OpenEden, a platform for the tokenization of Real-World Assets (RWAs), announced that BNY will be the primary custodian for the underlying assets of its flagship Tokenized US Treasury Bills ($TBILL) Fund, the world’s first tokenized US Treasury fund to receive an investment grade “A” rating from Moody’s.
Launched in 2023, OpenEden’s $TBILL provides investors with direct exposure to a pool of short-dated US Treasury Bills and overnight reverse repurchase agreements through the minting of the TBILL token.
BNY Investments Dreyfus is one of the largest liquidity managers in the industry with more than five decades of proven expertise and will manage $TBILL Fund on OpenEden’s behalf as sub-manager. BNY will also serve as the primary custodian for the underlying assets.
“OpenEden’s collaboration with BNY marks a critical milestone in our mission to deliver secure, transparent, and institution-ready tokenized financial products,” said Jeremy Ng, founder and CEO of OpenEden, in a statement. “Combining our tokenization platform with BNY’s global scale and deep fiduciary expertise enables us to create a new standard for trust and access in the digital asset space.”
“BNY plays a critical role in the digital assets ecosystem, serving as a trusted bridge between traditional finance and emerging technology for clients,” said Jose Minaya, global head of BNY Investments and Wealth. “We are excited to extend our time-tested liquidity investment management capabilities and asset safekeeping services to enable $TBILL and are proud to collaborate with OpenEden as we jointly aim to support the end-to-end lifecycle of tokenized assets.”