On May 22, Grayscale released research naming four blockchains as the top beneficiaries of the Clarity Act, which recently passed a Senate committee vote of 15-9. The research identifies Ethereum, Solana, BNB Chain, and Canton Network as the networks best prepared to draw institutional capital once the act becomes law. According to Grayscale, these chains lead in tokenized asset value, stablecoin supply, transaction volume, and DeFi total value locked, which serve as primary metrics for ranking.
Grayscale clarified that Canton Network’s inclusion over Cardano corrects earlier misreports. Canton Network handles over $348 billion in tokenized real-world assets daily, hosts the DTCC’s tokenized Treasury pilot, and counts major institutions like JPMorgan, HSBC, and Visa as validators. The network stated that $350 billion settles daily on Canton, with over $6 trillion in tokenized real-world assets and institutional projects in production.
Grayscale’s head of research, Zach Pandl, noted that Bitcoin will also gain from regulatory clarity as the industry’s most secure asset. The research follows Grayscale’s December 2025 outlook predicting that bipartisan legislation would launch a new institutional era for digital assets. The Clarity Act now needs approval from the full Senate, the House, and the president before the listed blockchains can become regulated beneficiaries.
Beyond the top four, Grayscale identified Avalanche, Base, Arbitrum, Hyperliquid, and Tron as secondary beneficiaries with strong on-chain finance exposure. These networks have lower tokenized asset values but established DeFi ecosystems that could expand under clearer regulations. Grayscale’s active ETF expansion strategy across multiple chains reflects the same analytical framework used in this beneficiary list.
The Clarity Act cleared the Senate Banking Committee on a bipartisan 15-9 vote on May 14. It faces a compressed legislative calendar before the 2026 midterms, making its passage crucial for Grayscale’s nominated chains to see institutional inflows.