Crypto Research and Data, Delphi Digital

Delphi Digital

Crypto Research and Data

Institutional-Grade Crypto Research & Data

Delphi Digital seeks to produce unbiased, actionable content for our clients on critical themes affecting digital assets and distributed ledger technology. Our team is committed to providing investors and institutions with key insights through a diverse suite of products including individual project analysis, bespoke research, and tailored consulting services.

Equity Bottom-Up

<ul>
<li>Stablecoin supply has grown from roughly $5B in 2019 to more than $320B, with linked card spend reaching an $18B annualized run rate by August 2025.</li>
<li>Users still manage balances across exchanges, P2P brokers, wallets, and card programs, while most card transactions convert back to fiat before settlement.</li>
<li>Plasma One combines a stablecoin-native account and card with its own L1, supporting gasless USDT transfers and closer coordination of account flows and reconciliation.</li>
</ul>


Stablecoin supply has grown from roughly $5B in 2019 to more than $320B, with linked card spend reaching an $18B annualized run rate by August 2025.
Users still manage balances across exchanges, P2P brokers, wallets, and card programs, while most card transactions convert back to fiat before settlement.
Plasma One combines a stablecoin-native account and card with its own L1, supporting gasless USDT transfers and closer coordination of account flows and reconciliation.


The Case for Plasma One: Stablecoins Are Eating the World

United Kingdom

Plasma is a financial technology company building stablecoin-based financial products and payment infrastructure. It operates the Plasma network, a Layer 1 blockchain purpose-built for stablecoin payments, and Plasma One, a stablecoin-native account and card.

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