Grayscale Research just published a framework for thinking about tokenized equities, and the report, authored by Head of Research Zach Pandl, identifies three distinct models for putting stocks on blockchains: wrapper, entitlement, and issuer-native.
Tokenized assets currently sit at roughly $30 billion, which is about 0.01% of global equity and bond markets. That rounding error grew 217% year-over-year, driven primarily by US Treasuries, and Grayscale projects the space could balloon to around $30 trillion by 2030. That’s a 1,000x leap.
Three models, three different philosophies
The wrapper model is the current market leader, accounting for over 70% of tokenized stock market capitalization today. The underlying equity still exists in conventional markets, but a tokenized version trades on public blockchains like Ethereum, Solana, and BNB Chain.
The entitlement model involves legacy financial infrastructure meeting blockchain halfway. The DTCC, which settles virtually every stock trade in the US, has been piloting this concept on the Canton Network, experimenting with using blockchain to make post-trade processes faster, cheaper, and more transparent while keeping regulated securities within established frameworks.
The issuer-native model is where companies skip the intermediaries and issue equity directly on-chain. Securitize became the first public company to pull this off, tokenizing its common stock concurrently with its NYSE listing in early July 2026.
Why Grayscale thinks all three will coexist
Grayscale’s report argues these three approaches will coexist, with the right model depending on the specific asset type and the regulatory environment it operates within. Issuer-native models hold what Grayscale calls the most promise for long-term growth, but they require clearer regulatory frameworks to scale.
What this means for investors
The blockchain networks positioned to benefit from tokenized equity growth are the ones Grayscale specifically highlighted: Ethereum, Solana, BNB Chain, Avalanche, and the Canton Network.
Grayscale’s $30 trillion projection for 2030 is a ceiling estimate, not a guarantee. The 0.01% market share figure reflects that tokenized equities have proven they can grow fast, but they’re still growing from a very small base into a global market worth hundreds of trillions of dollars.