Plume launched the nBND vault, backed by the Fidelity Total Bond ETF (FBND), an actively managed fund of investment-grade, high-yield and emerging-market debt.

nBND runs on Nest, Plume's RWA vault protocol: allocators deposit stablecoins and get a token tracking their share of FBND. The fund launched in 2014, manages $27.9B, yields about 4.9% with monthly payouts and charges a 0.36% expense ratio. FBND already sits in the ether.fi Liquid RWA vault built with Plume.

Onchain yield began with short-term Treasuries, and allocators now want longer-duration, actively managed products, Plume said.

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