nTBILL, issued by the Nest Protocol smart contracts under the governance of Nest DAO LLC, is a tokenized real-world asset vault interest that gives holders total-return exposure to U.S. Treasury bills sourced from regulated institutional partners [S1][S2][S3].

Each nTBILL token represents a proportional share of a non-custodial vault holding tokenized U.S. Treasury (T-bill) positions sourced from providers such as Superstate and BlackRock [S3]. The vault is total-return and NAV-accruing: token value increases as underlying positions generate yield, with no separate distributions and no rebasing [S2][S4]. No management, minting, or subscription fees apply at deposit; instant redemptions incur a 0.1% to 0.5% liquidity fee [S5][S6].

nTBILL is issued through Nest DAO LLC, a Republic of the Marshall Islands non-profit DAO LLC formed under the Marshall Islands DAO Act of 2022, and is not issued by a single corporate entity [S7]. The holder's claim is an ERC-20 receipt token representing deposited assets in protocol-generated vaults [S7]. Access is permissionless without KYC, gated by onchain AML screening via TRM Labs and Predicate, excluding the United States and an extensive list of restricted and FATF high-risk jurisdictions [S8][S9]. Holders redeem by burning nTBILL for pUSD plus accrued yield; assets and cash are held by third-party custodians such as BNY Mellon, never Nest [S5][S4].

Vault tokens follow the ERC-20 standard, issued natively on Solana and distributed across Plume Network and other EVM chains via LayerZero Omnichain Fungible Token messaging, with Plume as primary settlement layer [S2][S10]. Holders deposit pUSD to mint and burn to redeem, settling within roughly one hour up to a T+2 to T+5 window [S5][S6]. NAV publishes hourly with bounded price limits [S11].

<Sources
  retrievedAt="2026-06-21"
  items={[
    { id: "S1", url: "https://docs.nest.credit/" },
    { id: "S2", url: "https://docs.nest.credit/support/glossary" },
    { id: "S3", url: "https://docs.nest.credit/about/asset-classes" },
    { id: "S4", url: "https://docs.nest.credit/security-and-compliance/flow-of-funds" },
    { id: "S5", url: "https://docs.nest.credit/introduction/how-to-use-nest" },
    { id: "S6", url: "https://docs.nest.credit/about/liquidity-and-redemptions" },
    { id: "S7", url: "https://docs.nest.credit/security-and-compliance/terms-and-conditions" },
    { id: "S8", url: "https://docs.nest.credit/security-and-compliance/aml" },
    { id: "S9", url: "https://docs.nest.credit/security-and-compliance/geographic-restrictions" },
    { id: "S10", url: "https://docs.nest.credit/about/cross-chain" },
    { id: "S11", url: "https://docs.nest.credit/about/vaults" },
  ]}
/>


Tokenized funds

Users deposit stablecoins into Plume Vaults and receive ERC-20 vault tokens whose NAV appreciates as the underlying yield strategy accrues. Fund managers and institutional partners (BlackRock, Apollo, WisdomTree, Hamilton Lane, Goldfinch) curate the strategies.

Plume Vaults operates a suite of yield-bearing vault tokens (nTBILL, nALPHA, nBASIS, nCREDIT, nWISDOM, nACRDX, nOPAL, nPERENA, nLCRD, nSCOPE) backed by audited offchain assets including U.S. Treasuries, private credit, and structured DeFi strategies. The platform rebranded from Nest to Plume Vaults, and the vault tokens keep the n- prefix from the Nest era.

Plume Vaults (Nest) is Plume Network's flagship RWA-staking protocol, giving users onchain access to institutional-grade yield through structured, non-custodial vaults.

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Real-world asset (RWA) issuers

Plume Vaults

Treasury Plume Vault (nTBILL) is a tokenized fund share issued by Plume Vaults through Nest DAO LLC.

Each token is a direct claim on the issuer.

The fund is open-ended and invests in U.S. government debt.

Retail investors and institutions can mint and redeem directly with Plume Vaults in USDC, pUSD, and USDT, and holders have a right to redeem at net asset value with two-to-five-business-day settlement.

Nest DAO LLC is incorporated in the Marshall Islands.

nTBILL has been issued on public blockchains since January 2025 and is native to Ethereum, Arbitrum One, Solana, and Plume Network.

Treasury Plume VaultnTBILL

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