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Velo Protocol, Lightnet and OpenEden unveil a Treasury‑as‑Service platform and settlement network for tokenised US Treasuries across ASEAN, backed by Moody’s
Velo Protocol, Lightnet Group and OpenEden announced a full‑suite Treasury‑as‑Service (TaaS) platform and an ASEAN‑wide settlement network on 12 September 2025, aiming to power compliant stablecoins, cross‑border payments and institutional‑grade financial services in Asia【3】.
| At a glance | |
|---|---|
| Platform launch | Q4 2024 (built) |
| Tokenised TBILL rating | “A” (Moody’s) / “AA+” (S&P) |
| Target region | ASEAN financial institutions, fintechs, enterprises |
| Core services | Digital‑fiat settlement tokens, real‑time cross‑border payments, custodial & treasury solutions |
The TaaS platform gives enterprises, DAOs and Web3 treasuries direct access to tokenised US Treasury Bills (TBILL). OpenEden’s TBILL is the first tokenised US Treasury product to receive an “A” rating from Moody’s and a “AA+” rating from S&P, providing a liquid, high‑quality reserve for the new infrastructure【3】. Built in Q4 2024, the service is positioned as a transparent, yield‑bearing bridge between traditional finance and blockchain, allowing on‑chain treasury management that complies with existing regulatory frameworks【3】.
Beyond the reserve layer, the joint venture will construct a settlement network for banks, fintechs and merchants across the ASEAN region. The network will issue compliant digital‑fiat settlement tokens, enable real‑time cross‑border payments and remittances—initially focusing on high‑volume corridors—and deliver custodial and treasury solutions through licensed providers. Liquidity, FX conversion and hedging tools will be accessible via both DeFi protocols and conventional financial rails, all delivered through a modular API stack designed for seamless integration【3】.
The partnership signals a move toward compliant, large‑scale digital finance in Asia, linking tokenised sovereign debt to real‑world payment flows. How quickly financial institutions adopt the API and whether regulators endorse the settlement tokens will determine the platform’s impact on stablecoin issuance and cross‑border payment efficiency.
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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.