BNY Minting and Holding OpenEden's Digital Securities Backed by U.S. Government Bonds
In a groundbreaking move, OpenEden, a platform for tokenizing Real-World Assets, has partnered with The Bank of New York Mellon (BNY) to deliver secure, transparent, and institution-ready tokenized financial products. This collaboration will see BNY providing investment management and custody services for OpenEden’s flagship Tokenized US Treasury Bills ($TBILL) fund.
As a sub-manager for the fund and the primary custodian for the underlying assets, BNY will leverage its extensive asset servicing infrastructure that administers US$55.8 trillion of assets. This partnership enables OpenEden’s $TBILL fund to offer regulated, institutional-grade on-chain exposure to short-dated US Treasury Bills and overnight repurchase agreements through the minting of the TBILL token.
Notably, the $TBILL fund is the first tokenized US Treasury fund to receive an investment-grade “A” rating from Moody’s, indicating low credit risk and strong capacity to meet obligations. This is a significant milestone for tokenized financial products.
The impact of this partnership is far-reaching. It increases trust and institutional credibility for the $TBILL fund due to BNY’s deep fiduciary expertise and status as a leading global custodian. The collaboration also supports secure, transparent, and institution-ready tokenized financial products, helping to establish a new standard of trust and access in the digital asset space.
Moreover, the partnership meets growing investor demand for regulated, liquidity-focused on-chain cash management solutions, as evidenced by the rapid adoption of the $TBILL fund since its 2023 launch. BNY's infrastructure, which manages $55.8 trillion in assets, facilitates a reliable and scalable custody and asset servicing environment for tokenized real-world assets.
Jeremy Ng, Founder and CEO of OpenEden, stated that the collaboration with The Bank of New York Mellon marks a critical milestone in OpenEden's mission to deliver secure, transparent, and institution-ready tokenized financial products. Jose Minaya, Global Head of BNY Investments and Wealth, added that BNY plays a critical role in the digital assets ecosystem as a trusted bridge between traditional finance and emerging technology for clients.
BNY Investments and Wealth is committed to providing its services to facilitate the growth and adoption of regulated, institutional-grade on-chain cash management solutions, such as the $TBILL Fund. The strategic relationship between OpenEden and The Bank of New York Mellon aims to shape the future of financial infrastructure by facilitating regulated and institutional-grade assets on chain for global investors.
In conclusion, the OpenEden-BNY partnership strengthens the infrastructure and institutional legitimacy of the $TBILL fund, promoting broad adoption of tokenized US Treasury assets among global investors. The collaboration is expected to further strengthen the trust and access in the digital asset space, bridging the gap between traditional finance and the emerging digital assets space.
The partnership between OpenEden and The Bank of New York Mellon (BNY) has greatly enhanced the $TBILL fund's institutional credibility, as BNY, known for its extensive expertise in asset servicing and status as a leading global custodian, will manage the fund and provide custody for its underlying assets. This collaboration delivers regulated, liquidity-focused on-chain cash management solutions, meeting investor demand for such services within the digital asset space. The strategic alliance aims to shape the future of financial infrastructure by bridging the gap between traditional finance and the emerging digital assets space, thereby boosting trust and access for global investors in tokenized US Treasury assets.
