Grayscale says Ethereum leads smart contract platforms in stablecoins and tokenized assets

載入圖片中

Dado Ruvic 2

A new Grayscale Research report credits Ethereum with roughly half of stablecoin supply and about 40% of tokenized assets

Sat 7 Nov 2026 · 11:25 EST · 3 min read

In Crypto

Share

Grayscale Research has handed Ethereum a full scorecard, and the network sits first in nearly every category that matters.

In a report dated November 6, 2026, the asset manager named Ethereum the leading smart contract platform. It ranked first across stablecoin supply, tokenized assets, applications, developers and investment products.

Stablecoins and tokenization have become the two main areas where traditional finance and blockchains actually meet. According to Grayscale, that network is currently Ethereum, and the gap is not small.

The numbers behind the crown

Start with stablecoins. Grayscale puts Ethereum’s stablecoin supply at nearly $140 billion, which works out to approximately half of the total market.

Supporting data from early November 2026 places Ethereum’s stablecoin balances in a range between $136 billion and $144 billion. A snapshot from November 7, 2026 shows around $136 billion sitting directly on the network.

Tokenized assets tell a similar story. Grayscale credits Ethereum with approximately 40% of that market. That share is more than twice what its nearest competitor holds.

Then there is the application count. Grayscale notes more than 2,000 applications running on Ethereum’s mainnet. Another roughly 6,000 operate across its Layer 2 networks.

Wall Street keeps choosing Ethereum

The institutional side of the report may be the most telling. Grayscale points to BlackRock, WisdomTree and Invesco as examples of major firms issuing products linked to Ethereum.

The investment product numbers back that up. US exchange-traded products offering exposure to Ethereum hold more than $13 billion in assets, according to the report. Meanwhile, CME-listed Ethereum futures carry over $3 billion in open interest.

Grayscale also ranks Ethereum first for developer activity.

Network effects, not a head-to-head

Notably, the report does not spend much time dissecting rival platforms. Instead, Grayscale focuses on the network effects that support Ethereum’s position.

Grayscale frames Ethereum as a foundational piece of on-chain finance and digital commerce. The data in the report is meant to show that this is less a slogan and more an observable pattern across several independent measures.

What this means

For investors, the clearest takeaway is that institutional demand for Ethereum now runs through multiple channels at once. There are spot ETPs holding more than $13 billion, futures with over $3 billion in open interest, and tokenized products from names like BlackRock, WisdomTree and Invesco.

There are things worth watching. One is whether Ethereum’s stablecoin share holds near half as total supply grows, since the early November data already shows the figure moving between $136 billion and $144 billion. Another is how the balance shifts between mainnet and Layer 2 activity, given that the Layer 2 app count is already roughly triple the mainnet’s.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.