Plume Launches nBND: A Vault Backed by Fidelity's Bond ETF

Plume has launched nBND, the first tokenized vault that holds Fidelity Total Bond ETF (FBND) as its primary reserve asset. FBND is actively managed and mixes investment-grade, high-yield and emerging-market debt, so it goes well beyond the short-term Treasuries that dominate onchain fixed income today.

That's the gap Plume is targeting. Tokenized Treasuries grew from $12B to $15B between April and June, but they're a sliver of a $100T+ global bond market. CEO Chris Yin says allocators now want longer duration and active management, the same tools they use offchain.

Fidelity's head of digital asset management called the collaboration a way to give a broader set of investors access, with programmable portfolios and new collateral uses.

It's Plume's second TradFi-backed vault in two weeks, after nPRIME brought Figure's home loan yield onchain.

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