Grayscale backs tokenization race with Ethereum, Solana, Canton, Avalanche, BNB Chain and Chainlink

Grayscale Research says the “tokenization race” will likely be led by six protocols: Ethereum, Solana, Canton, Avalanche, BNB Chain and Chainlink. The firm frames the opportunity as a massive imbalance: tokenized assets are up 217% YoY but still near only ~0.01% of global equity and bond markets (about $30B out of a ~$300T securities universe). Ethereum is highlighted as the main public RWA base, with about $15.5B in distributed tokenized value (over half of the distributed share), supported by DeFi depth, developer activity and institutional familiarity. Canton is singled out for the institutional side, with strong “represented asset value” driven by large-scale institutional repo activity (RWA.xyz separates represented vs distributed value). Solana is positioned for consumer-facing, faster and lower-cost distribution. Avalanche supports enterprise-style deployments via customizable subnet architecture. BNB Chain is seen as a scale and retail distribution candidate. Chainlink is named the key infrastructure layer for tokenized-asset safety, supplying data, reserve verification, interoperability and lifecycle tooling. Overall, Grayscale argues the tokenization race is becoming a market-structure shift in settlement, collateral movement and distribution—potentially across multiple chains rather than one winner.