In the third quarter of 2025, Plume took a key step, rapidly growing from an emerging network into a leading global blockchain platform for Real World Assets (RWA), further consolidating its dominant position in the field of compliant, institutionalized asset on-chaining.

Highlights at a Glance

Plume's total value locked (TVL) for RWA reached $645 million this quarter, with over 280,000 holders and more than 100 million on-chain transactions. Its number of RWA holders exceeds the combined total of the other 10 chains in the market.

• Several institutional partners have joined the ecosystem, including Apollo Global Management (Apollo), EY (Ernst & Young), Mastercard, and Ant Group.
• A breakthrough on the compliance path: Plume has received approval from the U.S. Securities and Exchange Commission (SEC) to become a Registered Transfer Agent, one of the few examples of a blockchain-native entity obtaining such certification.
• Ecosystem expansion is accelerating: Since the mainnet launch, more than 85 decentralized applications (dApps) have been deployed on Plume, covering diverse areas such as asset tokenization funds, commodities, credit instruments, and mining infrastructure projects.

The Asset Tokenization Market Landscape and Plume's Positioning

The third quarter of 2025 witnessed the global regulation of tokenization move from the "discussion stage" to the "implementation stage." The United States passed the GENIUS Act (US), and the SEC launched a dialogue mechanism on tokenization; Dubai approved its first on-chain money market fund; and stablecoin pilots in Asia (such as KRW and JPY backing) entered the implementation stage.

At the same time, several traditional financial and technology giants are accelerating their entry into the tokenization race, including Nasdaq, Circle (the issuer of USDC), Stripe, and Tether.

In this environment, Plume, with its features of "native chain, few permissions, and controllable compliance", is becoming the infrastructure hub for the tokenization of physical assets.

Q3 Key Highlights

Network and product growth

• TVL grew from approximately $200 million at its inception to $645 million.
• With over 280,000 RWA holders, it accounts for more than 50% of the global market.
• The proprietary product “Nest” has been revamped and upgraded, with the addition of institutional and retail Vaults and Plume Nest Points incentive mechanisms.
• The company acquired Dinero, an institutional-grade staking platform, and introduced staking products for cryptocurrencies such as ETH, SOL, and BTC to enhance institutional liquidity and product portfolio.

Institutional infiltration

• Grove's deployment of $50 million to Apollo's private credit fund demonstrates the capital efficiency of physical assets on-chain.
• EY has chosen Plume to host its privacy L3 framework, Nightfall.
• Mastercard has included Plume in its Start Path accelerator; Ant Group has integrated the Plume ecosystem into its wallet platform.

Compliance and Policy Promotion

• Obtaining SEC-registered transfer agent status could enable large asset managers (such as BlackRock and Fidelity) to convert traditional securities into programmable assets.
• Multiple policy dialogues and industry roundtables were held in Washington, Hong Kong, Singapore, and South Korea to enhance global regulatory engagement.

Global ecological expansion

• More than 85 dApps have been launched, covering asset tokenization funds, commodities, mining rights, infrastructure projects, etc.
• The RWA Bridge project will be established in the Asia region to assist regulated issuers in accessing the on-chain ecosystem.
• Brand and media exposure increased significantly, with participation in over 30 international conferences and collaborations with multiple research institutions to release RWA-related data and analysis reports.

Looking to the future: Plume's next phase (Q4 and beyond)

Plume has entered a phase of transformation from "scaled growth" to "institutionalized infrastructure." Its future priorities include:

• The official launch of a new version of the Nest protocol focuses on deeply integrating Vaults, incentive mechanisms (Nest Points), and the $PLUME token, making it a hub for on-chain liquidity and value.
• Global exposure will be further enhanced, including participation in major events such as Hong Kong Fintech Week and Abu Dhabi Fintech Week, reinforcing its brand positioning as an infrastructure on the real asset chain.
• Deepen the exchange presence and expand the global tradability and liquidity of the $PLUME token.

Review

In the wave of tokenization of physical assets that is disrupting financial infrastructure, Plume's performance is undoubtedly remarkable. It has not only achieved a market-leading position in quantitative trading but has also made simultaneous progress in multiple dimensions, including compliance building, institutional partnerships, and product services. For issuers, asset management institutions, or technology-driven financial service providers looking to bring traditional assets onto the blockchain, Plume's "chain + compliance + institution" solution offers significant reference value.

Barring unforeseen circumstances, Plume is likely to become the core hub for the next phase of "on-chain asset native issuance + global circulation".