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OpenEden selects BNY Mellon affiliates to manage and custody its tokenized US Treasury Bills fund, the first Moody’s‑rated tokenized Treasury fund, boosting
OpenEden announced on 13 August 2025 that affiliates of The Bank of New York Mellon Corporation will serve as investment manager and primary custodian for its $TBILL tokenized US Treasury Bills fund, a move that underscores growing institutional confidence in regulated on‑chain cash products【1】.
| At a glance | |
|---|---|
| Announcement date | 13 August 2025 |
| Fund launch | 2023 |
| Moody’s rating | “A” (world’s first tokenized Treasury fund) |
| BNY assets under custody | US$55.8 trillion (as of 30 June 2025) |
OpenEden’s $TBILL token gives investors exposure to short‑dated US Treasury Bills and overnight reverse repurchase agreements via a minted token. The fund, launched in 2023, has attracted “rapid and accelerating adoption,” reflecting heightened demand for regulated, institutional‑grade on‑chain cash solutions【3】. BNY Investments Dreyfus, with more than five decades of liquidity‑management experience, will act as sub‑manager, while BNY Mellon will provide primary custody, leveraging its infrastructure that oversees US$55.8 trillion of assets【1】.
The appointment positions the $TBILL fund as the first tokenized Treasury vehicle to earn an investment‑grade “A” rating from Moody’s, signaling a milestone for digital‑asset custodianship and potentially paving the way for broader institutional participation in tokenized real‑world assets. By pairing OpenEden’s compliance‑focused platform with BNY’s global scale and fiduciary expertise, the collaboration aims to set a new standard for trust and accessibility in the digital‑asset space【2】.
The partnership highlights a tangible step toward bridging traditional finance and blockchain, but the extent to which it will accelerate institutional entry into tokenized Treasury products remains to be seen.
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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.