Grayscale: ETH, Solana, BNB, Canton Poised to Gain from CLARITY

Asset manager Grayscale named Ethereum (ETH), Solana (SOL), BNB Chain (BNB) and Canton Network (CC) the four blockchains best positioned to attract institutional capital if the Digital Asset Market CLARITY Act reaches the full Senate. The bill cleared the Senate Banking Committee on a 15–9 vote on May 14.

The CLARITY Act would split oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. The legislation now moves to the Senate floor; final passage would require 60 votes.

Grayscale based its ranking on measures of on-chain finance and tokenization. The firm placed Ethereum first for assets with full on-chain functionality, with BNB Chain and Solana following. Grayscale said those three networks also led its measures of stablecoin supply and decentralized finance total value locked.

Grayscale wrote that regulatory clarity is expected to steer regulated flows toward networks with the deepest on-chain finance footprints, naming ETH, SOL, BNB and CC as the primary beneficiaries.

Canton Network differs from the other three by design, Grayscale noted. Canton was built for regulated institutions and emphasizes privacy and enterprise-grade settlement. The network has launched an exchange-traded fund to provide retail exposure and hosts the Depository Trust & Clearing Corporation’s tokenized U.S. Treasury pilot. Institutions including J.P. Morgan, HSBC and Visa serve as validators on Canton. The network reported $350 billion in daily settlement and stated it hosts more than $6 trillion in tokenized real-world assets, with firms such as JPMorgan and the DTCC building production systems on the ledger.

Grayscale identified a secondary group of chains that could also benefit under the proposed framework, including Avalanche, Base, Arbitrum, Hyperliquid and Tron. Several of those networks appeared in the firm’s earlier analysis on tokenization trends this year.

The next Senate floor vote will determine whether the bill advances. Market participants are watching the legislative process for signals about how changes to the regulatory framework could affect flows to tokenized assets, stablecoins and decentralized finance. Grayscale is a major manager of digital-asset investment products and has published research on market structure and tokenization; the committee vote on May 14 was a key legislative step.