6 Cryptocurrencies Poised to Win Big from Tokenization
Grayscale Research identified six crypto assets that are best positioned to extract value from over $300 trillion in assets that could move on-chain.
Summary
- Tokenization remains in an early stage.
- The market has strong growth potential.
- Three architectures are competing for leadership.
- The institutional segment already has a leader.
- Middleware solutions benefit regardless of the outcome.
The list includes Ethereum, Solana, BNB, Avalanche, Canton, and Chainlink. Now let’s see what puts them in this position.
Grayscale’s thesis begins with a single number – $30 billion. This is the current size of tokenized assets: government bonds, commodities, private debt, and equities. On its own, the number appears significant, but compared to the global market, it remains minimal.
The global real estate market is estimated at around $288 trillion, fixed income at $145 trillion, and equities at $127 trillion. Against this backdrop, tokenization represents only about 0.01%.
It is the growth rate that gives weight to this difference. The market has grown by 217% year-over-year. At such a pace, $30 billion could reach $100 billion within a year and surpass $1 trillion in the following few years. This means asset valuation should not be based on current revenues, but on positioning within a future market.
Three architectures, one competition
Grayscale does not view tokenization as a single market, but as a competition between three different architectures.
The first are open networks – Ethereum, Solana, and BNB Chain. They allow the free creation and trading of tokenized assets, with high levels of transparency and liquidity. This makes them suitable for mass access and DeFi integrations.
The second category consists of institutional networks, represented by Canton. They are closed by design and built for regulated environments where privacy is essential.
The third group includes hybrid solutions such as Avalanche, which combine institutional control with access to open ecosystems.
According to Grayscale, institutional networks lead in the short term, while open networks will dominate in the long term, with the development of privacy technologies.
The hidden $348 billion market
The most surprising element is Canton. While Ethereum holds about $16 billion in tokenized assets, Canton reaches $348 billion.
The reason this market remains under the radar is simple – it is closed. The data is not public and cannot be seen in standard on-chain tools.
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The Canton network is already attracting attention from institutions such as DTCC, while companies like Visa, Circle, and Apollo Global are working on it. More than 60 institutional participants are building infrastructure in this environment.
This means a significant portion of tokenization is already happening outside the visible crypto market.
What each asset is betting on
Ethereum is betting on depth and liquidity. With around $50 billion in DeFi TVL and $16 billion in tokenized assets, its advantage lies in its ecosystem of applications.
Solana is betting on volume and speed. With over 100 million daily transactions and significantly higher throughput, it is positioned for mass applications such as on-chain trading.
BNB relies on distribution through the largest crypto exchange. This is not a technological advantage, but access to users.
Avalanche occupies a middle ground, serving institutions such as KKR and Citi while remaining connected to open markets.
The only asset without direct competition
Chainlink differs from all others. The network does not directly compete with blockchains, but provides infrastructure between them.
Every tokenized asset requires proof of reserves, access to data, cross-chain compatibility, and regulatory mechanisms. Chainlink provides exactly this functionality.
This places the project in a unique position – to benefit regardless of which architecture dominates.
The main risk
The biggest risk to this thesis is that growth could slow down. Regulation, technical limitations, or lack of institutional interest could restrict the pace of development.
Even $348 billion in Canton is a small fraction of what is needed to reach the $300 trillion potential.
Grayscale views the six assets not as equal investments, but as different positions within the same trend.
The key signal confirming acceleration in mass adoption will be reaching around $50 billion in tokenized government bonds – a level that would confirm institutional adoption is moving from testing to real use.
As tokenization grows, the question will not be whether infrastructure projects have a role, but whether that role will be reflected in their token prices. This distinction is more important than it appears.
A telling example is Canton. The market there is already larger than everything visible in open networks, but it is developing largely outside publicly traded assets. Over time, connectivity between closed and open ecosystems will likely increase, and this will determine to what extent institutional growth is reflected in public projects. In a scenario where this connectivity remains limited, the overall market may expand significantly while public projects capture only a small portion of it. In a scenario where liquidity concentrates in open networks, they could become the main beneficiaries. The expansion of the sector does not automatically determine who wins.
Additional uncertainty comes from the architectural competition. The three models compete for the same institutional capital, and even with strong overall growth, the distribution of value among projects will depend on a balance that is still unclear. Parallel development is possible, but not guaranteed in the early stage of limited institutional interest.
Chainlink is the interesting exception — not because risk is absent, but because it is different in nature. Here, the question is not which architecture will prevail, but whether its real usage in institutional environments will translate into additional value for the token. Mechanisms that convert network expansion into real token value exist, but the key question is whether they will scale with the market. If they do not, Chainlink’s market leadership may remain only on paper.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
