OpenEden Taps BNY Mellon for TBILL Asset Custody
OpenEden, a platform specializing in real-world asset (RWA) tokenization, has announced a partnership with The Bank of New York Mellon Corporation (BNY Mellon) to manage and safeguard the underlying assets of its flagship tokenized US Treasury product, TBILL. The collaboration introduces one of Wall Street�s largest custodians into the emerging sector of tokenized Treasury instruments.
First Moody's 'A' Rated Tokenized US Treasury Fund With Global Custodian
According to OpenEden, TBILL is the first tokenized US Treasury fund with a Moody�s credit rating of "A" to be managed by a global custodian. An �A� rating from Moody�s signals upper-medium-grade quality, suggesting low credit risk and strong capacity to meet financial obligations. This classification makes TBILL attractive to traditional finance institutions seeking regulated, secure digital asset products.
Demand for Regulated Onchain Solutions Grows
OpenEden founder and CEO Jeremy Ng stated that the combination of their technology and BNY Mellon's fiduciary expertise sets a new benchmark for trust in the digital asset sphere. The company reports increased demand for their product, indicating growing interest in regulated, blockchain-based cash-management solutions.
Launched in 2023, the TBILL product allows investors to gain onchain exposure to a pool of short-dated US Treasury Bills and overnight reverse repurchase agreements through the TBILL token. Each TBILL token represents a proportional share of these underlying assets and associated yields.
BNY Mellon Strengthens Digital Asset Push
Under the agreement, BNY Mellon�s investment management division, Dreyfus, will act as sub-manager of the TBILL fund. BNY Mellon will serve as the main custodian, leveraging its global infrastructure to safeguard the assets.
Jose Minaya, BNY Mellon�s global head of investments and wealth, said the bank aims to bridge traditional finance with digital asset technology. He added that the collaboration enables BNY Mellon to expand its liquidity management capabilities and support the full lifecycle of tokenized assets.
BNY Mellon has made several moves in the digital asset sector since 2022, when it began safeguarding institutional clients� Bitcoin and Ether holdings. The bank also provides services including private key storage and fund administration for digital assets. In April 2024, BNY Mellon released a digital assets data insights product to deliver both onchain and offchain data across blockchain networks. In July 2024, it announced a partnership with Goldman Sachs to provide access to tokenized money market funds, aiming to unlock real-time settlement and round-the-clock market access.
Outlook
The agreement between OpenEden and BNY Mellon further integrates traditional financial infrastructure with blockchain technology. As institutional interest in regulated digital assets increases, such partnerships may accelerate the growth of tokenized securities in mainstream investing.
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