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Moody's awards OpenEden’s tokenized Treasury Bill fund an A‑bf investment‑grade rating, the first for a US T‑Bill token, with $36 m TVL and a 4.99% estimated
Moody's Ratings has placed OpenEden’s tokenized U.S. Treasury‑Bill fund (TBILL) in the investment‑grade “A‑bf” category, marking the first credit rating ever granted to a tokenized US T‑Bill product and signalling broader acceptance of real‑world asset tokenization among institutional investors【1】.
| At a glance | |
|---|---|
| Rating | A‑bf (investment‑grade) |
| TVL | $36 million |
| Estimated annual yield | 4.99% |
| Transaction fee | 0.05% |
| Catalyst | Moody's rating award |
Moody's assigned the “A‑bf” bond‑fund rating to Hill Lights International Limited, the regulated vehicle that issues OpenEden’s TBILL tokens. The agency’s definition of an “A” rating for money‑market and bond funds denotes “many favorable investment attributes” and classifies the fund as upper‑medium‑grade【1】. This rating is a step below the top‑tier AAA rating but still well above speculative grades, underscoring the fund’s strong capacity to meet its financial goals【2】.
OpenEden’s TBILL tokens are currently locked at $36 million in total value, a figure that reflects early institutional adoption but remains modest compared with the broader tokenized Treasury market, which totals $1.55 billion as of mid‑June【4】. The fund promises an estimated 4.99% annual return and charges a 0.05% transaction fee, positioning it as a yield‑focused alternative to cash while offering the on‑chain flexibility of blockchain‑based assets【2】.
The rating distinguishes OpenEden as the only tokenized US T‑Bill product globally to receive a credit rating, a claim corroborated by multiple sources【1】【4】. This milestone may encourage other issuers—such as Franklin Templeton’s “BENJI” and BlackRock’s “BUIDL”—to seek similar validation, potentially accelerating institutional confidence in tokenized real‑world assets (RWAs). OpenEden’s expanding partner network, including custodians BitGo, HexTrust, and SCB‑backed Rakkar Digital, as well as a collateral partnership with Hidden Road Partners and Standard Chartered’s Zodia Custody, further integrates the token into traditional finance workflows【1】.
The A‑bf rating validates tokenized Treasury bills as a credible, investment‑grade asset class, yet the sector’s growth will hinge on whether other issuers can secure comparable credit endorsements and on the continued development of custody and collateral infrastructure.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 5 outlets · Aug 14, 2026 · How we report
The $TBILL token provides investors with on‑chain exposure to a pool of short‑dated U.S. Treasury Bills and overnight reverse repurchase agreements, offering a regulated, institutional‑grade cash management solution.
OpenEden has integrated Chainlink’s Proof of Reserve and its own real‑time verification to independently confirm that USDO is fully backed by tokenized U.S. Treasuries.
BNY Mellon affiliates act as the investment manager and primary custodian for the underlying assets of the $TBILL fund, leveraging their asset servicing infrastructure.
The platform will enable businesses, DAOs, and Web3 treasuries to access tokenized U.S. Treasuries, supporting stablecoin issuance, cross‑border payments, and settlement services across the ASEAN region.
OpenEden uses Chainlink’s Cross‑Chain Token standard to provide USDO with interoperability between the Ethereum and Base mainnets.