Plume Network announced the launch of its nBND tokenized vault on October 5, 2026. The product uses shares of the Fidelity Total Bond ETF, known as FBND, as its main reserve asset. This structure provides on-chain investors with exposure to a diversified, actively managed bond portfolio rather than limiting access to short-duration government securities or money-market instruments.

Structure of the nBND Vault

nBND is designed as a tokenized vault whose primary backing consists of FBND shares. The underlying ETF is an actively managed fund that allocates across investment-grade bonds, high-yield debt, and emerging-market securities. Fidelity materials describe FBND as seeking a high level of current income while offering some protection from equity-market volatility.

The ETF launched on October 6, 2014, and carries an expense ratio of 0.36 percent. Its portfolio has historically included thousands of holdings spanning U.S. Treasuries, mortgage-backed securities, and corporate debt. As of June 30, 2026, official data listed FBND assets at $26.6 billion, with more recent third-party estimates placing the figure near $28.2 billion. These totals refer to the traditional ETF itself and do not represent capital deposited into the nBND vault.

Plume has not disclosed the volume of FBND shares placed into nBND at launch or any initial total-value-locked figure. Market data at the time of the announcement showed no trading volume for the vault, consistent with an early-stage product.

Expansion Beyond Short-Duration Products

Tokenized fixed-income offerings have largely focused on Treasury bills and money-market equivalents because of their shorter maturities and simpler structures. Plume positions nBND as a step toward broader duration and active management on-chain. The company previously cited growth in tokenized U.S. Treasuries from $12 billion in April to $15 billion in June while noting that the global fixed-income market exceeds $100 trillion.

Earlier Plume initiatives included a real-world asset vault with Ether.fi that planned a $100 million allocation across bond ETFs, credit pools, and collateralized loan obligations. Additional products have linked to PIMCO and CMBI strategies for Bybit users and to Bitwise and Invesco-linked assets inside Binance Wallet through the nBASIS vault.

Regulatory and Operational Background

Plume has developed regulated infrastructure for tokenized assets. Its Kimber Transfer Agency unit holds a U.S. Securities and Exchange Commission transfer-agent registration, enabling it to maintain ownership records under U.S. rules. In May the company received a digital-asset business license from the Bermuda Monetary Authority covering regulated on-chain vault management. Plume also joined a DTCC digital-assets working group in August alongside firms including Nasdaq and Charles Schwab.

A separate proof-of-concept with Shinhan Asset Management has tested a tokenized Korean-won bond fund focused on whitelist controls and know-your-customer requirements, without distributing tokens to Korean residents.

Future Plans with Fidelity

Plume described nBND as the start of its collaboration with Fidelity and indicated that additional assets could follow. The October 5 announcement did not name specific subsequent funds, provide a timetable, or report first-day capital inflows. Fidelity confirmed its involvement through Lo Bessette, who referenced potential applications involving collateral and access to capital.

The vault does not convert every nBND holder into a direct registered shareholder of the underlying ETF. The product remains a tokenized structure backed by FBND shares rather than a full on-chain version of the ETF itself.