- OpenEden has partnered with BNY Mellon to manage and safeguard the assets behind its tokenized US Treasury product, TBILL.
- The partnership brings one of the major Wall Street custodians into the tokenized Treasurys market.
- The TBILL product is the first of its kind with a Moody’s “A” rating to have its assets managed by a global custodian.
- Demand for tokenized US Treasury Bills has increased, as investors look for regulated blockchain-based cash management options.
- BNY Mellon continues to expand digital asset services, including digital custody and data offerings for cryptocurrencies and tokenized funds.
OpenEden, a platform specializing in real-world asset tokenization, has formed a partnership with BNY Mellon to oversee and hold the underlying assets for its main tokenized US Treasury product, TBILL. The announcement, made Wednesday, marks the entry of one of Wall Street’s largest custodians into the expanding sector of tokenized treasury assets.
According to OpenEden, the TBILL product stands out as the first tokenized US Treasury fund with a Moody’s “A” rating to be managed by a global custodian. A Moody’s “A” rating suggests the asset is considered upper-medium grade with low credit risk. The company noted growing interest in blockchain-based, regulated solutions for managing cash.
“Combining OpenEden’s platform with BNY’s deep fiduciary expertise enables a new standard of trust in the digital asset space,” said OpenEden founder and CEO Jeremy Ng. The company stated that its TBILL product, available since 2023, lets investors access a pool of short-term US Treasury Bills and overnight reverse repurchase agreements. By minting the TBILL token, investors receive a digital share in the underlying asset pool and its associated yield.
BNY Mellon will act as primary custodian for the assets, using its established infrastructure. Its investment management arm, Dreyfus, will serve as sub-manager for the TBILL fund. Jose Minaya, head of investments and wealth at BNY Mellon, commented, “We see ourselves as a bridge between traditional finance and emerging technology in the digital asset space.” He added that the partnership aims to cover the full lifecycle of tokenized assets.
BNY Mellon has been involved in the digital asset market since launching its digital custody platform in 2022, offering services for Bitcoin and Ether. The bank’s digital assets data insights product, launched in April, provides onchain and offchain data across blockchains, increasing its participation in cryptocurrency services. In July, BNY Mellon announced a collaboration with Goldman Sachs to let institutional investors access tokenized money market funds, promising 24/7 market availability and real-time settlement in capital markets.
For further details, readers can view the latest press releases from BNY Mellon about their digital asset offerings.
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