Grayscale named four blockchains as top Clarity Act award winners in a research note published on May 22nd.
summary
Grayscale named Ethereum, Solana, BNB Chain, and Canton Network as the four best chains for institutional investors after the passage of the Clarity Act. The four chains lead the market in tokenized asset value, stablecoin supply, and total locked DeFi value, which Grayscale uses as the main ranking criteria. Grayscale also named Avalanche, Base, Arbitrum, Hyperliquid, and Tron as secondary beneficiaries with significant on-chain financial exposure.
Grayscale published a research note on May 22nd identifying Ethereum, Solana, BNB Chain, and Canton Network as the four blockchains best suited to absorb institutional capital after the Clarity Act is enacted. “As regulations become clearer, the upswing is likely to drive digital assets broadly higher,” Grayscale wrote.
The four chains were selected because they lead in three key metrics: tokenized asset value, stablecoin supply and trading volume, and total DeFi value locked. Ethereum tops the list when it comes to tokenized assets, followed by BNB Chain and Solana, with Canton Network rounding out the list as the leading institutional payment network.
Why Grayscale beats Canton Network over Cardano
The inclusion of Canton Network instead of Cardano corrects some initial misinformation from other outlets. Canton holds over $348 billion in tokenized real-world asset value and hosts DTCC’s tokenized Treasury pilot, which includes JPMorgan, HSBC, and Visa among its validators.
“$350 billion is settled every day in Canton, with over $6 trillion in tokenized real-world assets and institutions like JPMorgan and DTCC in production,” Canton Network recently announced.
Zach Pandle, head of research at Grayscale, noted that Bitcoin would also benefit from regulatory clarity as the safest asset in the industry. Crypto.news reported that Grayscale’s December 2025 outlook predicts the bipartisan bill will usher in a new institutional era for digital assets.
Who are the Clarity Act’s second-tier beneficiaries?
Grayscale also flagged Avalanche, Base, Arbitrum, Hyperliquid, and Tron as networks with significant exposure to on-chain finance that would benefit from regulatory clarity. Although these chains rank below the four major chains in terms of tokenized asset value, they have established a DeFi ecosystem.
Crypto.news has been tracking Grayscale’s aggressive ETF expansion strategy across multiple chains, which mirrors the same analytical framework that underpins the Clarity Act’s beneficiary list.
The Transparency Act passed the Senate Banking Committee on a bipartisan vote of 15-9 on May 14th. For the Grayscale option to become regulated, it would require a vote in the full Senate, reconciliation in the House of Representatives, and a signature by the president.
Crypto.news covered the condensed legislative calendar that gives the bill a final deadline before the 2026 midterm elections. The Ethereum (ETH) page tracks price reaction as the bill outlook evolves.
