Grayscale published a research note on May 22 identifying four blockchains it sees as best positioned to attract institutional capital if the Clarity Act becomes law. The firm named Ethereum, Solana, BNB Chain, and Canton Network as the primary beneficiaries, arguing that regulatory clarity would lift digital assets broadly.
Grayscale selected the four networks based on three core metrics: tokenized asset value, stablecoin supply and transaction volume, and decentralized finance (DeFi) total value locked. According to the report, Ethereum leads on tokenized assets, with BNB Chain and Solana following, while Canton Network is highlighted as the leading institutional settlement network.
Canton Network was included ahead of some other contenders, correcting earlier misreporting that omitted it. Grayscale notes Canton holds more than $348 billion in tokenized real-world-asset value, runs a tokenized Treasury pilot with the DTCC, and counts institutions such as JPMorgan, HSBC, and Visa among its validators. Canton has said roughly $350 billion settles on its network daily and points to trillions of dollars of institutional activity building in production.
Grayscale’s head of research, Zach Pandl, also emphasized that Bitcoin would benefit from improved regulatory clarity, describing it as the market’s most secure digital asset. The report echoes Grayscale’s broader view that clearer rules could unlock a new wave of institutional investment in crypto.
Beyond the four primary winners, Grayscale flagged a secondary tier of networks that would also stand to gain. Avalanche, Base, Arbitrum, Hyperliquid, and Tron were listed as significant on-chain finance ecosystems that sit below the top four on tokenized-asset metrics but have established DeFi activity and stablecoin circulation.
The Clarity Act advanced out of the Senate Banking Committee on a 15-9 vote on May 14. It still requires a Senate floor vote, reconciliation with the House, and the president’s signature before the regulatory changes Grayscale anticipates can take effect. Observers note a compressed legislative calendar ahead of the 2026 midterms could shape the bill’s final timing.
Grayscale’s recommendations also align with the firm’s active push to expand ETF products across multiple chains, applying the same analytical framework to potential investment opportunities. If the Clarity Act becomes law, Grayscale expects networks that already host tokenized assets, stablecoins, and DeFi liquidity to be best placed to absorb the incoming institutional capital.