Grayscale reveals 3 major stages of RWA tokenization wave, names Ethereum, Solana, and AVAX as biggest winners.

RWA Tokenization Wave Enters the Second Half! According to the latest "The Stack" research report released by asset management giant Grayscale, global stock tokenization is undergoing three major evolutionary stages, ultimately achieving 24/7 around-the-clock trading with极致 capital efficiency. The report specifically highlights blockchains such as Ethereum, Solana, Avalanche, and Canton Network as the biggest winners in this transformation from DeFi to native issuance in traditional finance.

(Previous Context: Standard Chartered Bank Expects Aave to Surge to $3,500 by 2030! Predicts RWA Explosion Will Drive 50x Gains) (Background Supplement: Standard Chartered Bank Calls for Uniswap: $UNI $100 by 2030! Sees RWA Tokenization Triggering 40x Gains)

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• Stage One: Third-Party "Wrappers" Dominate DeFi Market
• Stage Two: DTCC-Led "Entitlement" Model Pilot
• Stage Three: Corporate Native Issuance, Unleashing Long-Term Potential

As Real World Asset (RWA) tokenization becomes the core narrative of this crypto cycle, traditional finance (TradFi) giants are accelerating the migration of the cornerstone of capital markets—stocks—onto the blockchain.

On July 9, 2026, Taiwan time, Zach Pandl, Head of Research at global asset management giant Grayscale, published the latest edition of the "The Stack" series report, delving into the future evolution path of "tokenized stocks." The report states that stock tokenization not only brings investors 24/7 liquidity but also the underlying technological shifts will determine the value flow of the future tens of trillions of dollars in financial markets. Grayscale divides this evolution into three stages, identifying potential winning infrastructures at each stage.

Stage One: Third-Party "Wrappers" Dominate DeFi Market

Currently, over 70% of the market capitalization of tokenized stocks adopts the "third-party wrapper" model. In this model, the issuer deposits physical stocks into a Special Purpose Vehicle (SPV) and issues tokens on-chain representing claims on that SPV. Although these tokens do not legally represent true ownership of the company, they seamlessly integrate into existing decentralized finance (DeFi) ecosystems and are favored by retail investors. The main battleground in this stage is on open public blockchains such as Ethereum, Solana, and BNB Chain.

Stage Two: DTCC-Led "Entitlement" Model Pilot

The next major advancement will be the tokenization pilot soon to be launched by the Depository Trust & Clearing Corporation (DTCC). This "entitlement" model does not create new securities but instead introduces existing qualified securities onto the blockchain through a strictly regulated post-trade infrastructure. This means that assets within the traditional financial system will, for the first time, achieve blockchain-level interoperability. It is reported that the Canton Network, built specifically for financial institutions, will be the preferred blockchain network for the DTCC pilot.

Stage Three: Corporate Native Issuance, Unleashing Long-Term Potential

Grayscale believes that the ultimate form of stock tokenization will be the "issuer-sponsored" model, where companies directly issue securities natively on the blockchain. Last week, the well-known tokenization platform Securitize made history by becoming the first publicly traded company to simultaneously tokenize its common stock when listing on the New York Stock Exchange (NYSE). Although this model requires clearer regulatory support, its long-term explosive potential is the most significant. Open-architecture blockchains like Ethereum, Solana, and hybrid networks like Avalanche are expected to become the best infrastructure for this stage.

In summary, Grayscale emphasizes that these three tokenization models will coexist for years to come, each serving different customer groups and compliance needs. As capital gradually flows from retail DeFi protocols to Wall Street clearing hubs like DTCC, this irreversible wave of tokenization is expected to bring substantial fundamental support and value capture opportunities to Ethereum, Solana, BNB Chain, Avalanche, and Canton Network.