Overview
- Charles Schwab’s Center for Financial Research released the analysis on Jan. 21, 2026 as an investor-focused framework rather than specific recommendations.
- It organizes digital assets into foundational networks, infrastructure, and products, a structure the firm says covers nearly 99% of market capitalization.
- Using end‑2025 data, the report pegs total crypto value at about $3.169 trillion, with the largest layer‑1 blockchains’ native assets comprising roughly 78% of the total.
- Across 300+ actively used tokens, foundational networks most frequently exceed $100 million market caps, and roughly twice as many product protocols as infrastructure protocols cross that threshold.
- The report characterizes crypto as speculative and urges evaluation by network effects, market share, scalability, and tokenomics, noting infrastructure faces tougher economics while products such as Aave and Lido can build user loyalty.