Plume Vaults (Nest)
Summary
Ketju does not approve Plume Vaults under its class rule for off-chain credit sold as a stablecoin: most of the money sits in strategies that rely on managed off-chain assets or on counterparties to basis trades. DefiLlama now lists the total as Plume Vaults, while the product and its documents are still called Nest structured RWA vaults. DefiLlama’s live data showed about $134.0 million across 11 Plume vault receipts, of which the nCREDIT vault held only about $36,500. The tokens include private and public credit, CLOs, basis trades and other claims that managers select. The rule does not cover Treasury bills just because they are tokenized. We do not allege any default.
- Nest publishes borrower-level disclosure and third-party verification sufficient to underwrite the credit on-chain
Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-11-26.
Research
How it works
Users deposit pUSD and receive an nTOKEN that represents a curated vault. Managers split the money between a cash reserve and yield assets from funds, brokers, exchanges and on-chain venues. Nest’s listings separate nTBILL from the credit, CLO, basis and other strategies. This memo treats government bills separately from private credit.
Who controls it
Nest documents separate contracts for core vaults, extensions and managers, along with compliance checks and public asset lists. Contract audits and on-chain receipts help verify money flows. The valuation, issuer performance, custody and recovery of the regulated financial assets all happen off-chain.
Withdrawals
Redemption terms differ by vault: same-day in some, seven days for nCREDIT and longer elsewhere. Nest says most vaults keep an nTBILL buffer, and some tokens may trade on secondary markets. If many holders redeem at once, neither the buffer nor DEX liquidity guarantees a withdrawal at the reported value.
Class rule
Most of the money is in a bundle of credit and basis claims that outside managers run. A token holder cannot enforce those claims from the chain the receipts live on. Ketju’s class rule for off-chain credit sold as a stablecoin covers that structure. Ketju will review a single vault again if it publishes holdings, counterparties, legal priority, independent valuation, loss history and results under redemption stress.
Sources
Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.
- Nest Docs: vault architecture and controls · primary · accessed 2026-08-26
Supports: vault architecture, controls - Nest Docs: current vault strategies and redemption terms · primary · accessed 2026-08-26
Supports: current vault strategies, redemption terms - Nest Docs: deposit, reserve and redemption lifecycle · primary · accessed 2026-08-26
Supports: deposit, reserve - DefiLlama: Plume Vaults live data · secondary · accessed 2026-08-26
Supports: current Plume Vaults slug, aggregate vault scope, current TVL
The asset and the chain
This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.
| Chain | Verdict | Freeze | What it can do |
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