Crypto▲ Bullish
Grayscale: Onchain Vaults Could Be Crypto's Next Mainstream Product
Grayscale says onchain vaults, holding $7.26B across 3,008 vaults, could become a mainstream financial product. Regulatory uncertainty remains a hurdle.
Continue with
Onchain vaults could become crypto's next mainstream financial product, according to Grayscale. The firm's latest research draws a parallel between vaults and collateralized loan obligations (CLOs), one of the largest credit products in traditional finance.
Vaults pool investor capital into professionally managed portfolios. Smart contracts on networks like Ethereum, Base, and Solana handle settlement and cash flow distribution, replacing trustees and custodians. Grayscale said this structure offers greater transparency and operational efficiency compared with traditional vehicles.
The sector remains small. Grayscale's data shows roughly 3,008 vaults managed by 57 curators hold about $7.26 billion in total value locked as of late July 2026. About 79% of those vaults focus on stablecoins. That total is down from roughly $12.30 billion in September 2025. By contrast, the traditional CLO market exceeds $1.5 trillion across thousands of vehicles managed by more than 250 firms.