Author|Grayscale Research Director Zach Pandl

Translator| Wu said Blockchain

The tokenization process of the global stock market is advancing. Tokenized stocks are expected to bring users multiple benefits, including 24/7 trading. The next significant development will be the DTCC [1] launching a tokenization pilot on the Canton Network [2]. This pilot will allow tokenized stocks and other assets to circulate within a regulated financial system through blockchain infrastructure.

We believe tokenization in the stock market will advance in three phases, each bringing value to different types of blockchain infrastructure (see Chart 1).

The first phase is the third-party "wrapper" model [3]. In this model, issuers hold stocks through special purpose vehicles (SPV) [4], and the tokenized stocks represent claims to the equity of that SPV. Currently, over 70% of tokenized stocks by market cap use this model. Wrapper tokenized stocks do not represent true stock ownership but can be utilized in DeFi and may attract retail investors. These assets are currently traded on networks such as Ethereum, Solana, BNB Chain, etc.

The second phase is the "entitlement" model [5], where DTCC's pilot is a representative example. Unlike creating new versions of securities, DTCC is mapping existing qualified securities onto the blockchain through its regulated post-trade infrastructure, with Canton Network serving as the first blockchain network for this pilot.

The third phase is the issuer-led model, where companies issue securities natively on the chain. Last week, Securitize [6] became the first publicly listed company to tokenize its common stock when it went public on the New York Stock Exchange. We believe this model has the greatest long-term potential but still requires further regulatory clarity. In our view, the issuer-led model will be more favorable to open architecture blockchains like Ethereum and Solana, as well as hybrid networks like Avalanche.

These three tokenization models are likely to coexist in the coming years.

Core Viewpoint: There are various modes of tokenized stocks. We believe that the blockchain networks most likely to benefit from tokenization growth include Ethereum, Solana, BNB Chain, Avalanche, and Canton Network.

Chart 1: Third-party platforms currently dominate the tokenized stock market, while Ethereum, Solana, and BNB Chain hold most of the on-chain asset share.

Note:

[1] DTCC: The Depository Trust & Clearing Corporation, one of the core post-trade infrastructures in the U.S., primarily responsible for the clearing, settlement, and custody of securities post transaction.

[2] Canton Network: A blockchain network aimed at institutional financial assets, emphasizing privacy, compliance, and asset circulation between different financial institutions.

[3] Wrapper model: Can be understood as a "wrapper model," where a third-party platform holds underlying stocks through an intermediary structure and issues on-chain tokens representing related rights. Investors hold claims to that structure rather than direct ownership of the stocks themselves.

[4] SPV: Special Purpose Vehicle. In the context of tokenized stocks, it usually refers to an entity established by the issuer to hold the underlying stock assets, and the tokens held by investors represent claims to that entity.

[5] Entitlement model: Can be understood as the "entitlement model," which does not involve reissuing a new security but rather records or maps existing qualified securities onto the blockchain through a regulated post-trade system, allowing them to circulate within blockchain infrastructure.

[6] Securitize: A digital securities and real-world asset tokenization platform. The article mentions its simultaneous tokenization of its common stock when listed on the NYSE.

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