Grayscale Research just published what amounts to a roadmap for how every stock you own might eventually live on a blockchain. The firm’s July 9 report, “The Evolution of Tokenized Equities,” authored by Head of Research Zach Pandl, lays out a three-phase framework for how traditional equities are migrating on-chain.
The total value of tokenized assets currently sits at roughly $30 billion. That sounds like real money until you realize it represents approximately 0.01% of global equity and bond markets. The $300 trillion securities market, in other words, has barely been scratched.
Three flavors of tokenized stocks
Grayscale’s framework breaks the tokenization wave into three distinct models, each representing a different level of maturity and institutional trust.
The first and most common is the third-party wrapper model. Someone holds the actual equity, and a token representing it trades on-chain. This approach currently accounts for over 70% of tokenized stocks by market capitalization.
