Grayscale ranks Ethereum first in stablecoins, tokenized assets and developers
In brief
- Grayscale's November 6, 2026 report named Ethereum the leading smart contract platform.
- Ethereum's stablecoin supply is nearly $140 billion, about half the market, per Grayscale.
- Ethereum holds roughly 40% of the tokenized asset market, the report said.
- US Ethereum ETPs held more than $13 billion in assets, per the report.
What Grayscale counted
Stablecoins do most of the heavy lifting here. Grayscale put Ethereum's stablecoin supply at nearly $140 billion, which it said works out to approximately half of the total stablecoin market. That's a lot of on-chain dollars on one network.
Tokenized assets look much the same in the report. Grayscale credited Ethereum with approximately 40% of the tokenized asset market, more than twice the share of its nearest competitor, according to Crypto Briefing's summary.
Apps and builders fill in the rest. The report counted more than 2,000 applications on Ethereum's mainnet and roughly 6,000 more across its Layer 2 networks, and Grayscale also ranked Ethereum first for developer activity.
Where Wall Street shows up
The investment-products category relies on traditional issuers. Grayscale pointed to BlackRock, WisdomTree and Invesco as examples of major firms issuing Ethereum-linked products. US exchange-traded products offering Ethereum exposure held more than $13 billion in assets, according to the report, and Grayscale cited over $3 billion in open interest on CME-listed Ethereum futures.
Network effects, not a rival teardown
The report doesn't spend much time dissecting competing chains. Grayscale focused on the network effects it says support Ethereum's position, and it framed the network as a foundational piece of on-chain finance and digital commerce. You won't find a side-by-side breakdown of rival platforms in the coverage.
That's Grayscale's assessment, and it should be read as one.
Crypto Briefing described stablecoins and tokenization as the two main areas where traditional finance and blockchains meet, and Grayscale ranked Ethereum first in both. If you're tracking where defi and TradFi overlap, those are the two figures in the report that carry the most weight: nearly $140 billion in stablecoins and about 40% of tokenized assets, per Grayscale.
Frequently asked questions
How much stablecoin supply does Grayscale say is on Ethereum?
Grayscale put Ethereum's stablecoin supply at nearly $140 billion in its November 6, 2026 report. It said that works out to approximately half of the total stablecoin market, according to Crypto Briefing.
What share of tokenized assets does Ethereum hold, according to Grayscale?
Grayscale credited Ethereum with approximately 40% of the tokenized asset market. The report said that share is more than twice that of Ethereum's nearest competitor.
Which categories did Grayscale rank Ethereum first in?
The report ranked Ethereum first across stablecoin supply, tokenized assets, applications, developers and investment products. Grayscale counted more than 2,000 mainnet applications and roughly 6,000 across Layer 2 networks.
