Plume, an Open Finance platform for institutional assets, launched its nBND tokenized vault on Oct. 5, backed by shares of the Fidelity Total Bond ETF (FBND).
The vault marks the first on-chain structure directly backed by FBND, an actively managed fund investing in investment-grade, high-yield and emerging-markets debt securities.
Chris Yin, CEO and co-founder of Plume, said the on-chain fixed income market has concentrated on short-duration Treasuries and money market equivalents. "Institutional allocators want duration and active management that mirrors their off-chain strategies," Yin said.
Cynthia Lo Bessette, head of digital asset management at Fidelity Investments, said collaboration between crypto platforms and traditional finance is essential as tokenized assets integrate into mainstream infrastructure.
The nBND vault provides access to actively managed fixed-income assets beyond the isolated yield opportunities typical of earlier on-chain offerings.
The tokenized U.S. treasuries market grew from $12 billion in April 2026 to $15 billion by June, still a fraction of the global fixed income market, which exceeds $100 trillion.
