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Unlike the short-term government debt that dominated early onchain products, FBND is an actively managed fund holding investment-grade, high-yield, and emerging-markets bonds. Large investors already use this kind of product offchain. Fidelity’s head of digital asset management has described the collaboration in the same terms: familiar investment products, with the added flexibility of being on a blockchain. WisdomTree has brought tokenized funds to $PLUME. Apollo has brought private credit. Fidelity is now bringing access to an actively managed bond portfolio.

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