Salman (last name not specified) and Rich (last name not specified) of Plume told the commission that tokenization of real-world assets (RWAs) is advancing rapidly and that Plume’s platform connects issuers, custodians and distribution channels.

“Plume is a Wall Street 2. We are Robinhood 2,” co-founder Chris Yen is quoted in Plume materials cited by the presenters, who described the company as an American firm with a global distribution strategy and an ecosystem of tokenization engines, asset-management vaults and distribution partners.

Plume reported early metrics: a total value locked (TVL) across its protocols of about $464,000,000 since a mainnet launch in June, roughly 260,000 RWA wallet holders in its ecosystem and a claim that Plume wallet addresses account for about 54% of non-stablecoin RWA wallet addresses on public chains. Presenters said the platform is currently geofenced for U.S. users (U.S. wallets cannot access services) even though most of the assets in the ecosystem are U.S.-dollar–denominated.

The presenters described the tokenization lifecycle: an off-chain asset is held in a special-purpose vehicle (SPV) or segregated account; that asset backs on-chain tokens issued through a tokenization engine; tokens are distributed through regulated or permissioned partners; and asset-management protocols (Plume called one “Nest”) create on-chain vaults that collect yield and make the yield available to token holders.

Plume emphasized compliance tooling: protocol-level AML and sanctions screening, modular permissioning, whitelisting and integration with custody providers. The company said it has an SEC-registered transfer-agent arrangement and is pursuing additional regulatory engagements and no-action letters to clarify pathways for U.S. regulated capital-market products on public chains.

Why it matters: Plume argued that tokenization reduces issuance and trading costs and can increase liquidity for bonds and other securities; presenters pointed to empirical studies (Bank for International Settlements, Hong Kong Monetary Authority) that show lower bid-ask spreads and reduced issuance costs for tokenized bonds, and said several jurisdictions are introducing subsidies and legal frameworks to attract issuers.

Plume suggested New Hampshire examine several policy tools if it seeks to promote tokenization locally: grant schemes to defray issuance costs for tokenized municipal bonds, legal structures for bankruptcy-remote SPVs, and statutory updates to recognize ledger-based shares without paper certificates. Presenters offered to consult with the commission on legal and technical questions.

Commission members thanked the presenters and said they will consider further technical briefings and potential policy options.