TLDR
- Grayscale estimates global securities markets at about $300 trillion.
- Tokenized assets total about $30 billion, or 0.01% of markets.
- Tokenized assets have grown 217% year over year.
- Canton leads with over $348 billion in tokenized asset value.
- Ethereum holds about $16 billion in tokenized assets onchain.
Grayscale Research says tokenization could reshape global capital markets over the next decade. The firm says securities worth about $300 trillion may move onto blockchain rails.
Tokenized assets remain small today. Grayscale estimates the market at about $30 billion, or 0.01% of global stocks and bonds.
Tokenization Market Is Still at an Early Stage
Grayscale said tokenization turns asset rights into digital tokens on blockchains. These tokens can represent bonds, funds, stocks, credit, commodities, or other assets.
The firm said tokenized assets grew 217% year over year. Tokenized U.S. Treasuries lead the market, with about $15 billion onchain.
Commodities follow with about $5 billion in tokenized value. Smaller areas include private credit, funds, equities, and other real-world assets.
Grayscale said blockchains can reduce settlement delays and record trades on shared ledgers. It said this can cut reconciliation work across market firms.
Ethereum Solana Canton and BNB Compete for Market Share
Grayscale named Ethereum, Solana, Canton, Avalanche, BNB Chain, and Chainlink as key protocols. It said these networks may benefit as tokenized markets grow.
Ethereum leads open networks in developer activity and decentralized finance. Grayscale said Ethereum has about $50 billion in total value locked.
Solana offers fast and low-cost transactions. The report said Solana has crossed 1,000 transactions per second and 100 million daily transactions.
Canton serves regulated institutions and offers privacy by default. Grayscale said Canton holds over $348 billion in tokenized asset value.
Privacy May Shape the Early Tokenization Race
Grayscale said privacy is a key issue for large financial firms. Public networks show transactions openly, while institutions often need private settlement.
The report said “institution-centric networks like Canton could lead in the near term.” It said these networks fit current financial workflows more closely.
However, Grayscale also said open networks may gain over time. Ethereum and Solana are building privacy and identity tools for larger market use.
Chainlink may also play a broad role across networks. Grayscale said it is “hard to imagine” tokenization without tools like Chainlink.
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