Introduction & Highlights
Q3 2025 marked Plume’s first full quarter since mainnet launch. It was a defining moment in our evolution from a new chain to the world’s leading network for RWAs.
Over the past three months, Plume has established itself as the home for tokenized assets by combining rapid ecosystem growth with institutional credibility and regulatory progress.
- RWA Leadership: Plume ended the quarter with $645M in RWA TVL, 280K holders, and 100M+ onchain transactions, maintaining its position as the #1 blockchain globally for RWA holders, and representing over 50% of the entire market. Today, Plume has more RWA holders than the next 10 chains combined, beating legacy industry titans like Ethereum, Solana, Avalanche, and Stellar.
- Institutional Adoption: Major partners including Apollo Global, EY, Mastercard, and Ant Group (TopNod) launched or expanded programs on Plume last quarter. Grove deployed $50M of onchain private credit as part of the Apollo launch, EY selected Plume for its privacy-focused Nightfall L3, and Ant Group both announced strategic integrations to expand global payments and user access. Plume was also one of five companies selected by Mastercard to join its engagement program to provide global support for fintechs.
- Regulatory Breakthrough: Plume received SEC approval as a registered Transfer Agent, one of the first blockchain-native entities to hold this designation. It’s a foundational step toward enabling compliant, large-scale tokenization of TradFi markets.
- Strategic Expansion: The acquisition of Dinero, a leading institutional staking platform with $200M+ in staked ETH at its peak. This acquisition expands Plume’s product suite, and accelerates the development of our institutional DeFi product line on Nest.
- Ecosystem Growth: Over 85 dApps are now live on mainnet, including tokenized funds, commodities, credit instruments, and alternative assets. From gold and private credit to mineral interests and infrastructure projects, it’s all on Plume today.
- Exchange Accessibility: $PLUME token distribution continues to expand, with new listings on Binance – the largest exchange in the world – along with Upbit and the PancakeSwap DEX. This expands our token capabilities even farther, alongside existing global trading opportunities on Kraken, Bitget, Bithumb, and more.
- Global Presence: With over 30+ events and partnerships across Korea, Singapore, Hong Kong, and the U.S., Plume solidified its global reputation as the most active builder and policy advocate for RWA adoption worldwide.
Plume is now entering its next phase. We’re transforming early network dominance into sustainable, institutional infrastructure through compliance, liquidity, and composable yield products that redefine what “onchain finance” means for the real world.
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Table of Contents
Letter from the CEO
We founded Plume around a simple truth: life is better onchain.
Every investor update starts with this line because it’s absolutely foundational. From the beginning, our mission has been to grow crypto by making RWAs feel truly crypto-native. RWAs should be open, composable, and programmable.
Q3 2025 marked our first full quarter since mainnet launch, and it was a defining one. Plume is now the #1 blockchain globally, with the world’s largest RWA holder community. We’re proud that Plume has 280K+ holders (representing more than 50% of the entire market), $645M in RWA TVL, and 100M+ onchain transactions.
Importantly, these assets aren’t just sitting idle. ~$200M of RWAs are actively utilized on Morpho, demonstrating one of the largest real-world DeFi use-cases to date.
Our philosophy remains unchanged: we are not rebuilding TradFi on new rails, we’re designing finance for the onchain world. The winners in this next era will be those who treat RWAs as programmable building blocks, not as carbon copies of legacy systems.
We’re building a new world where anybody can seamlessly flow back and forth between crypto native assets and real world assets. 24x7, with no ridiculous fees, no massive chain of middlemen, with no settlement delays.
In our Q2 2025 Update, I laid out our perspective on how to grow crypto by blending the worlds of TradFi and DeFi. Major institutions began deploying onchain, regulators accelerated guidance, and DeFi protocols integrated RWAs as core primitives. The transition from discussion to deployment has begun.
It took stablecoins nearly a decade to gain mainstream traction, but today they represent more than $200B in market cap and 100M+ users. RWAs are on a similar path. And this time, the momentum is stronger, broader, and inevitable.
Our task now is to institutionalize Plume’s legacy.
With the SEC Transfer Agent license secured, partnerships with Apollo, EY, Ant Group, and Mastercard live, and the Dinero acquisition expanding our product suite, we are turning dominance into durability.
We’re building the compliant, composable foundation for global onchain finance.
- Chris Yin, Co-Founder & CEO
State of the Tokenization Market
Regulation turned to activation.
