TL;DR
- BNY Partners with OpenEden: BNY will manage and custody the $TBILL fund’s assets, pairing its institutional scale with OpenEden’s blockchain platform to deliver regulated tokenized treasuries.
- First Investment-Grade Tokenized Fund: $TBILL holds short-term U.S. Treasuries and reverse repos, earning Moody’s “A” rating for minimal credit risk and strong repayment capacity.
- Boost for Tokenized Markets: The collaboration bridges traditional finance and blockchain, aiming to set a new trust standard and drive adoption of regulated on-chain fixed-income products.
The Bank of New York Mellon (BNY) has partnered with OpenEden to manage and safeguard the assets of its Tokenized U.S. Treasury Bills Fund, known as $TBILL. This collaboration marks a significant milestone in the tokenization of real-world assets, combining the bank’s institutional expertise with OpenEden’s blockchain-based platform to deliver regulated, on-chain exposure to short-term U.S. government debt.
BREAKING: @OpenEden_X selects #BNY for investment management and custody services for its Tokenized US Treasury Bills Fund, $TBILL.
The integration of OpenEden’s tokenization platform with BNY’s investment expertise and asset servicing capabilities marks a significant milestone… pic.twitter.com/KnWf3Yo7OX
— BNY (@BNYglobal) August 13, 2025
A first-of-its-kind investment-grade tokenized fund
Launched in 2023, $TBILL offers investors blockchain-minted tokens backed by a portfolio of short-dated U.S. Treasury Bills and overnight reverse repurchase agreements. It recently became the first tokenized U.S. Treasury fund to receive an “A” investment-grade rating from Moody’s, signaling minimal credit risk and strong repayment capacity. The rating underscores the fund’s appeal to institutional and risk-conscious investors seeking secure, yield-generating digital assets.
Roles of BNY and Dreyfus in the partnership
Under the agreement, BNY will act as the primary custodian for the fund’s underlying assets, leveraging its infrastructure that services over $55 trillion in assets globally. Dreyfus, BNY’s investment management arm with more than five decades of liquidity management experience, will serve as sub-manager for $TBILL. This dual role ensures both the safekeeping of assets and professional oversight of the fund’s investment strategy, aligning traditional finance safeguards with blockchain innovation.
Bridging traditional finance and digital assets
BNY’s involvement reflects its broader push into digital asset services, which began with the launch of its digital custody platform in 2022. That platform initially supported Bitcoin and Ether custody for institutional clients and has since expanded to include partnerships with Circle for USDC custody and Chainalysis for blockchain analytics. By integrating with OpenEden, BNY reinforces its position as a bridge between established financial systems and emerging tokenized markets.
Implications for the tokenized asset market
The partnership is expected to boost confidence in tokenized fixed-income products, potentially accelerating adoption among global investors. OpenEden’s CEO, Jeremy Ng, emphasized that combining the firm’s tokenization technology with BNY’s fiduciary expertise sets a new standard for trust and accessibility in digital assets. As demand for regulated, on-chain cash management solutions grows, $TBILL could serve as a model for future tokenized treasury offerings.
