OpenEden Picks BNY Mellon to Handle Tokenized U.S. Treasury Fund

Singapore-based OpenEden announced on August 13 that the Bank of New York Mellon Corporation (BNY) will serve as investment manager and primary custodian for its tokenized U.S. Treasury Bills fund. The TBILL token fund holds nearly $300 million in assets and carries an “A” rating from Moody’s.

BNY will manage and safekeep the underlying U.S. Treasury bills and overnight reverse repurchase agreements that back the on-chain TBILL tokens. The fund launched in 2023 to provide tokenized exposure to government bills and cash-equivalent instruments through a smart contract vault.

Under the new arrangement, BNY’s investment division Dreyfus will act as sub-manager for the TBILL fund. BNY serves as the primary custodian for the underlying assets. The fund operates on a permissioned basis for professional and accredited investors who complete KYC screening.

OpenEden’s vault mints tokens at a 1:1 ratio against a pool of short-dated U.S. Treasury bills and a small USD balance. Each token represents direct exposure to the underlying assets through the smart-contract system.

“OpenEden’s collaboration with BNY marks a critical milestone in our mission to deliver secure, transparent, and institution-ready tokenized financial products,” said OpenEden founder and CEO Jeremy Ng.

Jose Minaya, Global Head of BNY Investments and Wealth, said: “BNY plays a critical role in the digital assets ecosystem. We are excited to extend our liquidity investment management capabilities and asset safekeeping services to enable $TBILL.”

BNY reports $55.8 trillion in assets under custody and administration. The bank’s scale provides infrastructure to support tokenized asset servicing as institutions show growing interest in regulated, yield-bearing on-chain instruments.

Tokenized Treasuries and equivalent products have grown into a multibillion-dollar segment. The growth reflects institutional demand for regulated digital assets that generate yield while maintaining the security profile of government-backed instruments.