The oldest bank in the United States will become the primary manager of a fund for digitized treasury bills, spearheaded by a prominent RWA tokenization platform.
The entity has already achieved several notable milestones and advancements in the DeFi space, and this latest accomplishment is another testament to their commitment.
A Modern Twist to Treasury Bills
The corporate brand of The Bank of New York Mellon announced in a press release that OpenEden, a real-world asset (RWA) tokenization platform, will appoint bank members as investment managers and primary curators of its Tokenized U.S. Treasury Bills ($TBILL) Fund.
This is the first fund of this sort to receive a grade “A” investment rating from Moody’s, a renowned credit rating agency. This strategic partnership underscores the commitment of both companies to shaping the future of financial infrastructure by bringing compliant and institutional-grade assets to the blockchain.
OpenEden’s fund was launched in 2023 and has since provided investors with exposure to a portfolio of short-term Treasury Bills and reverse repurchase agreements that happen overnight through the issuance of the TBILL token. The $TBILL fund has seen rapid and steady adoption, indicating an ever-increasing demand from patrons for regulated on-chain capital management solutions.
BNY Investments Dreyfus, one of the largest liquidity managers with decades of expertise, will oversee the fund on behalf of the tokenization platform as a sub-manager. To further its mission of crafting the financial framework of the future, the bank will also serve as the primary custodian for the underlying assets.
They will leverage their already established infrastructure, which is responsible for over $55 trillion in funds, and their track record of providing solutions that enable the digital assets ecosystem.
The CEO and Founder of OpenEden shared a few words to commemorate the partnership:
“OpenEden’s collaboration with BNY marks a critical milestone in our mission to deliver secure, transparent, and institution-ready tokenized financial products. 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.”
At The Helm of Innovation
BNY has steadily been at the forefront of incorporating digital assets into its global reach, with its journey beginning in 2021 through the establishment of a dedicated unit for this asset class. Its primary focus was on building a unified platform that bridges traditional finance (TradFi) and decentralized finance (DeFi) asset custody.
In the same year, they started offering Bitcoin custody services to their clients, followed by a Chainalysis integration to track cryptocurrency transactions at the start of 2022. Last year, they initiated preparations for exchange-traded fund (ETF) management services following approval from the SEC.
The current year saw them become a reserve manager for Ripple’s stablecoin, RLUSD, further deepening their involvement in the crypto landscape.
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