2 min readWe are entering a new chapter. One where valuations reflect substance, tokens behave like shares, and regulation provides a clearer runway for innovation. This shift could finally set the rails for a more sustainable, integrated digital asset market. The wave of capital that once fueled projects with little more than hype and massive token unlock schedules is now drying up. The exuberance that surrounded foundations with massive token allocations has faded, revealing how fragile those models can be. Meanwhile, the “treasury companies” are for most of them following a similar path, after having swallowed the capital of retail investors hoping that Michael Saylor's aura could be duplicated infinitely. Yet, paradoxically, the firms that managed to accumulate genuine war chests, most prominently Tether, now display enormous, we're talking Sovereign level. With billions in reserves, they can deploy capital strategically, shape markets, and even disrupt entire segments of the digital asset ecosystem and beyond as per their incursion in Agriculture. Their treasure chests provide a level of optionality that the “guru led” treasury companies never truly had.
Digital assets soon set to finally act as legal securities?
At the same time, tokens tied to real businesses and tangible revenue streams are gaining traction. Projects like Hyperliquid or Sky have shown that protocols can interact with stakeholders more like listed companies, using buybacks and clear tokenomics to create value. This signals a welcome evolution: instead of extracting from users, some projects are beginning to reward them and demonstrate long-term economic sustainability.
Another factor shaping this landscape is the U.S. regulatory environment. The SEC’s new framework for crypto ETFs and token standards is reminiscent of the Clinton-era reforms that reshaped capital markets in the 1990s. This is not deregulation but rather regulation that allows serious actors to build with confidence.The SEC’s new framework for token issuance is bringing much-needed clarity. Token models can now be structured more confidently, aligning closer with traditional securities without the fear of regulatory overreach. This confidence will be supplemented by the market structure bill at some point in the near future.
This convergence between digital assets and traditional finance is more than cosmetic. It represents the early foundations of a financial system where tokens can be true equity-like instruments, powering platforms and rewarding participants. For asset managers, this creates a unique horizon: an opportunity to move beyond long-established standard allocations and offer innovative, tech-aligned products that resonate with how finance is evolving in real time.
We are moving into a new phase. One defined by real business models, equity-like tokens, and regulation that enables innovation rather than stifling it. This evolution has the potential to lay the groundwork for a more resilient and interconnected digital asset market. The paradigm is shifting: capital is consolidating, rules are clearer, and sustainable structures are emerging to power the next stage of growth.
