**[Grayscale: Accelerated Global Equity Tokenization, Divided into Three Stages]** BlockBeats News, July 9 — Grayscale's Head of Research, Zach Pandl, released a report stating that the global equity market tokenization process has begun, offering users conveniences such as 24/7 trading. He categorized the evolution of equity tokenization into three stages: 1. **The "Third-Party Wrapping" Model**: Currently accounting for over 70% of market value, this model primarily operates on chains like Ethereum and Solana. 2. **The "Ownership" Model Represented by DTCC Pilots**: This stage utilizes regulated post-trade infrastructure. 3. **The "Issuer-Initiated" Model with the Greatest Long-Term Potential**: In this stage, companies natively issue securities on-chain. Last week, Securitize became the first NYSE-listed company to achieve this. Grayscale believes these three models will coexist for many years to come. [Original Link]