BNY has been appointed to manage and safeguard the assets backing OpenEden’s tokenised US Treasury fund, which recently received an “A” rating from Moody’s — marking a first for tokenised US government debt.
The fund, known as $TBILL, provides exposure to short-dated US Treasury Bills and overnight reverse repurchase agreements via blockchain-based tokens. BNY Investments Dreyfus will oversee investment management, while BNY Mellon will act as primary custodian for the underlying assets.
“This partnership reflects our commitment to supporting innovation in financial markets while maintaining the highest standards of asset servicing,” said Roman Regelman, CEO of securities services and digital at BNY. “We’re pleased to provide the infrastructure and oversight required to support tokenised products at scale.”
OpenEden said the collaboration was designed to combine blockchain-native access with institutional-grade safeguards. The fund is domiciled in the British Virgin Islands and targets professional and institutional investors seeking regulated exposure to US Treasurys through digital channels.
“We believe tokenised real-world assets will play a central role in the future of capital markets,” said Jeremy Ng, co-founder of OpenEden. “Partnering with BNY ensures our fund meets the operational and compliance standards expected by institutional investors.”
Moody’s assigned the “A” rating based on the fund’s structure, asset quality, and operational safeguards, noting that the tokenisation mechanism does not materially alter the risk profile of the underlying securities.
The announcement comes amid rising interest in tokenised fixed income products, as financial institutions explore ways to integrate blockchain infrastructure with traditional asset management and custody frameworks.
