BNY Mellon Takes Over Custody of OpenEden's Tokenized U.S. Treasury Bills Fund
BNY Mellon and OpenEden Partner to Revolutionize Tokenized U.S. Treasury Bills
The Bank of New York Mellon (BNY Mellon) and OpenEden, a real-world asset tokenization platform, have formed a partnership to manage a digitized U.S. Treasury Bills fund, named TBILL. This collaboration marks a significant step in bringing regulated, institutional-grade real-world assets (RWAs) on-chain, combining OpenEden’s tokenization platform with BNY Mellon’s deep investment management and custody expertise.
The TBILL fund, issued through the TBILL token, is the first tokenized U.S. Treasury fund to achieve a Moody’s “A” investment-grade rating. This credit rating, reinforced by BNY Mellon’s involvement as custodian and sub-manager through its investment arm Dreyfus, elevates confidence among traditional and crypto-native institutional investors alike.
BNY Mellon, one of Wall Street’s oldest and largest custodians, brings its established infrastructure and fiduciary expertise to the digital asset space. This integration helps overcome key regulatory, operational, and trust hurdles associated with tokenized financial products. The partnership has seen rapid adoption and asset growth, with the TBILL token's assets up 156% to $287 million.
The collaboration between BNY Mellon and OpenEden aims to create a new standard for trust and access in the digital asset space. BNY Mellon will serve as the primary custodian for the underlying assets of the fund, while BNY Investments Dreyfus, a large liquidity manager, will oversee the fund on behalf of OpenEden as a sub-manager.
BNY Mellon has been actively involved in deepening its presence in the crypto landscape. Last year, the bank became a reserve manager for Ripple's stablecoin, RLUSD. In 2021, the bank established a dedicated unit for digital assets, focusing on bridging TradFi and DeFi asset custody. The bank also started offering Bitcoin custody services to its clients.
This partnership exemplifies how major financial institutions are incorporating blockchain technology and tokenization to modernize traditional financial instruments. It demonstrates a scalable, compliant model for the end-to-end lifecycle management of tokenized assets, which can reshape liquidity, custody, settlement, and accessibility in finance globally.
By establishing a blueprint for the custody and management of tokenized government securities with institutional-grade oversight, this initiative could accelerate adoption of tokenized RWAs, inspire new digital products, and promote deeper integration between centralized finance and decentralized ecosystems. This partnership reinforces the credibility and operational maturity of tokenized RWAs, potentially transforming financial infrastructure by enabling regulated, blockchain-based asset management and expanding institutional access to digital Treasury instruments. This could signal broader acceptance and integration of tokenization in mainstream finance.
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