tl;dr
The Bank of New York Mellon has become the primary manager of a fund dedicated to digitized U.S. Treasury Bills, partnering with the real-world asset tokenization platform OpenEden. The $TBILL Fund, launched in 2023, is the first tokenized Treasury Bill fund to receive an “A” rating from Moody’s and...
The oldest bank in the United States has taken a pioneering role as the primary manager of a fund dedicated to digitized U.S. Treasury Bills, in collaboration with a leading real-world asset (RWA) tokenization platform. This significant move highlights the bank's commitment to integrating traditional financial instruments with innovative blockchain technology.
The Bank of New York Mellon's corporate brand announced that OpenEden, an RWA tokenization platform, has appointed bank members as investment managers and curators of its Tokenized U.S. Treasury Bills ($TBILL) Fund. This fund stands out as the first of its kind to earn an “A” investment rating from Moody’s, reflecting its robust creditworthiness and institutional appeal. Launched in 2023, the $TBILL Fund offers investors exposure to a portfolio composed of short-term Treasury Bills and overnight reverse repurchase agreements, all facilitated through the TBILL token.
BNY Investments Dreyfus, recognized as one of the largest liquidity managers with extensive expertise, is tasked with overseeing the fund as sub-manager. Additionally, the bank acts as the primary custodian for the underlying assets, leveraging its vast infrastructure responsible for managing over $55 trillion in funds. This partnership amplifies their ongoing role in developing digital asset solutions and supporting a compliant, institution-grade blockchain ecosystem.
The collaboration represents a milestone for OpenEden, whose CEO and Founder emphasized how combining their platform with BNY Mellon’s global scale and fiduciary expertise sets a new benchmark for trust and accessibility in digital financial products. The rapid adoption of the $TBILL token reflects growing demand for regulated, on-chain capital management solutions from investors worldwide.
BNY Mellon’s journey into digital assets began in 2021 with the creation of a dedicated unit to bridge traditional finance (TradFi) and decentralized finance (DeFi). Key developments included launching Bitcoin custody services, integrating cryptocurrency tracking tools, and preparing for exchange-traded fund (ETF) management following regulatory approvals. Recently, the bank became a reserve manager for Ripple’s stablecoin, RLUSD, signaling deeper involvement in the crypto ecosystem and reinforcing their position as an innovator at the crossroads of finance and technology.