# OpenEden appoints BNY as custodian for tokenized US Treasury fund

**Published:** 2026-08-14T02:12:57.564Z  
**Topic:** OpenEden  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/8540631f-d42e-4c8a-ad04-4faad562efc4

OpenEden selects BNY Mellon affiliates to manage and custody its $TBILL tokenized Treasury fund, adding institutional-grade backing to the on‑chain cash market.

OpenEden announced that affiliates of The Bank of New York Mellon (BNY) will serve as investment manager and primary custodian for its tokenized US Treasury Bills fund ($TBILL), the world’s first tokenized Treasury fund to earn an “A” rating from Moody’s, reinforcing the bridge between traditional finance and on‑chain assets【1】.  

| At a glance | |
|---|---|
| Custodian | BNY Mellon affiliates |
| Investment manager | BNY Investments Dreyfus (sub‑manager) |
| Fund rating | Moody’s “A” (first tokenized US Treasury fund) |
| Asset backing | 1:1 US T‑Bills plus a small USD portion |

## Custodian and manager role  
BNY’s affiliates will act as both the investment manager and primary custodian for the $TBILL fund, leveraging BNY’s infrastructure that services US $55.8 trillion of assets under custody as of June 30 2025【1】. The sub‑manager, BNY Investments Dreyfus, brings over five decades of liquidity management expertise to oversee the short‑dated Treasury portfolio on OpenEden’s behalf. This partnership aims to provide “institution‑ready” tokenized products by combining OpenEden’s compliance‑focused platform with BNY’s fiduciary track record【1】.

## Token economics and market positioning  
The $TBILL token is minted against a pool of short‑dated US Treasury Bills and a modest USD component, with each token backed 1:1 by the underlying securities【3】. The fund, regulated by the BVI Financial Services Commission, holds an AA+f/S1+ rating from S&P Global and was the first tokenized Treasury fund to receive a Moody’s “A‑bf” rating【3】. Since its 2023 launch, $TBILL has attracted “rapid and accelerating adoption,” reflecting growing demand for regulated, on‑chain cash‑management solutions among institutional investors【1】. Compared with the broader tokenized real‑world asset market, where US Treasury debt accounts for roughly $12 billion of the $27 billion total, $TBILL represents a sizable share of the cash‑equivalent segment【2】.

## Expansion of tokenized fixed income  
The BNY partnership on $TBILL sets the stage for OpenEden’s next product, HYBOND, a tokenized high‑yield corporate bond offering that extends tokenized fixed‑income beyond Treasury and cash‑equivalent strategies【2】. While BNY manages the underlying bond portfolio for HYBOND, the token itself remains issued and governed by OpenEden, underscoring the firm’s model of combining traditional asset management with blockchain issuance.

## What to watch  
- **Custody milestones:** Any public disclosure from BNY confirming the onboarding of $TBILL assets to its custody platform.  
- **Regulatory updates:** Changes in BVI or U.S. regulator stances that could affect the fund’s rating or on‑chain issuance framework.  
- **Liquidity metrics:** On‑chain volume and redemption activity for the $TBILL token, which will signal investor appetite for tokenized cash assets.

The BNY appointment marks a concrete step toward institutionalizing tokenized Treasury products, but the ultimate impact will hinge on how effectively the custodial infrastructure scales and whether regulatory clarity keeps pace with the expanding on‑chain fixed‑income market.

## Sources
1. Openeden — [OpenEden Selects BNY to Provide Investment Management and Custody Services for its Tokenized US Treasury Bills ($TBILL) Fund](https://openeden.com/news/openeden-bny-tokenized-us-treasury-fund/)
2. CoinDesk — [Beyond T-bills: OpenEden introduces tokenized high-yield corporate bond](https://www.coindesk.com/business/2026/04/02/beyond-t-bills-openeden-introduces-tokenized-high-yield-corporate-bond)
3. Docs — [Introduction | OpenEden](https://docs.openeden.com/tbill/introduction)

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Cite as: TrendWatcher, "OpenEden appoints BNY as custodian for tokenized US Treasury fund", https://www.trendwatcher.in/article/8540631f-d42e-4c8a-ad04-4faad562efc4