Plume launches nBND vault backed by Fidelity Total Bond ETF (FBND), report says
In brief
- Plume launched nBND, a Nest vault backed by Fidelity's Total Bond ETF (FBND), per Crypto Briefing.
- nBND targets institutional investors seeking tokenized exposure to actively managed bonds.
- Nest vaults accept stablecoin deposits and issue a receipt token that trades on Plume's chain.
- The product grew out of a June 2026 Plume and ether.fi partnership, Crypto Briefing reported.
How the vault works
The product's formal name is the Nest Fidelity Total Bond ETF Vault. Crypto Briefing's report also calls it nFBND, which doesn't match the nBND name used elsewhere in the same piece.
It works a bit like a coat-check ticket. Investors hand over capital and get a receipt token that proves their claim on the vault's FBND shares, and that token trades on Plume's own blockchain. Nest vaults are built to accept stablecoin deposits, so a user can get exposure to the underlying fund without routing money through a brokerage account.
Stablecoins go in; bond exposure comes out.
The underlying fund
Fidelity launched FBND on October 6, 2014. It's actively managed, meaning portfolio managers pick the bonds rather than passively tracking an index. Per Crypto Briefing, the fund manages approximately $28 billion in assets, carries a 0.36% expense ratio and offers a yield of around 4.88%.
The wrapper doesn't make the risk go away. The report notes that the receipt token adds a layer between the investor and the ETF, which brings smart contract and platform risk on top of bond market risk (and interest rate moves still affect FBND's value).
The ether.fi connection
The FBND product grew out of a partnership between Plume and ether.fi formed in June 2026 to build the Etherfi Liquid RWA vault, Crypto Briefing reported. According to the outlet, that vault launched with an initial deployment of $25 million and is projected to reach $100 million. Its holdings include BlackRock's iShares AAA CLO ETF alongside FBND.
For background, Plume's public mainnet, Plume Genesis, went live in June 2025 with a focus on asset tokenization. The outlet also noted that Plume obtained SEC transfer-agent registration in October 2025 to support tokenized securities.
Frequently asked questions
How does Plume's nBND vault give investors exposure to FBND?
According to Crypto Briefing, Nest vaults accept stablecoin deposits and issue a receipt token that represents a claim on the vault's FBND shares. That token trades on Plume's own blockchain, so users can get exposure to the fund without a brokerage account.
What risks does the nBND receipt token structure add?
Crypto Briefing reported that the receipt token adds a layer between the investor and the underlying ETF. That brings smart contract and platform risk on top of bond market risk, and interest rate moves still affect FBND's value.
