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Plume Goes Mainnet, Circle IPO Soars, Democratized HELOCs, and More

Your Bi-Weekly RWA Breakdown

June 09, 2025

Welcome to the Monday edition of What’s Drippin’. Enjoy a summary of the top headlines, market movements from the data team, special announcements, and Herwig’s thoughts on what’s going on in this fast-evolving space.

Without further ado, it's time to


Get Liquid 💧

Summary and Key Takeaways

1. Plume Launches Mainnet with $150M RWAs

One of the rising stars in RWAs is none other than Plume which has sealed dozens of partnerships in the last year and even received investment from Apollo (although undisclosed sum). They’ve officially gone mainnet with their Nest Vaults, vaults backed by RWA yield - the unlock for RWAs Herwig can’t stop talking about may take shape in the form of Plume Nest Vaults, hot off the heels of deRWA vaults from Centrifuge and, of course, Securitize and Etheana’s Converge vault platform. Check out this panel on the topic from TokenizeThis featuring Elixir, Steakhouse Financial, Cometh, and Mountain Protocol!

2. Democratized Prime Brings DeFi to Figure’s HELOCs

Who’s got over $500M in RWAs coming onchain every month? No one but Figure that is. Interestingly, borrowers don't even have a clue blockchain is powering their loan. Meanwhile the bankers involved in packaging and selling these HELOC pools are J.P. Morgan and Goldman Sachs. This is all institutional grade RWA activity until now. Democratized Prime is here to serve you up access to DeFi using Figure HELOCs through vault technology using cash or crypto. Lending pools for RWAs are clearly the hot new trend in the market as the industry moves beyond token containers to focusing on creating actual utility. 

3. Circle IPO Brings RWAs and Stablecoins Mainstream

Last week we covered Circle’s $CRCL ( â–Č 29.4% ) anticipated listing on NYSE at which point expectations were in the high $20’s to low $30’s per share. That couldn’t have been further from what happened as shares soared, crossing $100 and continuing to grow as of this morning. This shows confidence in the crypto space as Circle joins others like Coinbase in the big leagues. With this momentum we could be seeing additional crypto industry IPOs, Tyler and Cameron Winklevoss’ Gemini being the next to follow with their filing disclosed on Friday. 

4. Etherfuse’s $CETES Receives BB Rating from Particula

Another player making waves in the yieldcoin space is Etherfuse, which is powered by Solana. However they are not known for their tokenized US treasuries so much as they are for tokenizing bonds in other countries like Gilts in the UK, Tesouro government bonds in Brazil, and also the CETES in Mexico. If your curiosity is piqued but you’re nervous about buying tokenized CETES then fret not because Particula is here to tell you all you need to know with confidence. Their BB rating comes with a thorough report evaluating the Etherfuse $CETES product that you can read up on but here is a reference on Particula ratings for everyone: 

5. C3 Bullion Gets Reg A Approval for tZERO Offering

Not only did we see an IPO this week but also what you might hear as a “mini-IPO”. That’s because C3 Bullion finally received approval for their RegA+ filing (tier 2) and have launched their offering via tZERO, raising up to $40M from both accredited and non-accredited investors. This isn’t a gold token, however, it’s equity in a company that helps those mining gold and ensures its delivery. We’ll hold our congratulations until post-raise but we do commend Luciano Duque and team for getting through the filing process and of course tZERO and Vertalo for their roles in this offering. Further down the line it’s possible we see C3 Bullion proving the model now and encourage their mining clients to do the same, bringing more commodities onchain.

This is not financial advice.

Notable Market Headlines

Institutional Activity

RWA Foundation & WALLY DAO

The WALLY DAO website is officially live!

Monday’s Onchain: Weekly X Spaces

 Join us on Monday’s Onchain to talk about
📰 Tokenization News
🚀 New RWAs
⭐ Featured Guests and more!

Set your reminder and see you there!

