Grayscale Research named Ethereum the leading smart contract platform in a November 6, 2026 report. It ranks the network first across stablecoin supply, tokenized assets, applications, developers and investment products.
Grayscale Research ranked Ethereum first across stablecoin supply, tokenized assets, applications, developers and investment products. The report is dated November 6, 2026.
Ethereum holds about half of stablecoin supply
Grayscale puts Ethereum's stablecoin supply at nearly $140 billion, approximately half of the total market. Supporting data from early November 2026 places the balances between $136 billion and $144 billion.
In tokenized assets, Grayscale credits Ethereum with approximately 40% of the market. That share is more than twice what its nearest competitor holds.
Grayscale also counts more than 2,000 applications on Ethereum's mainnet and roughly 6,000 more across its Layer 2 networks.
Institutions issue Ethereum-linked products
Grayscale points to BlackRock, WisdomTree and Invesco as examples of major firms issuing products linked to Ethereum.
Meanwhile, US exchange-traded products offering Ethereum exposure hold more than $13 billion in assets, according to the report. CME-listed Ethereum futures carry over $3 billion in open interest.
The report also ranks Ethereum first for developer activity.
Network effects, not a rivalry study
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 is meant to show an observable pattern across several independent measures.
Source: Crypto Briefing
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