Plume Launches nBND Vault Backed by Fidelity's Total Bond ETF

Institutional tokenization platform Plume announced the launch of its nBND vault on Oct. 5, creating an onchain product backed by shares of the Fidelity Total Bond ETF ($FBND) ¹. The actively managed exchange-traded fund primarily holds investment-grade, high-yield, and emerging markets debt securities ¹. Plume stated that this structure allows institutional allocators to access onchain fixed-income exposure backed directly by the Fidelity fund as its primary reserve asset ¹.

The initiative aims to broaden tokenized debt products beyond the short-term instruments that have historically dominated decentralized finance ¹. Chris Yin, chief executive and co-founder of Plume, noted that while the onchain fixed-income sector initially focused on short-duration U.S. Treasuries and cash equivalents, institutional capital requires active management and duration ¹. The tokenized U.S. Treasuries sector expanded from $12 billion in April 2026 to $15 billion by June 2026, representing an early slice of the more than $100 trillion global fixed-income market ¹.

Expanding Institutional Collateral Utility

The product reflects an ongoing push by mainstream asset managers to introduce regulated financial instruments to blockchain environments ¹. Cynthia Lo Bessette, head of digital asset management at Fidelity Investments, stated that integrating tokenized assets into mainstream market infrastructure expands investment access and unlocks programmable collateral options ¹. Financial institutions continue to monitor real-world asset structures closely, a trend previously mirrored when S&P Global Ratings Introduces Vault Risk Assessments for Digital Asset Lending Pools to evaluate structured digital debt vehicles.

Plume deploys the product via its Plume Nest Vaults architecture, a non-custodial protocol that also hosts assets connected to managers including Apollo, WisdomTree, and Hamilton Lane ¹. Plume maintains an SEC transfer-agent registration through Kimber Transfer Agency LLC, backing its compliance framework alongside funding support from Apollo Global Management, Galaxy Digital, and Brevan Howard ¹.