Plume Network

Plume operates an onchain platform for bringing institutional financial assets — including AAA CLOs, structured receivables, private credit, treasuries and market-neutral strategies — to crypto-native investors. Its principal user-facing product is Plume Vaults, which accept stablecoin deposits (USDC, USDT, or Plume's own pUSD stablecoin) and issue a vault token representing the depositor's position; yield accrues through appreciation of the vault token, and the company states most redemptions complete within minutes. Vaults are available across Ethereum, Solana, Avalanche, BNB Chain and Plume's own network.

The platform also connects vault positions to third-party DeFi primitives: leveraged looping and borrowing against vault tokens, plus pUSD lending, are powered by Morpho, while yield tokenization (splitting positions into principal and yield to fix rates or sell future yield) is powered by Pendle. On the supply side, Plume works with asset issuers and institutions to issue, distribute and manage tokenized real-world assets, and it engages on tokenization policy — its General Counsel, Salman Banaei, a former SEC and CFTC counsel, testified before the U.S. House Financial Services Committee on tokenized finance. Plume states it is licensed by the Bermuda Monetary Authority.

Business model

Plume operates infrastructure and vault products that intermediate between institutional asset issuers and onchain investors: issuers use Plume to tokenize and distribute real-world assets, while retail and crypto-native capital deposits stablecoins into yield-bearing vaults holding those assets [0].

Traction

Website lists individual vaults with disclosed TVL, the largest being BlackOpal LiquidStone II at $76.4M (11.3% APY) and the FALX Structured Credit Facility at $28.8M (7.2% APY), alongside smaller vaults including Alpha ($13.2M), AXI ($5.5M), iShares AAA CLO ($3.2M), WisdomTree ($2.9M), nTBILL ($2.6M) and Liquid Credit ($2.1M); advertised yields reach up to 19.8% APY. EtherFi is cited as allocating $100M into institutional RWA yield through Plume Vaults, and Apollo is described as an investor and partner reaching onchain investors via Plume [0].

Latest developments

Company highlights include an April 2025 investment from Apollo to advance RWA development, a December 2025 New York Times feature on Plume's role in tokenization, March 2026 Forbes coverage of Plume's counsel urging the SEC to accelerate tokenization rules, and a June 2026 report of EtherFi and Plume expanding RWA yield with a $100M vault [0].