STM.co Data

This week the STM.co data team is focusing on performance for this past month. Tokenized equities led the way with an average return of over 10%, significantly outpacing other categories. However, it's important to note that this excludes an outlier equity with a staggering 364% return, which was omitted for visual clarity. Tokenized stocks and investment funds also showed modest average gains, reflecting pockets of investor optimism and increasing traction for blockchain-based securities.

On the downside, asset-backed securities (ABS) and real estate tokens both posted negative average returns, with the lowest single-token returns in these categories reaching below -30% and -20% respectively. This underperformance could signal continued liquidity challenges or broader uncertainty around tokenized real-world asset valuations. The dispersion in returns, as visualized by the wide gap between min and max values, reinforces the importance of selective exposure and due diligence in this emerging market as well as for data on the underlying assets to base investment decisions around. For more granular insights, token-level breakdowns, and historical trends, visit STM.co.

This is not financial advice.

Think Like Herwig

Hello readers,

It’s so exciting to see the tokenization industry mature into using blockchain instead of just pretending to. From 2017-23 the most common use cases were typically opportunistic fundraisers who simply wanted to offer tokens for shares and nothing more. Then what’s the point of tokenizing? Now the token engines are all enabling true utility for their RWA products and the #1 use case (as I’ve been saying it would be!) is vaults. Borrowing against your asset so that you can start looping it and also accessing DeFi through stablecoins and other yield is such a gamechanger for investors that it's going to be the driving factor that injects hundreds of billions into RWAs within the next 12 months. I wouldn’t sleep on this. 

If you don’t understand it, I’d recommend you learn it fast.

Happy tokenizing, 
Herwig “Happy” Konings
CEO, Security Token Group 

💩 What Else is Drippin’

Upcoming Webinar

IFI Global & STM.co have combined forces to research private fund managers on the adoption of tokenization for their investment strategies.

Join us on June 17th at 12pm ET via Zoom to learn about the results of the research, debates around these findings, and gain valuable insights through a panel discussion featuring tokenization innovators actively working to bring markets onchain.

Contact Tamara Sims [email protected] for more details

This is not financial or investment advice.

Companies of the Week

Company of the Week - Herwig: Plume Network
Company of the Week - Kyle: Figure Markets

Find out why and more every Friday live around 12pm EST on LinkedIn or X/ Twitter. Past episodes available on Youtube or your favorite podcast platform! 

Reports

RWA Tokenization: Key Trends and 2025 Market Outlook

Check out a report we contributed to: RWA Tokenization: Key Trends and 2025 Market Outlook. Led by Brickken, this report brings multiple parties together in diving into tokenization, with STM.co supporting with both data and some of the written sections.

What’s Inside?

✅ A Breakdown of Tokenization and Related Benefits
✅ Key advantages for issuers, investors, and institutions
✅ How the market is evolving and trends shaping adoption in 2025
✅ What’s next? Expert insights on regulation, DeFi integration, institutional involvement, and market growth

STM’s RWA Market Prediction for 2030

STM.co is proud to release a thorough report on our prediction on the tokenized real world asset market growth. This report explores the variety of opportunities within each asset class to capture value on-chain.

Tokenization can be applied to just about any object and asset type. Art, carbon credits, life insurance, and other sub $5 trillion asset classes weren’t even considered in estimates.

In order for STM to derive its 2030 market predictions, the following asset classes were evaluated: currency, M2/M3, real estate, commodities, public equities, private companies and funds, bonds, credit and lending markets.

This is not financial or investment advice.

We hope you enjoyed this week's What’s Drippin’ email - if you have any feedback on either what you liked or what you’d like to see, please reply to this email with it.

Everything in this newsletter is for informational and entertainment purposes only. Nothing in this report should be taken as financial advice or as an inducement to purchase or sell any security. Nothing in this newsletter should be used as legal advice. Always do your own research before making any decisions regarding financial transactions of securities.