VanEck, an investment firm specializing in digital assets, released a report on May 5, 2026, arguing that the economic value of the sector is shifting from general-purpose network tokens to infrastructure developed primarily for corporate purposes.
In this context, the company highlights the following growth: XRP Ledger, Canton, Kinexys, Provenance, Base, and other institutional networks the company refers to as “corpochains.”
According to VanEck, this change is already starting to be reflected in market behavior. According to the report, since early 2025, altcoins linked to Layer 1 (L1) networks have plummeted, while digital financial infrastructure stocks have held steady.
“The L1 blockchain token has fallen 49% since the beginning of 2025, while crypto stocks have risen 48%,” the report notes.
The graph in the center of the report compares the two curves. The gray line is MVIS Global Digital Asset Stock Index (MVDAPP) is an index that tracks the performance of listed companies related to the digital asset sector, including financial infrastructure companies, payments, institutional services, and platforms related to this market.
The blue line shows the performance of Layer 1 public network tokens. Among this group, VanEck particularly highlighted the decline in Ether (ETH) and Solana (SOL), which have fallen 32% and 57%, respectively, since the beginning of 2025.
According to the report, this divergence indicates that the market is rewarding stocks of companies in this space more than various tokens associated with public networks.
What is “corpochain”?
VanEck uses the term “corpochain” to describe distributed ledger networks developed or managed by corporations, banks, fintechs, and financial consortia.
Unlike networks like Ethereum and Solana, these infrastructures work in conjunction with accredited validators, regulatory compliance tools, and privacy and permission systems tailored to financial institutions.
“Co-opchain offers a strong value proposition to regulated enterprise customers,” the report states. On the other hand, VanEck claims that many financial institutions prefer these networks. It will be possible to “control validator and counterparty participation,” “prevent asset leakage,” and “guarantee privacy and regulatory compliance.” and “ensure decisive performance and cost.”
This report adds important definition to the changes the field is experiencing. “The distributed ledger revolution is already here, but while many tokens will be left behind, businesses are leveraging their value.”
Featured networks include XRP Ledger, Canton, and Base
Among the networks mentioned is the XRP Ledger (XRPL), a Ripple Labs network that has historically been associated with cross-border payments and settlements. VanEck positions this as an infrastructure that can compete within the global international payments business.
It also focuses on the Canton Network, a network that CriptoNoticias describes as focused on institutional financial markets, guarantees, and repurchase operations. Companies such as Goldman Sachs, Nasdaq, Tradeweb, and Broadridge are already participating in this ecosystem.
Mr. Van Eck evaluates Canton as follows: One of the most systematically integrated networks within traditional finance.
Kinexys, an infrastructure developed by JP Morgan, also appears as another relevant actor. your goals It is about using distributed ledger technology to facilitate the mobility of payments and collateral between banks.
Provenance focuses on tokenizing mortgages and asset-backed lines of credit. The report notes that more than 15 of the top 20 mortgage lenders are already using this infrastructure.
Base, operated by American exchange Coinbase, occupies a different location. VanEck describes it as a network aimed at payments, stablecoins, tokenized assets, and digital financial applications, supported by the platform’s authenticated users. However, it’s worth clarifying that perhaps the name “Corpochain” is not that accurate, as Base has all sorts of popular developments, including meme coins. For this reason, as you can see from the table above, it is also classified as an open network and therefore occupies a hybrid place.
Two laws that could change the market
VanEck identifies two factors behind Corpochain’s growth. One of them is the GENIUS Act, a US regulatory proposal focused on stablecoins that was approved and enacted in July 2025.
According to the report, GENIUS “creates a legal framework for stablecoins to operate as restricted banking entities,” requiring liquidity reserves, disclosure obligations, and compliance with anti-money laundering regulations.
For the company, this means that the stablecoin will function as follows: A regulated form of electronic money that can be used by financial institutions and businesses.
The second regulatory axis mentioned is the CLARITY Act. Unlike GENIUS, which focuses on stablecoins, this initiative has not yet been approved but seeks to define the legal structure of the US digital asset market.
VanEck argues that this regulation: May help clarify which assets are considered financial securities and which activities fall under certain regulatory rules. “Once CLARITY achieves compliant financial products, some activities may return to open networks,” the report said.
However, the company believes that Corpochain is already being used in the regulated financial sector. This is due to institutional integration and linkages with banking infrastructure.
The report concludes that the market’s central debate is already over. Each project doesn’t just revolve around what technology it uses. In this regard, the company’s experts suggest:
What matters is not whether a distributed ledger network is used or not, but who controls the validators, who benefits financially, and whether ultimate ownership resides within the network or remains an external right.
Van Eck Report.
In this regard, the company predicts that: Corporate chains could generate more than $60 billion in revenue by 2030especially in international payments, asset tokenization, derivatives and financial payments.
VanEck is clear that public networks can remain relevant if they can demonstrate sustainable economic benefits within regulated finance. But for now, he thinks the market is doing more for companies. These create more corporate infrastructure than many tokens associated with open networks.
(Tag translation) Altcoin
