VanEck Throws Down Gauntlet Against BlackRock in Tokenized Treasuries Arms Race—Ethereum, BNB, Solana, and Avalanche Get the Guns

Wall Street’s quiet battle for blockchain-based US Treasuries just got louder. VanEck—the $90B asset manager that once bet big on Bitcoin ETFs—is now launching tokenized Treasury products across four major chains. Because why settle for one blockchain when you can hedge your bets across Ethereum, BNB Chain, Solana, and Avalanche?

The move pits VanEck directly against BlackRock’s recently announced BUIDL fund, proving even TradFi giants can’t resist the siren song of 24/7 yield in pajamas. Both firms are chasing the same prize: bridging the $27T Treasury market with crypto’s liquidity—while skimming fees off the top, naturally.

Solana’s inclusion raises eyebrows (remember when it ’went down’ more than a crypto trader’s leverage position?) but signals institutional comfort with high-throughput chains. Meanwhile, Ethereum remains the safe bet—the blue-chip chain for blue-chip funds playing with Uncle Sam’s debt.

One thing’s certain: when BlackRock and VanEck start multi-chain carpet-bombing tokenized products, the ’experimental’ phase of real-world assets is over. The only question left—who’s going to explain to the SEC why Solana outages won’t tank the Treasury market?

Bridging TradFi and crypto through VBILL

Structured as a BVI-domiciled fund, VBILL is managed by Van Eck Absolute Return Advisers, with  acting as the placement agent. The fund is open to qualified investors only, with a  across most supported chains and a on Ethereum. Under the hood, the fund holds U.S. Treasury bills, custodied by, with on-chain NAV data supplied daily via.

Subscriptions and redemptions occur via, and token transfers across blockchains are made possible using the. VBILL also features atomic redemption into, allowing for frictionless liquidity pathways between yield and stablecoin markets.

“By bringing U.S. Treasuries on-chain, we are providing investors with a secure, transparent, and liquid tool for cash management,” said, Director of Digital Assets Product at VanEck.

Entering a rapidly expanding market

VanEck’s MOVE follows, launched in March 2024, which brought the world’s largest asset manager into the tokenization race. With VBILL, VanEck goes a step further by deploying across four chains from day one, a signal of growing confidence in cross-chain infrastructure.

The tokenized T-bill sector has grown explosively, recently surpassing, a more than 5x increase year-over-year. VanEck’s launch appears to be both a strategic counter to BUIDL and an effort to offer more flexibility and composability to crypto-native treasury desks and stablecoin providers.

Compliant by design, but not yet for all

Despite its blockchain-native architecture, VBILL is limited to accredited investors via exemptions under Regulation D and Rule 506(c). Retail participation remains out of reach, and the fund’s $100,000+ ticket size reinforces its institutional focus.

While State Street custody provides traditional security guarantees, the product still inheritsand. Key open questions remain around redemption queues and liquidity provisioning during market stress, especially for users accessing the fund across different blockchain environments.

“This collaboration merges the best of Securitize’s tokenization model with VanEck’s expertise… demonstrating tokenization’s ability to create new market opportunities,” said, CEO of Securitize.

From proof of concept to asset-manager showdown

With BlackRock, Franklin Templeton, and now VanEck diving into the RWA space, tokenized money-market products are quickly becoming a new battleground for traditional asset managers. Each is experimenting with different blends of on-chain transparency, liquidity access, and compliance guardrails to capture a growing pool of crypto-native capital seeking real-world yield.

VBILL’s multi-chain rollout, stablecoin integration, and institutional pedigree could make it a standout choice for crypto treasurers seeking safe yield with composability. As tokenization of risk-free assets gains traction, the line between TradFi and DeFi continues to blur, and the world’s safest collateral is now just a smart contract away.