In a research report released on May 22, Grayscale identified four blockchain networks most likely to benefit from the U.S. Clarity Act: Ethereum, Solana, BNB Chain, and Canton Network. The firm believes that if the bill is enacted, clearer regulatory guidance will reduce barriers to institutional capital entering the digital assets market.
The selection criteria focus on on-chain financial volume.
Grayscale is primarily focusing on three metrics: the total value of tokenized assets, stablecoin supply and transaction activity, and total value locked in DeFi. According to them, these four blockchains are leading in these dimensions.
Among these, Ethereum leads in tokenized assets, followed by BNB Chain and Solana. Canton Network, positioned as a network for institutional settlement, is also included in the top tier.
Canton Network has been ranked in the first tier.
The report noted that some early information mistakenly listed Cardano, but Grayscale actually named Canton Network. The article stated that Canton holds over $348 billion in tokenized real-world asset value and hosts the DTCC’s pilot for tokenized U.S. Treasuries.
The Canton Network has also recently stated that its daily settlement volume is approximately $350 billion, with the total value of tokenized real-world assets exceeding $6 trillion. The network notes that JPMorgan, HSBC, and Visa are also among its validators.
The second tier includes Base and Hyperliquid.
In addition to the four chains mentioned above, Grayscale lists Avalanche, Base, Arbitrum, Hyperliquid, and Tron as second-tier beneficiaries. The firm believes that while these networks have not yet reached the same scale of tokenized assets as the top four, they have all established a foundational on-chain financial infrastructure.
Looking at the legislative progress, the Clarity Act was approved by the Senate Banking Committee on May 14 with a bipartisan vote of 15 to 9. The bill still needs to pass a full Senate vote, be reconciled in the House of Representatives, and be signed by the President before it becomes law.
Grayscale research head Zach Pandl also noted that Bitcoin could benefit from regulatory clarity, as it is still considered one of the safest assets in the industry.