A $28 Billion Bond Giant Gets a Blockchain Wrapper
A roughly $28 billion Fidelity bond ETF just acquired a blockchain doorway, but almost none of that mountain of money walked through it. Plume launched nBND on Oct. 5, offering onchain exposure to Fidelity Total Bond ETF (FBND), an actively managed fund spanning government, corporate, mortgage, high-yield, and emerging-market debt.
The wrinkle is considerable. Fidelity hasn’t tokenized FBND, and the fund’s billions remain firmly offchain. Instead, Plume’s Nest protocol wraps exposure to shares held inside a vault and issues investors a receipt token. Hours after the announcement, using the ticker nFBND, Defillama showed roughly $48 in onchain assets.
