Stable, Theo Commit Over $100 Million to Tokenized Treasury Fund

Two major players just poured nine figures into the future of on-chain finance.

The New Digital Gold Rush

Forget mining rigs—the real action is in tokenizing the bedrock of traditional finance. Stable and Theo have collectively committed over $100 million to a tokenized treasury fund, signaling a massive institutional bet on the convergence of crypto rails with the world's safest assets. This isn't just a pilot program; it's a declaration.

Why Treasuries, Why Now?

The move cuts through crypto's volatility and bypasses the speculative noise. By anchoring digital assets to U.S. Treasury bills, the fund offers yield in a recognizable format—something that finally makes sense to CFOs and fund managers. It turns idle stablecoins into productive assets, all while wrapped in the familiar, if sluggish, embrace of government debt. It's the ultimate bridge between 'number go up' and 'yield go brrr'.

The Ripple Effect

This capital injection supercharges the real-world asset (RWA) narrative. It validates the infrastructure, proving that big money sees a viable path from blockchain promise to balance sheet reality. Expect a flood of imitators—after all, nothing attracts traditional finance like a product that lets them feel innovative while doing the same old thing.

A nine-figure commitment proves the model has legs. Now, watch as the entire industry tries to run with it, finally giving crypto a use case even your skeptical uncle can understand—earning interest, just with extra steps and a side of existential doubt about the monetary system.

Blockchain infrastructure provider Stable and financial platform Theo have jointly committed more than $100 million to a tokenized U.S. Treasury fund, marking one of the largest institutional deployments in the onchain fixed-income market, according to an announcement on Wednesday.

The Delta Wellington Ultra Short Treasury On-Chain Fund, known as ULTRA, carries a AAA rating from Particula and provides exposure to short-duration Treasury bills through blockchain-based infrastructure. The fund launches on Stable's network, which is designed specifically for stablecoin operations.

Wellington Management sub-manages the fund for issuer FundBridge Capital, while Standard Chartered handles custody of the underlying Treasury portfolio. Libeara, Standard Chartered's digital asset subsidiary SC Ventures, provides the tokenization technology layer.

Institutional investors can access ULTRA through Theo's thBILL product, a tokenized Treasury offering that has grown to over $200 million in assets under management. The product became the third-fastest tokenized Treasury to reach $100 million in assets.

The launch represents a convergence of traditional financial institutions and blockchain infrastructure in the tokenized securities market. Stable's network uses Tether's USDT stablecoin as native gas and processes transactions with sub-second finality, technical features the companies say address friction points in tokenized asset adoption.

The collaboration brings together multiple layers of traditional finance infrastructure – asset management, custody, compliance, and tokenization – in a structure designed to meet institutional requirements for regulated digital assets.

“We designed Stable to serve as the foundational financial infrastructure that institutions can confidently build upon and scale with,” Brian Mehler, CEO of Stable, said in the announcement. “Teaming up with Libeara, Wellington Management, and Theo at launch shows that we are opening doors to institutional financial products that were once out of reach on-chain."

Wellington Management emphasized its focus on risk management and institutional-grade execution as it expands fixed-income strategies into blockchain-based distribution channels.

Libeara currently supports over $1 billion in compliant tokenized assets globally and plans to develop native minting capabilities on Stable's blockchain to facilitate compliant issuance for ULTRA and future products.