Plume

Plume is an EVM-compatible modular Layer 2 blockchain built specifically for real-world asset (RWA) tokenization and distribution. Its core premise is that the trillions of dollars locked in institutional private credit, fixed income, and alternative assets should be accessible on-chain with the same composability as any other DeFi primitive. Founded in October 2023 and launched as Plume Genesis on June 5, 2025, it functions as a single venue where regulated issuers can mint, transfer, and clear tokenized assets under U.S. and offshore regulatory frameworks — while retail and institutional DeFi users interact with those assets through familiar mechanisms like lending, leveraged yield strategies, and yield trading.

How It Works

Plume's architecture combines three layers: an issuance engine for bringing real-world assets on-chain, a compliance and data layer that encodes transfer restrictions and KYC rules directly into asset tokens, and a DeFi execution environment where those assets become composable with lending protocols, automated market makers, and structured products.

The primary interface for users is Plume Vaults — yield-bearing products backed by diversified institutional assets. A user deposits a supported stablecoin (USDC, USDT, or Plume's native pUSD), receives a vault token representing their position, and earns yield as the underlying assets generate returns. Vault tokens are not locked instruments: they function as liquid collateral usable in lending markets or tradeable on secondary venues. Most redemptions complete within minutes. The vault system integrates directly with Morpho for lending and borrowing against vault positions, and with Pendle for fixed-rate yield trading.

A feature called Loop allows users to automate leveraged yield strategies against vault positions — up to 6.7x exposure in a single transaction — without manually managing collateral cycles.

Key Products

Plume Vaults are the flagship product line, packaging institutional yield sources into accessible on-chain instruments. Strategies include AAA-rated collateralized loan obligations (CLOs), structured receivables, Brazilian credit card receivables, U.S. treasury bills, and funds from managers including Apollo, Hamilton Lane, and WisdomTree. Asset issuers include Securitize and Superstate.

Nest Vaults extend the Plume Vault architecture to external chains without requiring users to bridge to the Plume network itself. Five Nest products launched on Solana in December 2025: nBASIS, nOPAL, nTBILL, nWisdom, and nAlpha. Solana users deposit stablecoins and receive liquid, yield-bearing vault tokens that remain usable within the Solana DeFi ecosystem or redeemable at any time. This made Plume one of the first RWA protocols to deliver native institutional yields directly to Solana users without a chain migration.

pUSD is Plume's native stablecoin used for minting, redemption, and on-chain settlement within the ecosystem.

PLUME is the network's governance and staking token.

SkyLink is Plume's cross-chain deployment infrastructure, extending the yield vault framework to 16 blockchain networks including Solana, Avalanche, BNB Chain, Injective, Movement, and Zircuit.

Asset Coverage

Plume's documentation positions the supported asset universe broadly: tokenized private credit, institutional fixed income, ETFs, commodities, and alternative assets spanning GPUs, uranium, mineral rights, and agricultural outputs. In practice, active vaults concentrate on structured credit and fixed-income products from established institutional managers, with the alternative category growing as the ecosystem expands.

Ecosystem Scale

Within two months of mainnet launch, Plume reached $366 million in RWA TVL and 190,000 on-chain RWA holders. By the end of Q3 2025 — roughly three months post-launch — those figures had grown to $645 million in TVL and 280,000 holders, with more than 100 million on-chain transactions recorded. Plume reported holding the top position globally for RWA holder count, representing more than 50% of the entire on-chain RWA holder market at that point. More than 180 protocols had built on or integrated with the network, and approximately $200 million of Plume-issued RWAs were actively deployed as collateral on Morpho.

Key distribution partners and integrations include Apollo, EtherFi (which allocated $100 million into Plume RWA Vaults), Bybit, Binance, FalconX, and WisdomTree. Institutional integrations also include EY, Mastercard, and Ant Group.

Security and Regulation

Plume has engaged QuillAudits as a security partner for smart contract auditing, with audit requirements embedded into its ecosystem onboarding program for new protocols building on the network. The platform is licensed by the Bermuda Monetary Authority. Plume has also received SEC recognition as a registered Transfer Agent — a regulatory milestone that allows it to legally record securities ownership on-chain under U.S. law.

Team and Backing

The project was co-founded by Chris Yin (CEO), Eugene Y.Q. Shen (CTO), and Teddy Pornprinya (CBO). Plume has raised institutional backing from Galaxy Digital, YZi Labs (formerly Binance Labs), and Brevan Howard, placing it at the intersection of crypto-native infrastructure and traditional institutional finance.

Solana Relevance

Plume's relationship with Solana operates at the distribution layer. The Nest Vault architecture means Solana users can access compliant, institutional-grade yield products without leaving the Solana network. nBASIS, nOPAL, nTBILL, nWisdom, and nAlpha vault tokens are native Solana assets, usable across Solana DeFi applications or redeemable directly. For Solana's growing RWA sector, Plume functions as the tokenization and compliance backend — handling issuer onboarding, regulatory compliance, and asset custody on its own chain — while surfacing the yield-bearing output as composable tokens wherever users already are.