💹Market
What is the market size?
The market size is represented as the total assets under management (central figures) with a projected ARR for Fume capturing that portion.
Total Addressable Market (TAM): $64.8B/year for all collective investment schemes.
Serviceable Available Market (SAM): $9.9B/year for alternative investment funds.
Serviceable Obtainable Market (SOM): $1B/year, targeting 10% of European AIFs.
Early Adopters Segment: Approximately $100M/year, focusing initially on digital asset funds.
Needless to say, the investment fund industry is massive. We want to focus on a specific part of the market: the Alternative Investment Fund industry. Initially, we will start with digital asset funds. Web3 VCs, Crypto hedge funds, or other tokenized private equity funds. That’s because these fund managers are the ones most familiar with this technology and more likely to adopt it:
Why Now?
1. Stable-Coins Have Hit Escape Velocity
The aggregate stable-coin market cap has doubled in just 18 months, punching through $250 billion in mid-2025 and tracking toward >$400 billion by year-end and nearly $2 trillion by 2028. Momentum is no longer a crypto-only phenomenon: about half of global banks and large institutions already use stable-coins for treasury or settlement tasks, signalling that the rails are going mainstream.
2. Global Regulatory Green Light
Governments are now codifying that momentum. The newly-enacted GENIUS Act (July 2025) delivers the first U.S. federal rule-set for payment stable-coins, harmonising state regimes and letting major financial institutions hold or issue them with confidence. Europe’s MiCAR is already live, granting EU-wide licences, while Luxembourg’s Blockchain Law IV, and parallel frameworks in Singapore and Hong Kong, embed tokenised securities and payments into existing capital-markets plumbing.
3. A Trillion-Dollar Tokenisation Wave
Regulatory clarity is catalysing asset tokenisation at scale: BCG forecasts $16 trillion of real-world assets—around 10 % of global GDP—will be on-chain by 2030. Each fund or vehicle in that wave needs friction-free subscriptions, redemptions, NAV calculations, and automated fee waterfalls executed in stable-coins.
Fume automates exactly those fund-administration processes. Arriving at the inflection point where explosive stable-coin adoption meets legal certainty allows Fume to embed itself as the default back-office layer for a market compounding at triple-digit growth rates—a once-per-cycle timing advantage.
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