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

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