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Plume launched nBND, a tokenized treasury primarily backed by shares of the Fidelity Total Bond ETF (FBND), in a move aimed at expanding the range of fixed-income assets available on the blockchain.
In its October 5 announcement, Plume said that FBND shares are the primary reserve asset for the new product. The fund invests in a diversified range of fixed-income instruments, including investment-grade bonds, high-yield bonds, and securities tied to emerging markets.
The launch of nBND comes as most tokenized bond products available on the blockchain focus on short-term Treasury bills and money market instruments. With its new product, Plume aims to offer greater exposure to actively managed bond investments and longer maturities.
Plume CEO Chris Yin said institutional investors want access to โlonger maturities and active management,โ in addition to the short-term products currently available on the network.
FBND is an actively managed exchange-traded fund from Fidelity, listed in the United States. According to Fidelity data, the fund began operations in October 2014 and has an expense ratio of 0.36%. Its portfolio includes thousands of securities, including U.S. Treasuries, mortgage-backed securities, corporate debt, high-yield bonds, and emerging-market assets.
The issuance of nBND does not mean that the FBND fund itself has been fully tokenized on the blockchain, nor do nBND holders automatically receive direct, registered ownership of shares in the Fidelity fund. Instead, the product uses FBND shares as the primary reserve asset for the tokenized treasury.
Plume has not disclosed how many FBND shares were deposited into nBND at launch, nor has it announced the total value of assets locked in the treasury, leaving the productโs size at launch unclear for now.
