OpenEden has brought The Bank of New York Mellon Corporation (BNY Mellon) on board to handle custody and asset management for its flagship tokenized US Treasury fund, TBILL, marking a notable intersection of blockchain innovation and traditional finance.
Announced on Wednesday, the collaboration places one of Wall Street’s most established custodians at the core of a fast-expanding market for tokenized Treasurys. TBILL now becomes the first tokenized US Treasury product with a Moody’s “A” credit rating to be managed by a global custodian—signaling low credit risk and strong repayment capacity under conventional finance standards.
A shared commitment to shape the future of financial infrastructure.
OpenEden partners with @BNYglobal to bring regulated, institutional-grade assets on-chain for global investors, marking a milestone for tokenized RWAs. pic.twitter.com/pigm9hipi9
— OpenEden (@OpenEden_X) August 13, 2025
Under the agreement, BNY Mellon’s investment management subsidiary, Dreyfus, will serve as sub-manager of the TBILL fund, while BNY Mellon will act as primary custodian of the underlying short-dated US Treasury Bills and overnight reverse repurchase agreements. The bank will leverage its existing infrastructure for safekeeping, reporting, and fund administration.
Jeremy Ng, co-founder and CEO of OpenEden, said the integration of BNY Mellon’s fiduciary capabilities with OpenEden’s blockchain platform sets “a new benchmark for trust” in the digital asset space. He noted that interest in TBILL has been growing, driven by investors seeking regulated, onchain cash-management products.
Launched in 2023, TBILL allows investors to gain blockchain-based exposure to a portfolio of short-term US Treasury Bills and related yield, represented by the TBILL token. Each token reflects a share of the fund’s underlying portfolio and income.
BNY Mellon’s global head of investments and wealth, Jose Minaya, described the move as part of the bank’s role as a bridge between traditional finance and digital innovation. He added that the partnership aims to support the full lifecycle of tokenized assets while extending the bank’s liquidity management expertise.
BNY Mellon has been steadily deepening its presence in the digital asset sector since 2022, when it rolled out a digital custody platform for institutional Bitcoin and Ether holdings. This year, the bank launched a blockchain data insights service and partnered with Goldman Sachs on a tokenized money market fund initiative, which promises round-the-clock access and near-instant settlement for institutional clients.
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