Grayscale Research has published a framework for tokenized equities, outlining three models that could reshape capital markets. The report, led by Head of Research Zach Pandl, estimates that tokenized assets could grow from roughly $30 billion today to as much as $30 trillion by 2030 — a 1,000-fold increase. Currently, tokenized assets represent just 0.01% of global equity and bond markets, but that share grew 217% year-over-year, driven mainly by tokenized US Treasuries.
Three distinct models for blockchain stocks
The wrapper model dominates today, accounting for over 70% of tokenized stock market capitalization. In this approach, the underlying equity remains in conventional markets while a tokenized version trades on public blockchains such as Ethereum, Solana, and BNB Chain. The entitlement model brings legacy infrastructure into the mix: the DTCC, which settles most US stock trades, has been piloting this concept on the Canton Network, aiming to make post-trade processes faster and cheaper while keeping securities within regulated frameworks.
The issuer-native model goes further, allowing companies to issue equity directly on-chain without intermediaries. Securitize became the first public company to do so, tokenizing its common stock concurrently with its NYSE listing in early July 2026. Grayscale believes all three models will coexist, with the right choice depending on the asset type and regulatory environment. The issuer-native model holds the most long-term promise but requires clearer rules to scale.
Networks poised to benefit
Grayscale specifically highlighted Ethereum, Solana, BNB Chain, Avalanche, and the Canton Network as blockchain platforms positioned to benefit from tokenized equity growth. The $30 trillion projection is a ceiling estimate, not a guarantee, and reflects the potential for tokenized equities to expand from a tiny base into a global market worth hundreds of trillions of dollars.