Overview
- Grayscale published a research note on May 22 that ranks Ethereum, Solana, BNB Chain and Canton Network as the chains best placed to attract institutional capital if the Digital Asset Market Clarity Act becomes law.
- The firm bases its ranking on three on-chain finance metrics—tokenized asset value, stablecoin supply and transaction volume, and DeFi total value locked—to measure where real-world assets and stablecoins could flow.
- The Clarity Act cleared the Senate Banking Committee on May 14 but is not law; it still needs a Senate floor vote, reconciliation with the House, and the president’s signature before the adoption scenarios Grayscale describes can play out.
- Grayscale lists Avalanche, Base, Arbitrum, Hyperliquid and Tron as a secondary tier that would also benefit from clearer rules, and the note highlights Canton Network’s institutional ties and settlement pilots as a key reason it ranks ahead of Cardano.
- If the bill passes, market effects could include faster tokenization of securities and loans, greater stablecoin use inside DeFi, and increased institutional activity such as bank validators and custody services, with the near-term trigger being the law’s final congressional approval.