Woofun AI reports that Grayscale identifies three development stages for stock tokenization, with Ethereum, Solana, BNB Chain, Avalanche, and Canton Network positioned to gain from evolving ownership structures. The firm notes that third-party wrapped tokens currently dominate over 70% of the market cap, operating via special purpose vehicles on chains like Solana to enable DeFi integration.

Grayscale designates the DTCC pilot program, utilizing Canton Network, as the second stage, while issuer-sponsored native issuance represents the third phase, exemplified by Securitize. The research anticipates these three models will coexist for several years.