Plume has launched nBND, a tokenized vault that holds Fidelity’s Total Bond ETF as its primary reserve asset. Later the same day, Plume’s live vault directory listed 14 vaults, and none of them was nBND.
Plume announced nBND in a blog post and press release on October 5. It said allocators could, for the first time, access a tokenized vault backed by the Fidelity Total Bond ETF (FBND) as its primary reserve asset. A tokenized vault takes stablecoin deposits, buys an underlying asset, and issues a token representing each depositor’s share.
What Plume Announced
According to the announcement, nBND is backed primarily by shares of FBND. Plume’s press release describes FBND as an actively managed ETF that invests mainly in investment-grade, high-yield, and emerging-market debt.
Plume CEO and Co-Founder Chris Yin said in the announcement that onchain fixed income began with short-duration Treasuries and money market products. He said “these are the starting points, not the destination,” and that institutional allocators want longer duration and active management.
Cynthia Lo Bessette, Head of Digital Asset Management at Fidelity Investments said Fidelity is collaborating with Plume to bring financial products onchain. The announcement does not describe the terms of that collaboration.
Fidelity has previously launched the Fidelity Digital Interest Token (FDIT) on Ethereum, a tokenized share class of its Treasury Digital Fund.
What the Announcement Does Not Disclose
The announcement does not state which blockchain nBND runs on, its fees, its minimum deposit, who is eligible to buy it, or how long redemptions take. It also gives no initial size or target yield, and does not say which firm holds the FBND shares or tokenizes them.
DeFiLlama’s RWA asset page lists a token called nFBND, the “Nest Fidelity Total Bond ETF Vault,” with its primary contract on Plume Mainnet. The page names the issuer as Nest DAO LLC, with a registered address in Majuro, Marshall Islands. It lists the date and frequency of reserve attestations as not publicly disclosed. Onchain AUM for nFBND was reported as extremely small (under $100) shortly after the announcement.
What Plume’s Vault Directory Shows
Plume’s vault directory lists multiple live vaults, including nTBILL (a Treasury vault) and nOPAL (Brazilian credit-card receivables). As of checks on October 5, nBND / nFBND did not appear in the main directory listing.
The directory also lists nCLOA, the “iShares AAA CLO ETF” vault (sometimes referred to as the Plume BlackRock iShares AAA CLO Active ETF Vault). This vault is described as providing exposure to BlackRock’s iShares AAA CLO Active ETF (CLOA) and currently shows approximately $2.6 million in total value locked (TVL).
FBND in Earlier Plume-Linked Products
In June, ether.fi launched a vault built with Plume. It said the vault’s initial allocation included FBND, BlackRock’s iShares AAA CLO ETF, and a FalconX credit pool. Plume’s ether.fi case study says ether.fi committed $100 million through Plume’s vault infrastructure.
Plume’s October 5 announcement describes nBND as the first tokenized vault with FBND as its primary reserve asset. It does not mention the ether.fi product.
The Market Figures Plume Cited
The announcement says tokenized U.S. Treasuries grew from $12 billion in April 2026 to $15 billion in June, citing rwa.xyz. It also says the global fixed-income market holds more than $100 trillion in assets, citing a Chainlink article.
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