Grayscale said on Nov. 6, 2026, that Ethereum leads smart contract blockchain platforms on five measures: stablecoins, tokenized assets, applications, developers and investment products. That ranking is the company’s assessment, not a measured forecast of Ethereum’s future role.
According to Grayscale, Ethereum hosts nearly $140 billion in stablecoins and about 40% of tokenized assets. It said more than 2,000 applications run on Ethereum itself, with roughly 6,000 more in its layer-2 ecosystem. Grayscale expects blockchains such as Ethereum to provide underlying infrastructure for a redesigned financial system, but said that rebuilding it would require other technologies too.
