Plume Network picked by Superstate to power multichain expansion

Plume Network and Superstate have partnered as part of a plan to expand access to tokenized financial products, the two companies announced Tuesday.

While providing infrastructure for Superstate, Plume Network users will gain access to Superstate’s short duration U.S. Government Securities Fund, or USTB, and Crypto Carry Fund, or USCC.

USTB "offers access to short-duration Treasury Bills" and USCC "offers access to crypto basis strategies across bitcoin, ether and U.S. Treasury securities," according to the announcement.

"Plume’s selection as Superstate's first chain expansion affirms our vision that a robust RWAfi (real world asset finance) ecosystem can significantly drive the adoption of institutional-grade assets," Plume Network co-founder and CEO Chris Yin said in a statement. "Superstate has proven its capability to deliver transparent yields while scaling effectively for crypto-native investors."

Superstate is an asset management firm that specializes in providing investment opportunities to "crypto native institutional investors through tokenized financial products." Plume Network, a full-stack Layer 1 blockchain, has been expanding its offerings of tokenized real world assets. Last year, the RWA startup said it planned to tokenize solar assets, mineral rights and Medicaid claims.

Robert Leshner, founder of Superstate, said in a statement that his company's "goal is to bring institutional-grade tokenized assets to every major blockchain." Plume Network's "unique RWAfi chain provides an opportunity to demonstrate how purpose-built infrastructure can enable great new use-cases for tokenized assets," he added.