over-year, yet it currently accounts for only about 0.01% of the global stock and bond markets, indicating significant room for growth. The article discusses the roles of these protocols in the tokenization process, with Ethereum and Solana leading in the long term, and Canton leading in the short term with its institutional-oriented, privacy-preserving design.
- https://news.bitcoin.com/tokenization-megatrend-grayscale-names-eth-sol-link-in-30b-market/ – This article highlights Grayscale Research’s identification of Ethereum, Solana, Canton, Avalanche, BNB Chain, and Chainlink as key beneficiaries of the expanding tokenized asset market. The market has grown 217% year-over-year, reaching about $30 billion, with tokenized U.S. Treasuries and commodities leading the way. The article discusses the potential impact of tokenization on blockchain fees, liquidity, and developer activity, noting that institutions are leading initially, with open networks expected to scale later.
- https://coinness.com/en/news/1155997 – This article discusses Grayscale’s report on the tokenization of the $300 trillion securities market, predicting a transition over more than a decade. Institution-focused platforms like Canton are expected to have an initial advantage, with open networks such as Ethereum and Solana becoming competitive in the long run. The report identifies six key protocols poised to benefit: Ethereum, Solana, Canton, Avalanche, BNB Chain, and Chainlink. The article also notes the growth of the tokenized asset market, which has increased 217% year-over-year.
- https://www.mk.co.kr/en/stock/12036992 – This article discusses the emergence of blockchain-based ‘tokenization’ as a transformative force in the global capital market. It highlights the movement of traditional assets like stocks, bonds, and real estate onto blockchain platforms, intensifying competition among blockchain networks to dominate the real asset tokenization (RWA) market. Grayscale, the world’s largest virtual asset management company, predicts that the global securities market, valued at approximately $300 trillion, will gradually transition to on-chain systems, with smart contract blockchains providing the necessary tokenization infrastructure to absorb substantial economic value.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on 6 May 2026, which is recent. However, similar reports from Grayscale on tokenization have been published in the past week, indicating that the narrative is not entirely original. ([beincrypto.com](https://beincrypto.com/grayscale-six-protocols-tokenization-megatrend/?utm_source=openai))
Quotes check
Score:
7
Notes:
The article includes direct quotes from Grayscale’s report. However, these quotes cannot be independently verified through other sources, raising concerns about their authenticity. ([mk.co.kr](https://www.mk.co.kr/news/stock/12036992?utm_source=openai))
Source reliability
Score:
6
Notes:
The article originates from Maeil Business Newspaper, a reputable South Korean publication. However, the content appears to be a translation of Grayscale’s report, which may affect its reliability. ([mk.co.kr](https://www.mk.co.kr/news/stock/12036992?utm_source=openai))
Plausibility check
Score:
8
Notes:
The claims about the growth of tokenized assets and the potential of blockchain-based tokenization are plausible and align with industry trends. However, the lack of independent verification raises some doubts. ([mk.co.kr](https://www.mk.co.kr/news/stock/12036992?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information from Grayscale’s report on tokenization, but the lack of independent verification and reliance on a single source raises concerns about its reliability. ([mk.co.kr](https://www.mk.co.kr/news/stock/12036992?utm_source=openai))