In Q3, the global policy environment for tokenization began producing tangible results. The U.S. passed the GENIUS Act, the SEC opened tokenization dialogues, and Dubai approved its first onchain money market fund. Across Asia, stablecoin pilots—including the KRW and JPY-backed initiatives—moved into implementation. These signals mark a clear regulatory shift: tokenization is no longer experimental—it’s infrastructure.
Institutions are entering the arena.
Nasdaq, Circle (Arc), Stripe (Tempo), Google (GCUL), and Tether (Plasma, Stable) all announced or launched financial services focused on stablecoins and tokenized expansion. Figure went public at an $8B market cap to expand its private credit platform. Canton raised $135M to revive its institutional RWA stack. This wave of entrants validates the scale of the opportunity Plume was built for. It underscores our advantage as the only permissionless, crypto-native chain purpose-built for RWA distribution.
Real assets are moving onchain.
In Q3, tokenized funds, private credit, and commodities gained traction. Grove deployed $50M in private credit to Apollo’s fund on Plume. Superstate began issuing tokenized equities. Robinhood added 500+ tokenized assets for EU users, and tokenized gold surged alongside market demand. These moves confirm a clear trend: RWAs are evolving from concept to daily utility.
New fundamentals rose.
The burst of DATs and experimental products early in the quarter gave way to sustainable models centered on compliance, liquidity, and composability. This follows the success of Michael Saylor’s strategy and Metaplanet’s offering in Japan. The projects building lasting value are those that bridge institutional trust and DeFi utility. This is exactly where Plume operates.
Plume’s Q3 Review
Company & Mainnet Growth
We had a good quarter. Plume went from a new, smaller chain to a bigger one with sustained momentum and accelerating adoption.
- $645M in RWA TVL (up from ~$200M at launch)
- 280K RWA holders, representing 50%+ global market share
- 100M+ transactions, confirming strong network utilization
Growth came from both institutional and retail channels. Our OKX Wallet campaign added $40M+ in deposits, while integrations with Morpho unlocked ~$200M in RWAs actively looping with RWA’s. This is a first-of-its-kind achievement in real-world yield generation.
Nest, our flagship staking protocol, relaunched with an all-new upgrade. We introduced new vaults, a refreshed design, and the debut of the Plume Nest Points Program (PNP), an incentive system that ties user participation directly to the value of our native token, $PLUME.
In addition to the relaunch, Nest also rolled out new vaults (Institutional, Apollo), adding $60M+ in TVL and expanding the diversity of RWA yield strategies on Plume. These launches validated our thesis that composable, productive assets can deliver lasting onchain liquidity.
The Plume Foundation also expanded global accessibility of the $PLUME token with new listings on Binance (spot), Bybit Europe, and Upbit. This significantly increased liquidity and brand reach across key retail markets in North America, Europe, and Asia.
Plume also completed the acquisition of Dinero, an institutional DeFi yield platform specializing in ETH, SOL, and BTC staking products. This acquisition strengthens our institutional offerings, boosts liquidity (with $100M+ in migrating TVL), and accelerates our product expansion goals for Nest.
Institutional Adoption
Q3 marked the beginning of the institutional flywheel for Plume. Leading enterprises and financial institutions across the U.S. and Asia selected Plume as their preferred RWA infrastructure:
- Grove deployed $50M in onchain private credit into Apollo Global’s ACRDX private credit fund on Plume. This introduced institutional RWA looping with Morpho at a 2.25X multiple, demonstrating advanced capital efficiency for a new wave of adoption.
- EY selected Plume to host Nightfall, its privacy-focused Layer 3 for secure institutional transactions.
- Mastercard accepted Plume into its Start Path accelerator, paving the way for global payment interoperability.
- Ant Group announced Plume as an inaugural launch partner for its web3 wallet, integrating Plume’s assets into a new retail distribution channel.
- Circle launched native USDC on Plume, providing stablecoin liquidity for institutional and retail RWA use cases.
Each of these partnerships reinforces Plume’s position as the neutral, compliant backbone for institutional-grade RWA activity.
Regulatory and Policy Progress
One of Plume’s most significant milestones this quarter was earning SEC approval as a Registered Transfer Agent, making us one of the few blockchain-native entities authorized to manage digital securities and shareholder records directly onchain.
