Plume Launches First Actively Managed Bond ETF Onchain

Plume, a blockchain platform designed for real-world assets, has launched its nBND vault, a tokenized bond ETF structure backed by Fidelity’s Total Bond ETF (FBND). Announced on 5 October 2026, this marks the first time allocators can hold an actively managed bond fund onchain. The vault, running inside Plume’s asset-management protocol Nest, issues depositors a yield-bearing receipt token called nFBND against the underlying ETF. Initial onchain trackers show a balance in the low single-digit millions, indicating the product is in its early stages.

Plume’s move introduces active management and duration to onchain fixed income, moving beyond the short-dated Treasuries and money-market paper that have dominated the sector. FBND invests across US investment-grade, high-yield, and emerging-market debt, offering features that traditional tokenized products lack. The global fixed-income market, valued at over $100 trillion, remains largely untapped onchain, presenting a significant growth opportunity.

The nBND vault expands Plume’s existing lineup, which includes the nBASIS vault and a tokenized Blackstone senior-loan ETF. Plume is backed by major firms like Apollo Global Management, Galaxy Digital, and Brevan Howard. The platform holds an SEC transfer-agent registration and licenses from the Bermuda Monetary Authority, setting it apart from other tokenization platforms.

Fidelity’s role as the provider of the underlying asset lends institutional credibility to the project. Cynthia Lo Bessette, head of digital asset management at Fidelity, emphasizes the need for collaboration between crypto-native firms and traditional institutions to broaden investment access. The launch signals growing comfort among legacy managers with onchain distribution.

Investors should watch for three key factors: the vault’s small scale, Plume’s self-reported dominance in the RWA sector, and the inherent market risks of FBND. While the tokenization of fixed income is evolving, onchain penetration of the bond market remains minimal.