Plume Network launches nFBND vault tied to Fidelity’s Total Bond ETF

Plume Network has opened a door between one of Fidelity’s largest bond funds and the blockchain. On October 5, 2026, Plume unveiled the nBND vault, which issues programmable receipt tokens called nFBND that are backed by shares of the Fidelity Total Bond ETF (FBND).

How the nBND vault actually works

The vault runs through Nest, Plume’s asset-management protocol. Each nFBND token represents an onchain claim on FBND shares the vault holds.

The ETF itself does not live on a blockchain. Fidelity’s fund stays offchain, and the vault buys FBND shares through traditional brokerage channels.

The fund behind the token

FBND is not a niche product. The Fidelity Total Bond ETF managed approximately $26.6 billion as of June 30, 2026, with estimates nearing $28 billion after the vault’s launch.

The fund carries a 0.36% expense ratio. It spreads its holdings across a broad mix of debt, including high-yield and emerging market sectors.

Plume CEO Chris Yin and Cynthia Lo Bessette, Fidelity’s Head of Digital Asset Management, both framed the initiative as an answer to demand for more dynamic fixed-income products onchain, with emphasis on active management and duration beyond what the current menu offers.

A quiet start

The early numbers were modest. Initial reports pegged the vault’s assets in the low single-digit millions shortly after launch.

Other reports put the figure far lower, indicating holdings under $100 in the period right after the vault went live.

Background: Plume’s push into tokenized fixed income

Plume’s compliance efforts include SEC registration and licensing in Bermuda. The company is planning to bring more Fidelity assets onchain, targeting the active bond investment market, which it sees as underserved compared with shorter-duration government debt products.