Plume has launched nBND, a tokenized vault backed primarily by shares of Fidelity's Total Bond ETF (FBND), extending its onchain platform beyond short-duration Treasuries into actively managed fixed income. Fidelity's Cynthia Lo Bessette confirmed the firm's role in the project, and Plume says more of its funds could follow.
Plume announced nBND on Oct. 5, saying the vault uses FBND as its main reserve asset. The ETF invests across investment-grade bonds, high-yield debt and emerging-market securities, giving onchain users exposure to a different corner of fixed income than the Treasury and money-market products that have dominated tokenized bond markets so far.
Plume ties nBND to an existing Fidelity fund
FBND is an actively managed, U.S.-listed Fidelity ETF. Plume's announcement says shares of the fund form nBND's primary reserve asset, meaning the vault is tied to an existing traditional product rather than a newly created bond portfolio. Plume did not disclose how many FBND shares were deposited into nBND at launch or give an initial total value locked figure.
Plume CEO Chris Yin said institutional investors "want duration, and active management" alongside the shorter-term products already available onchain.
The $28 billion figure belongs to FBND, not nBND
Some early reports described nBND itself as a tokenized $28 billion ETF, but that figure applies to Fidelity's fund, not Plume's vault. Fidelity's official data showed FBND holding $26.6 billion in assets as of June 30, 2026, while more recent third-party fund data place total assets at approximately $28.2 billion. Plume has not said that figure, or any portion of it, has moved onto its blockchain.
FBND's inception date is Oct. 6, 2014, and its expense ratio sits at 0.36%, with a portfolio spanning thousands of securities as of August, including Treasuries, mortgage-backed securities and corporate debt.
Plume builds out its fixed-income and regulatory footprint
Plume cited growth in tokenized U.S. Treasuries from $12 billion in April to $15 billion in June as part of its case for expanding into other fixed-income products, contrasting that market with a global fixed-income sector exceeding $100 trillion. The company's Kimber Transfer Agency unit holds a U.S. Securities and Exchange Commission transfer-agent registration, and Plume separately holds a digital asset business license from the Bermuda Monetary Authority covering regulated vault management.
Lo Bessette said Fidelity was working with Plume to bring financial products onchain and provide investors with more programmable portfolio tools, though the announcement gave no adoption targets or timetable for further tokenization of Fidelity assets.
Source: crypto.news
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