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.

Crypto

BNB was launched in 3rd July 2017 as an ERC-20 Token that enabled holders to get discounted trading fees at Binance Exchange. BNB has evolved over time to also be the native token of its own blockchain. BNB can still be used to pay for discounted Binance services though it is also heavily used as payment for gas when confirming transactions on BNB Chain.

<ul>
<li>Centralized exchanges (CEXs) came to tokenized stocks well after the onchain issuers had introduced the category, but they arrived with wider catalogs and order books of their own.</li>
<li>Binance is the newest entrant and it scaled fastest in July, though most of that volume came from QQQB, a single token tracking the Nasdaq 100 ETF.</li>
<li>What it costs you to trade tokenized stocks (for the time being) depends entirely on where you buy and when.</li>
</ul>


Centralized exchanges (CEXs) came to tokenized stocks well after the onchain issuers had introduced the category, but they arrived with wider catalogs and order books of their own.
Binance is the newest entrant and it scaled fastest in July, though most of that volume came from QQQB, a single token tracking the Nasdaq 100 ETF.
What it costs you to trade tokenized stocks (for the time being) depends entirely on where you buy and when.


<ul>
<li>The story on Avalanche has moved past issuance.</li>
<li>Tokenized RWA value has grown from $740M to over $3B since October, with Progmat's Japan migration complete, Galaxy proving out tokenized CLOs and onchain proxy voting, and Aave choosing the network for V4's first deployment beyond Ethereum.</li>
<li>The report covers what gets built on top of those assets, from the credit operations stack coming onchain to the stablecoin payment rails aiming to reach half of South Korea's card volume.</li>
</ul>


The story on Avalanche has moved past issuance.
Tokenized RWA value has grown from $740M to over $3B since October, with Progmat's Japan migration complete, Galaxy proving out tokenized CLOs and onchain proxy voting, and Aave choosing the network for V4's first deployment beyond Ethereum.
The report covers what gets built on top of those assets, from the credit operations stack coming onchain to the stablecoin payment rails aiming to reach half of South Korea's card volume.


Avalanche Is the Business Chain for Real-World Finance

Equity Bottom-Up

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.

<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

Arcium is building the encrypted supercomputer - a decentralized network for trustless computation over fully encrypted data. Arcium's vision is to serve as the encrypted execution engine for all of humanity. Powered by the most trustless and scalable cryptographic encrypted execution stack (Cerberus MPC protocol), Arcium enables encrypted shared state and encrypted computing for applications across Blockchain, AI, and beyond. It is the only scalable, composable, and trustless solution capable of meeting the growing demand for confidentiality in blockchain, enterprise and government. With the most advanced and performant encrypted computing protocols in the market, Arcium is the clear leader in encrypted computation.

<ul>
<li>Stablecoin payments grew from $1.9B a month in early 2023 to over $10B by mid-2025, yet growth flattens outside contractor payroll, remittances, and card spend.</li>
<li>A salary paid on-chain publishes the amount, the employer, and the pay cycle, so companies try the rails once and quietly move payroll back off-chain.</li>
<li>Arcium keeps settlement public and moves the computation out of view.</li>
</ul>


Stablecoin payments grew from $1.9B a month in early 2023 to over $10B by mid-2025, yet growth flattens outside contractor payroll, remittances, and card spend.
A salary paid on-chain publishes the amount, the employer, and the pay cycle, so companies try the rails once and quietly move payroll back off-chain.
Arcium keeps settlement public and moves the computation out of view.


Arcium: Enabling The Next Phase Of Private On-Chain Activity

Virtual currencies are decentralized, math-based digital assets in which transactions can be performed cryptographically without the need for a central issuing authority. The first specification and proof of concept of Bitcoin, the first widely used virtual currency, was published in 2009 based on a paper published pseudonymously by Satoshi Nakamoto.

<ul>
<li>The problem with token markets was never demand in isolation.</li>
<li>It was the structure of what investors were being asked to buy.</li>
<li>Across CEX listings, airdrops, unlock schedules, buybacks, memecoins, and revenue-generating protocols, State of Token Markets examines how token issuance broke down, why most holders were left fighting unrelenting sell pressure, and what must change for the next generation of tokens to become genuinely investable capital assets.</li>
</ul>


The problem with token markets was never demand in isolation.
It was the structure of what investors were being asked to buy.
Across CEX listings, airdrops, unlock schedules, buybacks, memecoins, and revenue-generating protocols, State of Token Markets examines how token issuance broke down, why most holders were left fighting unrelenting sell pressure, and what must change for the next generation of tokens to become genuinely investable capital assets.


Delphi Digital
Crypto Research and Data
• Delphi Digital

The State of Tokenized Stocks

Centralized exchanges (CEXs) came to tokenized stocks well after the onchain issuers had introduced the category, but they arrived with wider...

Delphi Digital

Avalanche Is the Business Chain for Real-World Finance

The report covers what gets built on top of those assets, from the credit operations stack coming onchain to the stablecoin payment rails aiming to...

Delphi Digital

The Case for Plasma One: Stablecoins Are Eating the World

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.

Delphi Digital

Arcium: Enabling The Next Phase Of Private On-Chain Activity

Stablecoin payments grew from $1.9B a month in early 2023 to over $10B by mid-2025, yet growth flattens outside contractor payroll, remittances,...

Delphi Digital

State Of Token Markets

The problem with token markets was never demand in isolation. It was the structure of what investors were being asked to buy. Across CEX listings,...

Delphi Digital