BTC $85,557 
ETH $2,702 
USDT $0.9998 
BNB $789.47 
XRP $1.50 
USDC $0.9999 
SOL $119.64 
TRX $0.3364 
FIGR_HELOC $1.07
ZEC $1,306 Plume Launches Onchain Vault for Fidelity's $28B Bond ETF
The new nBND product gives onchain users access to an actively managed Fidelity bond ETF, expanding tokenized fixed income beyond short-term government and
Key takeaways
- FBND assets total $28B. Third-party data places Fidelity Total Bond ETF assets at approximately $28.2 billion as of mid-2026.
- Tokenized Treasuries hit $15B. Onchain tokenized U.S. Treasury market size grew from $12 billion in April 2026 to $15 billion in June 2026.
- FBND expense ratio is 0.36%. Fidelity's Total Bond ETF carries a 0.36% expense ratio, per official fund materials.
What happened
On October 5, 2026, crypto infrastructure firm Plume announced the launch of nBND, a tokenized vault whose primary reserve asset is shares of Fidelity's Total Bond ETF (FBND). The product is designed to give Plume's onchain users exposure to an actively managed, diversified bond portfolio, rather than the short-duration U.S. Treasury and money market products that have made up most tokenized fixed income offerings to date. Plume CEO Chris Yin noted that institutional onchain investors have expressed demand for longer-duration, actively managed fixed income products alongside existing short-term options.
Why it matters
The launch represents a notable expansion of the tokenized real-world asset market, which has historically centered on short-term, low-risk government and cash-equivalent products. By tying nBND to an established Fidelity ETF that holds investment-grade corporate debt, high-yield bonds and emerging market securities, Plume is broadening the range of traditional assets accessible onchain. Fidelity executive Cynthia Lo Bessette stated the collaboration reflects growing integration of tokenized assets with mainstream financial infrastructure, with potential use cases including collateral utility and expanded investor access.
What is still unclear
- Plume has not publicly shared the quantity of FBND shares deposited into nBND at launch, nor has it released an initial total value locked figure for the vault.
Questions readers ask
What is Plume's nBND product?
nBND is a tokenized vault launched by Plume on October 5, 2026, backed primarily by shares of Fidelity's Total Bond ETF (FBND). It gives onchain users exposure to an actively managed portfolio of investment-grade, high-yield and emerging market debt.
Is the full $28B Fidelity FBND ETF tokenized onchain?
No. nBND is a separate tokenized vault backed by FBND shares as its primary reserve asset. The full $28.2 billion in FBND assets remains in the traditional ETF, and nBND holders are not direct registered shareholders of the underlying fund.
What is the expense ratio of the underlying FBND ETF?
Official Fidelity materials list the expense ratio for Fidelity Total Bond ETF at 0.36%, with an inception date of October 6, 2014.