This designation enables Plume to:
- Support interoperability with the U.S. DTCC settlement system
- Facilitate onchain IPOs, small-cap fundraising, and 1940 Act fund issuance
- Reduce tokenization timelines from months to weeks through smart contract automation.
The license lays the groundwork for onboarding major asset managers and issuers like BlackRock, Fidelity, Apollo, and others who are actively seeking compliant migration of offchain securities into programmable, digital formats.
In parallel, the Plume leadership team deepened global regulatory engagement:
- Continued policy dialogues in Washington, D.C., advancing bipartisan support for tokenization frameworks
- Launched the Global RWA Bridge Program to accelerate regulated issuer adoption in Asia
- Expanded outreach through regional events and industry roundtables in Hong Kong, Singapore, and Korea
Together, these initiatives strengthen Plume’s position as a compliance-first, globally recognized RWA platform.
Global Ecosystem Expansion
The Plume mainnet now features 85+ dApps spanning tokenized funds, commodities, private credit, and alternative assets. From Matrixport gold and Mercado Bitcoin’s USD1 to durian farms, mineral rights, and infrastructure projects, we continue to nurture the developers and creators building these solutions.
To accelerate the ecosystem at large, Plume launched Ascend, the first onchain RWA-focused accelerator, backed by Galaxy Digital and other institutional partners. Ascend received over 140 applications, including projects from alumni of J.P. Morgan, Microsoft, and leading DeFi protocols.
In Asia, the RWA Bridge Program (developed in partnership with regional regulators and Web3Labs) helped educate and onboard the next wave of compliant RWA issuers in Hong Kong and Singapore.
These programs underscore Plume’s role as not just an infrastructure layer, but a growth engine for the entire RWA economy.
Product and Engineering
On the product front, we made major progress towards the relaunch of Nest. We’re evolving our flagship protocol into an engine of institutional-grade onchain yield. The acquisition of Dinero accelerated this roadmap, bringing top-tier engineers and institutional staking products (ipxETH, pxSOL, pxBTC) into the Plume suite.
We continue to focus on enabling cross-chain RWA yield strategies and enhancing capital efficiency across our ecosystem.
Additional development this quarter included:
- Expanded integrations with Morpho, Clearpool, and PayFi
- Early work with Plasma for DeFi-native RWA liquidity
- Ongoing refinement of the pUSD vault, our MEV-protected yield infrastructure.
Marketing and Brand Growth
Q3 was Plume’s most active quarter to date across global events and brand visibility. The team participated in over 30 conferences and summits across Korea, Singapore, Hong Kong, and the U.S., including Token2049, KBW, Fireblocks Summit, and the HashKey Global Onchain Forum.
Highlights included:
- Speaking engagements at CNBC, Pragma NYC, DC Fintech Week, and Ethereum NYC
- Hosting our “Assets on the Rocks” mixer series for institutional DeFi builders at Token2049
- Coverage in leading publications including Messari, RedStone, Tiger Research, Dune, and CryptoDep, each citing Plume as the market leader in RWA holders.
Plume also launched the Global Real World Asset Alliance (GRWA), a cross-industry initiative with founding members WisdomTree, DigiFT, Morpho, Nest, Centrifuge, Gate Web3, Mercado Bitcoin, and Bitget Wallet. All designed to advance education, standards, and adoption for tokenized finance.
This sustained visibility has helped cement Plume as the brand synonymous with RWAs across both institutional and crypto-native ecosystems.
Looking Ahead
Q4 marks the start of Plume’s next phase. We’re evolving from rapid network growth to institutional scale.
Our priorities are clear: strengthen Nest as the engine of onchain value and expand our global adoption.
- Nest Relaunch: The next evolution of our flagship staking and RWA yield protocol just debuted with a full rebrand, new institutional and retail vaults, and the launch of Nest Points. Together, these make Nest the mechanism that routes liquidity, composability, and value directly back into $PLUME.
- Global Visibility: Plume will take the stage at Hong Kong FinTech Week and Abu Dhabi FinTech Week, continuing our leadership in bridging global policy, institutional finance, and DeFi adoption.
- Exchange Expansion: The Plume Foundation is exploring additional exchange listings to expand access and deepen liquidity for $PLUME worldwide.
We’re ready to turn proven network dominance into lasting infrastructure.
Here’s to another incredibly exciting quarter ahead.
Thanks for being a part of our journey at Plume.
