Plume launches nBND tokenized vault backed by Fidelity Total Bond ETF

Plume launched the nBND tokenized vault on October 5, 2026, offering onchain exposure to Fidelity's $28 billion Total Bond ETF (FBND). While pitched as a major step to expand tokenized fixed income beyond short-term Treasuries, the launch faced transparency concerns. Hours after the announcement, Defillama recorded only about $48 in onchain assets for the vault, which was missing from Plume's main directory. Fidelity's Cynthia Lo Bessette confirmed the collaboration to bring more products onchain.

Launch of the nBND vault

• ▪The nBND vault, also referenced as the Nest Fidelity Total Bond ETF Vault (nFBND), is a receipt token issued by Nest DAO LLC on Plume Mainnet.
• ▪Plume launched nBND, a tokenized vault backed primarily by shares of the Fidelity Total Bond ETF (FBND), on October 5, 2026.

Plume and Fidelity collaboration

• ▪Cynthia Lo Bessette of Fidelity Investments confirmed Fidelity is collaborating with Plume to bring financial products onchain to enable portfolio programmability.
• ▪Plume plans to bring more Fidelity assets onchain following the launch of the nBND vault, though no specific funds or timelines were disclosed.

Rationale for expanding onchain fixed income

• ▪Plume cited growth in tokenized U.S. Treasuries from $12 billion in April 2026 to $15 billion in June 2026 to support its expansion.
• ▪Plume pitched nBND to expand onchain fixed income beyond short-duration Treasuries and money market products into credit and duration.

Discrepancies and missing details at launch

• ▪Plume's live vault directory listed 14 vaults on October 5, 2026, but did not include nBND or nFBND in its main listing.
• ▪Hours after launch on October 5, 2026, Defillama recorded only about $48 in onchain assets for the nFBND token.
• ▪The nBND launch materials did not disclose the vault's fees, minimum deposit, redemption timelines, or the custodian holding the underlying FBND shares.

Fidelity Total Bond ETF details

• ▪The Fidelity Total Bond ETF (FBND) is an actively managed fund launched on October 6, 2014, with an expense ratio of 0.36%.
• ▪The Fidelity Total Bond ETF (FBND) manages approximately $28 billion in assets, though its June 30, 2026 official data reported $26.6 billion.
• ▪The Fidelity Total Bond ETF (FBND) invests across investment-grade bonds, high-yield debt, and emerging-market securities, offering a yield of around 4.88%.

Plume and ether.fi vault

• ▪Plume and ether.fi launched a real-world asset vault in June 2026 with an initial $25 million deployment and a planned $100 million allocation.
• ▪The real-world asset vault launched by Plume and ether.fi in June 2026 included allocations to BlackRock's iShares AAA CLO ETF, Fidelity's FBND, and a FalconX credit pool.

Debatable claims

• ▪Expanding onchain fixed income into longer-duration credit assets is too risky for current DeFi markets
• ▪Tokenized vaults must disclose their fees, redemption timelines, and custodians before launching
• ▪Fidelity's partnership with Plume poses excessive reputational risks for the asset manager
• ▪Wrapping traditional ETFs in third-party tokenized vaults introduces excessive platform risks