BNY will manage and safeguard the underlying assets of OpenEden’s TBILL, which received an ‘A’ rating from Moody’s.
Real-world asset (RWA) tokenisation platform OpenEden has appointed affiliates of The Bank of New York Mellon Corporation (BNY) as investment manager and primary custodian for the underlying assets of its Tokenised US Treasury Bills (TBILL) fund.
Recognised by regulators in both Hong Kong and Singapore, TBILL is the world’s first tokenised US Treasury fund to receive an investment grade ‘A’ rating from Moody’s.
Launched in 2023, TBILL provides investors with exposure to short-dated US Treasury Bills and overnight reverse repurchase agreements, accessed through the minting of TBILL tokens. The product has seen strong adoption, reflecting growing demand for regulated, on-chain cash management solutions.
BNY Investments Dreyfus, one of the industry’s largest liquidity managers, will act as sub-manager, drawing on more than 50 years of liquidity investment experience. BNY will also serve as the fund’s primary custodian, leveraging its infrastructure which administers US$55.8 trillion in assets.
“OpenEden’s collaboration with BNY marks a critical milestone in our mission to deliver secure, transparent, and institution-ready tokenised financial products,” said Jeremy Ng, Founder and CEO of OpenEden. “Combining our tokenisation platform with BNY’s global scale and 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 investment management capabilities and asset safekeeping services to enable TBILL and are proud to collaborate with OpenEden to support the end-to-end lifecycle of tokenised assets.”
