Salaries on the Blockchain: Tokenised Payroll Pilot Is a Glimpse of Finance's Future
Updated: Oct 8
What if part of your monthly salary arrived not as cash sitting idle in a current account, but as a yield-bearing asset, earning returns from the moment it landed? That is exactly what Plume Network began testing at the end of March 2026, and the implications for how employees, startups, and investors think about compensation could be profound.
What Happened
On 31 March 2026, Plume Network, the RWA-focused blockchain based in California, USA, announced the launch of the first tokenised payroll pilot, in partnership with stablecoin payroll provider Toku and asset manager WisdomTree. Plume employees can now elect to receive a portion of their monthly salary in shares of WisdomTree's WTGXX, a tokenised, SEC-regulated money market fund that currently yields around 4–5% annually.
The mechanics are cleaner than you might expect. The elected portion of a salary is converted by Toku's payroll infrastructure into WTGXX fund shares and delivered directly to employee-linked wallets. There is no need to buy crypto, interact with an exchange, or manually move funds on-chain. Employees simply opt in, and their pay arrives as a yield-generating asset from day one.
Why This Matters
For UK startup founders and investors watching the tokenisation space, this pilot is significant for several reasons that go beyond the headline novelty.
First, it demonstrates that tokenised real-world assets can integrate with existing corporate infrastructure (payroll systems, HR software, tax reporting) without breaking them. That has been one of the persistent blockers to adoption: the fear that on-chain assets require a complete rebuild of back-office processes. Toku's infrastructure shows that is not necessarily true.
Second, and more importantly for founders specifically, this model re-frames compensation design. In a startup context where cash is tight and equity vesting schedules can feel distant, offering employees a portion of salary in yield-bearing tokenised assets could become a meaningful retention tool. A seed-stage company that cannot match a Big Tech salary might instead offer a portion of pay as a tokenised money market allocation, a structured financial product previously accessible only to institutions.
Third, it signals that WisdomTree, a $90 billion AUM asset manager, is actively embedding its tokenised products into real employment use cases, not merely listing them on exchanges. This is the kind of institutional buy-in that moves tokenisation from a DeFi experiment to a mainstream financial rails story.
What Comes Next
The pilot is currently limited to Plume employees and is explicitly described as a reference model. Plume has stated it intends this to become a blueprint for broader corporate adoption. The next logical step is offering the framework to other companies building on or partnering with the Plume ecosystem, of which there are reportedly over 180 projects.
Regulatory wise, the UK has not yet produced a clear framework for tokenised payroll, though the FCA's work on fund tokenisation (Consultation Paper CP25/28, finalised as Policy Statement PS26/7 on 30 April 2026) and the broader cryptoasset regulatory regime, whose application window opened on 30 September 2026 ahead of the regime starting on 25 October 2027, could provide a pathway. For UK companies exploring this model, the current advice would be to follow the FCA's progress closely and engage early.
For Plume specifically, the partnership adds another data point to its rapidly expanding RWA ecosystem. The network now reports over 259,000 users, surpassing Ethereum and Solana in RWA user adoption metrics, and continues to position itself as the infrastructure layer for real-world asset finance.
Key Takeaways
Plume Network, WisdomTree, and Toku launched the first tokenised payroll pilot on 31 March 2026, allowing employees to receive salary in shares of the WTGXX money market fund.
The model integrates with existing payroll systems: no crypto exchange interaction required from employees.
WisdomTree's involvement signals institutional asset managers actively deploying tokenised products beyond exchanges.
For UK startups, this opens a new design space for compensation structures, particularly where cash is constrained.
UK regulatory clarity on tokenised payroll is pending; the FCA's crypto application window opened on 30 September 2026 and the regime starts on 25 October 2027.
Background: the fund behind the pilot
WTGXX is the ticker for the WisdomTree Treasury Money Market Digital Fund. According to WisdomTree, the fund seeks a high level of current income while preserving capital and liquidity, and aims to keep a stable net asset value of 1.00 US dollar per share. Its risk disclosures refer to US Treasury obligations, and WisdomTree states that the fund information is intended for US investors only.
The Block reported the pilot on 31 March 2026. Participation is voluntary and subject to eligibility requirements, and salaries are still calculated and paid in the usual way before the elected portion is converted. Plume's mainnet launched in 2025 with roughly 150 million US dollars of tokenised real-world assets deployed, and the network is backed by YZi Labs.
What it means for UK founders
The first question for a UK employer is tax, not technology. HMRC's Cryptoassets Manual says that when an employer pays an employee in a readily convertible asset, it must consider whether the payment is employment income for Income Tax and National Insurance. HMRC treats exchange tokens as money's worth, taxable on the value of the asset. A company paying part of salary in tokenised fund units would need to settle how those units are valued and reported through payroll before offering the option. Founders may want to take professional advice on this point.
The fund side of the UK framework has moved on since this pilot was announced. On 30 April 2026 the FCA published Policy Statement PS26/7, finalising the CP25/28 proposals. It gives guidance for authorised funds using the industry Blueprint model of tokenisation and introduces a direct dealing model, and it confirms that an on-chain transaction record can serve as the primary record of unit dealing. Because WTGXX is offered to US investors only, a UK version of this model would need a tokenised fund that UK employees can lawfully hold.
Key facts at a glance
Partners: Plume Network, payroll provider Toku and asset manager WisdomTree.
Fund: WisdomTree Treasury Money Market Digital Fund (WTGXX), targeting a stable 1.00 US dollar share price.
Scope: voluntary, initially limited to Plume employees and subject to eligibility requirements.
UK fund rules: FCA PS26/7 on fund tokenisation was published and took effect on 30 April 2026.
UK crypto rules: the FCA authorisation gateway opened on 30 September 2026 and the new regime commences on 25 October 2027.
Sources
Frequently asked questions
What is the Plume Network tokenised payroll pilot?
On 31 March 2026, Plume Network launched the first tokenised payroll pilot with stablecoin payroll provider Toku and asset manager WisdomTree. Plume employees can elect to receive a portion of their monthly salary in shares of WisdomTree's WTGXX fund.
What is WisdomTree's WTGXX fund?
WTGXX is a tokenised, SEC-regulated money market fund from WisdomTree. At the time of the pilot it yielded around 4 to 5 per cent annually.
How does tokenised payroll work in the Plume pilot?
Toku's payroll infrastructure converts the elected portion of salary into WTGXX fund shares and delivers them directly to employee-linked wallets. Employees do not need to buy crypto, use an exchange or move funds on-chain themselves.
Who can take part in the Plume tokenised payroll pilot?
The pilot is currently limited to Plume employees and is described as a reference model. Plume has said it intends the framework to become a blueprint for broader corporate adoption.
Is there a UK regulatory framework for tokenised payroll?
Not yet. The FCA's work on fund tokenisation, consulted on in CP25/28 and finalised as PS26/7 on 30 April 2026, and the broader cryptoasset regime, whose application window opened on 30 September 2026 and which starts on 25 October 2027, could provide a pathway.
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