Plume has expanded its tokenized real-world asset offering with the launch of nBND, a new onchain vault primarily backed by shares of Fidelity Total Bond ETF.
The product gives blockchain users exposure to an actively managed bond strategy that includes investment-grade debt, high-yield bonds and emerging-market securities.
Plume announced the launch on Oct. 5, saying nBND uses Fidelity Total Bond ETF, or FBND, as its main reserve asset.
The move is designed to bring a broader type of fixed-income exposure onchain, moving beyond the short-term U.S. Treasury and money-market products that have dominated much of the tokenized bond sector so far.
Plume CEO Chris Yin said institutional investors increasingly want access to duration and active management, not only short-term cash-like instruments.
Plume uses Fidelity’s bond ETF as nBND’s main reserve asset
FBND is an actively managed U.S.-listed exchange-traded fund operated by Fidelity.
Unlike a simple Treasury fund, the ETF can invest across a wide range of fixed-income markets.
Its portfolio can include U.S. government securities, investment-grade corporate debt, high-yield bonds, mortgage-backed securities and emerging-market exposure.
Fidelity describes the fund as a fixed-income ETF designed for investors seeking income while also providing some diversification from stock-market volatility.
The ETF was launched on Oct. 6, 2014 and carries an expense ratio of 0.36%.
Its portfolio included thousands of securities as of August.
Plume’s new nBND vault is primarily backed by shares of that existing ETF.
That distinction is important.
nBND does not mean that Fidelity itself has moved the entire FBND fund onto a blockchain. Instead, Plume has created an onchain vault whose reserve assets include shares of the traditional ETF.
Plume also did not disclose how many FBND shares were deposited into the vault at launch or provide an initial total value locked figure.
The $28 billion figure refers to FBND, not nBND
The size of Fidelity’s Total Bond ETF has led to some confusion around the launch.
Some reports have described nBND as a tokenized $28 billion Fidelity fund.
That is not the same as saying $28 billion worth of assets have been placed onchain.
Fidelity’s official data showed FBND with approximately $26.6 billion in assets as of June 30, 2026.
More recent third-party estimates placed the figure at roughly $28.2 billion.
That amount represents the total assets held by the traditional FBND ETF.
It does not represent the amount of capital deposited into Plume’s nBND product.
Plume has not said that the full fund, or anything close to $28 billion, has been transferred onto its blockchain.
The distinction matters because nBND is an onchain product backed primarily by ETF shares rather than a tokenized version of the entire fund itself.
FBND gives nBND broader fixed-income exposure
Fidelity Total Bond ETF is designed to generate a high level of current income through an actively managed portfolio.
Its managers have flexibility to allocate across different areas of the bond market rather than following a narrow short-duration strategy.
That allows exposure to several categories of fixed income, including government securities, corporate bonds, mortgage-backed debt and higher-yielding instruments.
This makes nBND different from many of the tokenized fixed-income products already available in crypto markets.
Most early tokenized bond products have focused heavily on Treasury bills and money-market instruments.
Those assets have relatively short maturities and simpler structures, making them easier starting points for blockchain-based financial products.
Plume is trying to expand that model.
nBND moves tokenized fixed income beyond Treasury bills
Plume says nBND is intended to give onchain investors access to duration and professional portfolio management.
Yin described short-duration Treasuries and money-market equivalents as the starting point for blockchain-based fixed income.
The new vault introduces a different type of exposure by using an actively managed bond ETF as its primary reserve asset.
Plume cited recent growth in tokenized U.S. Treasury products as evidence of growing demand for traditional financial assets on blockchain networks.
According to the company, tokenized Treasury assets increased from roughly $12 billion in April to about $15 billion in June.
Plume contrasted that figure with a global fixed-income market worth more than $100 trillion.
That comparison is intended to show the potential size of the broader market.
It does not mean that those assets are already committed to Plume or other tokenization platforms.
Plume has been expanding its real-world asset products
The nBND launch is part of a wider effort by Plume to bring traditional yield-producing assets into blockchain-based products.
In June, Plume and Ether.fi introduced a real-world asset vault with a planned allocation of $100 million.
That product included exposure to bond ETFs, private credit pools and collateralized loan obligation strategies.
Plume also partnered with Bybit to provide users with access to fixed-income vaults linked to products from PIMCO and CMBI.
The company later added Bitwise and Invesco-linked products to Binance Wallet through its nBASIS vault.
Taken together, these launches show Plume moving beyond simple tokenized Treasury exposure and toward a broader range of traditional financial products.
Plume has built regulated tokenization infrastructure
Plume has also spent the past year building the regulatory infrastructure needed to support tokenized securities.
Its Kimber Transfer Agency unit holds registration as a transfer agent with the U.S. Securities and Exchange Commission.
Transfer agents play an important role in traditional securities markets by maintaining ownership records and processing changes in ownership.
Plume secured the SEC transfer-agent registration in October 2025.
The registration gives part of its infrastructure a regulated role in recordkeeping and administration for tokenized financial assets.
The company later received a digital asset business license from the Bermuda Monetary Authority in May.
Plume said the authorization covers regulated onchain vault management.
These approvals form part of the company’s broader strategy to connect traditional financial products with blockchain-based infrastructure.
Institutional partnerships continued through 2026
Plume has also continued building relationships with traditional financial institutions.
In August, the company joined a DTCC digital-assets working group alongside firms including Nasdaq and Charles Schwab.
Participation in the working group does not mean that Plume has a direct integration with DTCC or that DTCC-held assets have been moved onto Plume.
The company has also worked with Shinhan Asset Management on an offshore proof of concept involving a tokenized Korean won bond fund.
That project focuses on operational requirements such as whitelist controls and know-your-customer checks.
The proof of concept does not involve distributing tokens directly to Korean residents.
Fidelity confirms participation in nBND project
Fidelity confirmed its involvement in the nBND launch through Cynthia Lo Bessette, head of Digital Asset Management at Fidelity Investments.
She said Fidelity is working with Plume to bring financial products onchain and give investors access to more programmable investment tools.
Those tools could potentially be used for applications involving collateral and access to capital.
However, the launch announcement did not provide specific adoption targets for nBND.
It also did not disclose how much capital entered the vault on its first day.
More Fidelity assets could come onchain
Plume described nBND as the beginning of its relationship with Fidelity rather than a one-off product.
The company said additional Fidelity assets could eventually be brought onchain.
However, the Oct. 5 announcement did not identify which Fidelity products could come next.
It also did not provide a timetable for future launches.
For now, nBND marks an important expansion of the types of fixed-income assets available through tokenized vaults.
Instead of offering exposure only to short-duration Treasury products, Plume is introducing an actively managed bond strategy with exposure across multiple areas of the debt market.
Tokenized fixed income is becoming more diverse
The launch of nBND highlights how the tokenized real-world asset market is gradually expanding beyond its early focus on Treasury bills and money-market funds.
By using Fidelity Total Bond ETF shares as the primary reserve asset, Plume is giving onchain investors access to a broader fixed-income strategy involving duration, active management and multiple credit segments.
At the same time, the structure should be described carefully.
The roughly $28 billion figure refers to the size of Fidelity’s traditional FBND ETF, not the amount of money moved into nBND or onto Plume.
Plume has not disclosed the size of the vault at launch.
Still, the partnership shows how established investment products are increasingly being connected to blockchain infrastructure.
If Plume follows through on its plans to add more Fidelity-linked assets, nBND could become the first step in a broader expansion of traditional asset exposure across its onchain ecosystem.
Disclaimer: This article is for informational and educational purposes only and should not be considered financial or investment advice.
