TL;DR:
- Euler integrated VanEck’s tokenized VBILL fund, issued by Securitize, enabling the use of U.S. Treasuries as onchain collateral.
- Tokenized Treasuries surpassed $15 billion in assets, recording 150% growth over one year, according to RWA.xyz data.
- Standard Chartered projects $2 trillion in tokenized assets by 2028. BCG and Ripple estimate an $18.9 trillion market by 2033.
Decentralized finance protocols built on open infrastructure are redesigning their architecture to accommodate traditional financial institutions, and the arrival of VanEck‘s tokenized Treasuries fund on the Euler lending platform is the most recent example of that transition.
Securitize, the tokenization specialist and issuer behind VanEck’s VBILL Treasury fund, confirmed that the product is already live on Euler’s lending markets. The integration allows investors to use tokenized United States Treasuries as collateral to borrow capital and deploy it across other onchain protocols, all without leaving the regulatory compliance boundaries associated with the asset.
VBILL is now live on @eulerfinance.
Tokenized U.S. Treasuries can now be used within the Euler ecosystem as onchain collateral.
This marks another step in bringing institutional-grade assets into DeFi. pic.twitter.com/Ewel7I383f
— Securitize (@Securitize) May 28, 2026
DeFi and Wall Street Sharing Infrastructure
Graham Ferguson, head of the Securitize ecosystem, noted that DeFi protocols are evolving under pressure from institutional investors advancing in tokenized finance. Platforms that previously operated exclusively with permissionless crypto assets are beginning to adapt their architecture for regulated products such as tokenized money market funds and private credit. “DeFi protocols are finally waking up to the fact that if they want to welcome this capital, they are going to have to change the way they operate,” Ferguson stated.
Euler, which currently manages more than $320 million in assets, pivoted toward institutional use cases after originally operating as a fully permissionless lending protocol. The platform integrated Securitize’s DS Protocol to allow tokenized securities to interact with lending markets while preserving investors’ eligibility requirements and transfer restrictions. VBILL prices are provided through RedStone oracles.
Euler Enters a Market Poised to Handle Trillions
Competition in the market is also intensifying. Aave launched Horizon, its real-world assets platform aimed at institutional borrowers and tokenized collateral, joining an industry that is attracting international asset managers such as BlackRock, Franklin Templeton and Janus Henderson.
The central challenge, according to Ferguson, lies in balancing the open infrastructure of protocols like Euler with the compliance expectations of the traditional financial system.
