BlockBeats News, July 9th, Grayscale's Research Head Zach Pandl released a report pointing out that the global stock market tokenization process has begun, bringing convenience to users such as 24/7 trading, and summarizing the evolution of equity tokenization into three stages: The first stage is the third-party "wrapping" model, currently accounting for over 70% of the market value, mainly operating on chains such as Ethereum and Solana; the second stage is the "equities" model represented by the DTCC pilot, using regulated post-trade infrastructure; and the third stage is the most promising "issuer-driven" model, where companies issue securities on-chain, with Securitize becoming the first NYSE-listed company to achieve this last week.

Grayscale believes that these three models will coexist in the coming years.