Delphi Digital's "State of Token Markets" report identifies structural problems in current token issuance models that subject holders to persistent sell pressure, preventing tokens from functioning as investable capital assets.
The report points to several issuance mechanics driving that pressure: centralized exchange listings, large-scale airdrops, frequent unlock schedules and buyback programs designed to manage supply. Revenue-generating protocols are not immune.
Delphi Digital argues that tokens can only mature into investable capital assets if issuers shift toward stable, long-term value propositions rather than speculative trading dynamics. Security Token Offerings and other tokenized real-world assets represent one path toward that structure.
The broader tokenized RWA market has reached significant scale. BeInCrypto tracks more than 7,000 tokenized products across 12 asset classes totaling roughly $60 billion—though the report said most of those assets are not actively trading.
The United States STO market has shown growth, driven by favorable regulations and increasing blockchain adoption, according to a 2025–2035 market forecast. North America, particularly the U.S. leads the global STO market.
Regulatory clarity remains a critical factor. The Digital Asset Market Clarity Act—known as the CLARITY Act—aims to define whether digital assets are securities or commodities, determining whether the SEC or CFTC holds jurisdiction.
The Senate's decision not to hold a procedural vote on the CLARITY Act this month disappointed the crypto industry, leaving token classification questions unanswered and introducing continued uncertainty for issuers and investors.
Without defined rules, projects face compliance ambiguity. Industry participants say the CLARITY Act is essential for an environment where tokens can be structured as legitimate capital assets.
