July was a massive quarter for regulatory wins, RWAs, and the broader crypto industry.
Hong Kong passed its Stablecoin Bill, the U.S. signed the GENIUS Act, and countries like El Salvador, Argentina, the UAE, and the Central African Republic opened sandboxes dedicated to tokenization.
At the same time, Fortune 500 companies (Amazon, Walmart, Shopify, PayPal) announced or tested stablecoin infra, while TradFi giants such as VanEck (vBILL), WisdomTree (USDW), and Figure (tokenized HELOCs) entered the market, targeting different asset categories each.
Yet crypto, at $3.7 trillion, is still a fraction of global finance. BlackRock alone manages more than three times the size of our industry.
With this perspective, the upside for Plume is immense. Although I consider the mainnet launch a success, with $367 million of TVL after two months, the margin for growth is orders of magnitude bigger.
Breakdown of the TVL among the top 10 protocols:
1. @NestCredit (Yield Vaults) - $66m
2. @MorphoLabs (Lending) - $60m
3. @superstatefunds (Institutional funds) - $56m
4. Nucleus (Stablecoin) - $53m
5. USDC.e (Stablecoin) - $38m
6. Plume pUSD (Stablecoin) - $37m
7. @SoleraLabs (All-in-one app) - $16m
8. @MineralVault_ (Commodities) - $10m
9. @MidasRWA (Yield strategies) - $10m
10. @roosterprotocol (DEX) - $7m
One cool (and funny) thing is seeing more exotic assets being tokenized, such as Durian farms, Thai tuk-tuks, and African-focused remittances.
Cash-flow generating assets or businesses are being brought onchain to leverage DeFi's strengths and open up tons of new use cases.
To wrap up, the sector is finally getting what it needed: clearer regulations.
There is still a long way to go, but the favorable macro situation, paired with new entrants of companies, institutions, and governments, is making things quite bullish for everyone involved in the tokenization space, particularly Plume.
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