Grayscale: Ethereum, Solana, BNB, Canton May Gain

Grayscale released a research note on May 22 titled ‘The Blockchains that Stand to Benefit from Regulatory Clarity,’ identifying Ethereum, Solana, BNB Chain and Canton Network as networks likely to attract institutional capital if the U.S. CLARITY Act becomes law. The note pointed to demand for tokenized assets, decentralized finance and regulated stablecoins as the main factors.

The firm placed Ethereum first for tokenized assets, citing its deep liquidity, large developer base and established decentralized finance markets. Solana and BNB Chain were highlighted for high transaction volumes, active decentralized applications and heavy stablecoin use. Canton Network was identified for its privacy-focused design aimed at regulated financial institutions and for supporting tokenized real-world assets.

Grayscale’s research also listed Avalanche, Ethereum layer-2s such as Base and Arbitrum, specialized chains like Hyperliquid, and stablecoin-focused networks including Tron as additional networks positioned to benefit from clearer rules. The note noted that bitcoin remains important as a collateral asset and reserve instrument despite having less native smart-contract functionality than some other networks.

The research was published while lawmakers continued debating the CLARITY Act and related proposals. The Senate Banking Committee advanced the CLARITY Act on May 14 in a 15-9 vote. The legislation addresses token classifications, registration pathways and the division of oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Grayscale Head of Research Zach Pandl framed the findings around existing on-chain activity and the markets those networks already serve. Pandl wrote: “Today, these are Ethereum, Solana, BNB Chain, and Canton Network.”

The note tied regulatory outcomes to likely demand for regulated stablecoins, spot crypto exchange-traded products and tokenized financial assets, and it suggested capital could initially flow to chains that already have users, liquidity and infrastructure for tokenized securities and stablecoin payments.