Exclusive: Tokenization startup Plume gets $20 million in funding to build a real-world asset finance ecosystem

Yesterday UK-based payments firm BVNK announced a $50 million Series B funding round led by Haun Ventures, increasing its annualized payment volumes to $10 billion. Some funds will expand its US presence, while the company’s revenues show resilience despite previous losses.

A strategic partnership between Usual, Ethena, and Securitize, the tokenization platform for the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), is reshaping DeFi by combining liquidity, yield, and composability.

Securitize has launched its new sToken functionality, enhancing liquidity and composability for over $1B in Real World Assets (RWAs) through a partnership with Elixir’s deUSD program, allowing institutional holders to access DeFi liquidity while maintaining investment yields.

Goldman Sachs is planning to spin out its digital assets platform into a new company for financial firms to create and trade assets using blockchain technology. The bank is engaging with potential partners and aims to complete the spin-out within 12 to 18 months, pending regulatory approvals. The goal is to enhance the platform's capabilities and commercial use, with plans for partnerships and a focus on tokenizing traditional assets.

Tether announces an investment in Quantoz Payments to support the launch of EURQ and USDQ, MiCAR-compliant stablecoins aimed at advancing regulated digital asset solutions in Europe. This initiative showcases Tether's commitment to innovative financial tools and positions it at the forefront of the asset tokenization sector with its Hadron technology.

There is hope that Congress might advance US stablecoin laws during the current lame duck session, despite challenges in reaching bipartisan agreement. With significant advancements in the global stablecoin market and a growing number of financial players entering, urgency has been expressed by certain lawmakers. However, ongoing debates about the balance between state and federal oversight remain a major hurdle. Meanwhile, prospects for the FIT21 Act, which aims for a tailored regulatory framework for crypto, appear dim for this year.

Franklin Templeton has expanded its OnChain U.S. Government Money Market Fund to the Ethereum blockchain, alongside availability on other platforms like Base, Aptos, and Avalanche. The fund now has a market cap of $410 million, making it one of the largest tokenized money market funds. Ethereum is the preferred blockchain for issuing tokenized traditional assets, handling $1.6 billion worth.

Tether has launched Hadron, a platform aimed at simplifying the tokenization of various assets, including stocks, bonds, and stablecoins, making it accessible for institutions, governments, and private companies.

Societe Generale's digital assets subsidiary, SG-FORGE, plans to expand its euro stablecoin, EUR CoinVertible (EURCV), to the XRP Ledger, building on previous launches on Ethereum and upcoming plans for Solana.

Sygnum's 2024 survey reveals that 57% of institutional investors plan to increase their crypto allocations, with 65% bullish in the long term. The survey highlights strong interest in digital assets despite concerns over volatility, driven by optimism surrounding recent Bitcoin price hikes and regulatory clarity.

SCB 10X, the fintech arm of SCBX Group, has developed a Thai Baht stablecoin, THBX, in collaboration with Siam Commercial Bank and other partners. The stablecoin aims to provide a seamless payment experience for foreign visitors during the Ethereum Devcon event in Thailand, allowing for retail payments via QR codes. The project operates within a regulatory sandbox overseen by the Bank of Thailand and Thai Securities and Exchange Commission.

Sling Money has launched in the U.S., offering instant, stablecoin-based peer-to-peer payments for customers of major banks. Using the Solana blockchain, users can send money quickly and at low costs, with the ability to transfer to over 75 countries. The app supports USDP, a reserve-backed US Dollar stablecoin, and integrates with real-time payment systems like RTP and FedNow. With no current fees, Sling Money aims to enhance financial accessibility for Americans and expedite the rollout globally.

Matrixdock announces a strategic partnership with Brink's for the secure management of its XAUm token, a gold-backed digital asset. The partnership enhances security by leveraging Brink's vaults in Singapore and Hong Kong, ensuring that LBMA-certified gold backing XAUm is safely custodied and accessible to investors in Asia-Pacific.

Institutions such as Clearstream, DekaBank, and Union Investment are urging the European Central Bank (ECB) to continue its wholesale DLT settlement trials using central bank money. They emphasize the need to maintain momentum and avoid delays in implementing scalable payment solutions as discussions around a potential digital capital markets union grow.

Fireblocks has partnered with NongHyup Bank in South Korea to pilot the tokenization of tax refunds, leveraging blockchain technology for enhanced transparency and security.

BlackRock is expanding its tokenized fund BUIDL, initially launched on Ethereum, to five new blockchains: Aptos, Arbitrum, Avalanche, Optimism's OP Mainnet, and Polygon. This move aims to enhance access to the largest blockchain-based money market fund, backed by short-term U.S. Treasuries, which has already accumulated $520 million in assets.

The stablecoin payment processor Utopia Labs has joined Base, the Layer 2 network from Coinbase, to enhance onchain payments within Coinbase Wallet. This collaboration aligns with Coinbase's vision for global payments.

The UK’s Chancellor is expected to announce plans for issuing digital gilts, tokenized government bonds on a blockchain, in a Mansion House speech cited by Bloomberg. The issuance is expected within two years, following proposals from the previous government and industry recommendations. The move aims to advance the UK's digital strategy and aligns with international practices, particularly in DLT and government bonds.

Avalon Labs has launched USDa, the first Bitcoin-backed overcollateralized stablecoin with a supply of 100 million USDa tokens backed by $200 million in Bitcoin, offering high annual percentage yields and aiming to enhance Bitcoin's liquidity and adoption.

The Deutsche Bundesbank joins Project Guardian, a global initiative led by the Monetary Authority of Singapore (MAS), to explore asset tokenisation in financial markets, enhancing liquidity and efficiency through technology.

Copper has received approval from the FSRA in Abu Dhabi to offer custody services for tokenized money market funds, allowing clients to use these tokens as collateral in derivatives trades. The firm has partnered with key players in tokenization and emphasizes operational efficiencies in the growing tokenized Treasury market.

A report by Standard Chartered predicts that a Republican sweep in the U.S. elections could lead to the cryptocurrency market cap reaching $10 trillion by 2026, driven by regulatory changes and positive policies for digital assets.

AFME outlines its vision and policy recommendations for DLT and tokenization in Europe, addressing challenges posed by CSDR regulations and advocating for a new regulatory regime similar to MiCAR for crypto-assets.