According to WuShuo, Grayscale Research Director Zach Pandl has released a report noting that the tokenization of global stock markets is already underway. The development will bring users conveniences such as 24/7 trading, and the evolution of equity tokenization can be summarized into three stages. First is the third-party “wrapping” model, which currently accounts for more than 70% of market capitalization and mainly runs on chains such as Ethereum and Solana. Second is the “rights” model represented by the DTCC pilot, which uses regulated post-trade infrastructure. Third is the “issuer-initiated” model with the greatest long-term potential, in which companies natively issue securities on-chain. Last week, Securitize became the first NYSE-listed company to achieve this. Grayscale believes that these three models will coexist for many years to come.