Fidelity's $28B bond ETF just went on-chain.
I checked the vault behind it.
About $48, hours after launch (Bitcoin.com News). Another tracker said low millions. Either way, nowhere near $28B.
Here's the catch. The $28B is the size of the ETF. The vault is a different thing. nBND is only a receipt token for a Nest vault that holds FBND shares. Fidelity didn't tokenize anything, and I found no source showing Fidelity issues or backs the vault.
It's like seeing a big bank's name on a pop-up stall and assuming the bank is inside.
Two things I still can't answer:
→ Do redemptions return ETF shares or stablecoins?
→ Why did Plume's own directory show 14 vaults and no nBND, while DefiLlama lists it as nFBND? Could just be listing lag.
The token side is quieter too. You can deposit with stablecoins. PLUME is gas, staking and governance. I found no verified buyback, burn or revenue share. So even if the vault grows, I can't show anyone has to buy PLUME because of it.
What I'm watching: a dated vault balance a few weeks from now. Growing balance plus clear redemption terms, and this gets interesting. Still near zero, and I drop it.
Before you trust an RWA headline, what's the first number you check?
#RWA #Plume #Tokenization #CryptoResearch #ZeroHunter
$PLUME $CFG $BNB
I checked the vault behind it.
About $48, hours after launch (Bitcoin.com News). Another tracker said low millions. Either way, nowhere near $28B.
Here's the catch. The $28B is the size of the ETF. The vault is a different thing. nBND is only a receipt token for a Nest vault that holds FBND shares. Fidelity didn't tokenize anything, and I found no source showing Fidelity issues or backs the vault.
It's like seeing a big bank's name on a pop-up stall and assuming the bank is inside.
Two things I still can't answer:
→ Do redemptions return ETF shares or stablecoins?
→ Why did Plume's own directory show 14 vaults and no nBND, while DefiLlama lists it as nFBND? Could just be listing lag.
The token side is quieter too. You can deposit with stablecoins. PLUME is gas, staking and governance. I found no verified buyback, burn or revenue share. So even if the vault grows, I can't show anyone has to buy PLUME because of it.
What I'm watching: a dated vault balance a few weeks from now. Growing balance plus clear redemption terms, and this gets interesting. Still near zero, and I drop it.
Before you trust an RWA headline, what's the first number you check?
#RWA #Plume #Tokenization #CryptoResearch #ZeroHunter
$PLUME $CFG $BNB
