Plume’s Fidelity-Backed nBND Vault Launches Amid Transparency Concerns
Plume has introduced nBND, a tokenized vault designed to provide retail investors with onchain exposure to Fidelity’s Total Bond ETF (FBND). The product was announced on October 5, positioning itself as the first tokenized vault primarily backed by FBND shares. However, despite the launch, Plume’s live vault directory did not list nBND among its 14 active vaults, raising questions about its immediate availability.
The announcement highlighted the potential for institutional allocators to access actively managed, longer-duration fixed-income products onchain. Plume CEO Chris Yin emphasized the evolution from short-duration Treasuries to more sophisticated offerings. Fidelity’s Cynthia Lo Bessette noted the collaboration aimed at bringing financial products onchain, though details of their partnership remain undisclosed.
Key details about nBND were conspicuously absent from the announcement. The press release did not disclose the blockchain it operates on, fee structures, minimum deposit requirements, redemption timelines, or custody arrangements. These omissions have sparked concerns about transparency and consumer trust in emerging crypto-finance products.
DeFiLlama’s RWA asset page lists a related token, nFBND, with extremely small onchain assets under management. Meanwhile, Plume’s directory featured other active vaults, including nTBILL and nOPAL, with nCLOA holding approximately $2.6 million in total value locked. The market context cited tokenized U.S. Treasuries growing from $12 billion in April 2023 to $15 billion in June, reflecting broader trends in digital asset adoption.