BNY Mellon Steps Into Crypto Future: Custodying OpenEden’s Tokenized Treasury Bills
Wall Street meets blockchain—again. BNY Mellon, the 238-year-old custody giant, just blinked at crypto's institutional march by agreeing to safeguard OpenEden’s tokenized T-bills fund. Who said dinosaurs can’t adapt?
Breaking the mold: The bank’s digital asset arm will hold the keys to this yield-bearing stablecoin alternative, merging TradFi’s plumbing with DeFi’s ambition. No more ‘not your keys, not your coins’ excuses for institutions dipping toes in.
The fine print: OpenEden’s fund pegs each token to a slice of US Treasury bills, offering crypto natives Treasury yields without the paperwork. Meanwhile, BNY gets to bill for guarding assets that—let’s face it—are probably safer than some of their traditional clients’ portfolios.
Bottom line: Another brick in the wall between ‘crypto winter’ and institutional spring. Just don’t expect them to tweet ‘WAGMI’ anytime soon.
OpenEden, a leading platform for the tokenization of Real-World Assets (RWAs), announced the appointment of certain affiliates of The Bank of New York Mellon Corporation, a global financial services company, as investment manager and primary custodian for the underlying assets of its flagship Tokenized US Treasury Bills ($TBILL) Fund, the world’s first tokenized US Treasury fund to receive an investment grade “A” rating from Moody’s.
The strategic relationship highlights OpenEden and BNY’s shared commitment to shaping the future of financial infrastructure by facilitating regulated and institutional-grade assets on chain for global investors.
Launched in 2023, OpenEden’s $TBILL provides investors with direct exposure to a pool of short-dated US Treasury Bills (“US T-Bills”) and overnight reverse repurchase agreements through the minting of the TBILL token. $TBILL has seen rapid and accelerating adoption, indicating the surging demand from investors for regulated, institutional-grade on-chain cash management solutions.
BNY Investments Dreyfus is one of the largest liquidity managers in the industry with more than five decades of proven expertise and will manage $TBILL Fund on OpenEden’s behalf as sub-manager. As part of its mission to build the financial infrastructure for the future, BNY will also serve as the primary custodian for the underlying assets, leveraging its established infrastructure that administers US$55.8 trillion of assets and its proven track record providing asset servicing solutions that enable the digital assets ecosystem.
“OpenEden’s collaboration with BNY marks a critical milestone in our mission to deliver secure, transparent, and institution-ready tokenized financial products,” said . “Combining our tokenization platform with BNY’s global scale and DEEP fiduciary expertise enables us to create a new standard for trust and access in the digital asset space.”
“BNY plays a critical role in the digital assets ecosystem, serving as a trusted bridge between traditional finance and emerging technology for clients,” said . “We are excited to extend our time-tested liquidity investment management capabilities and asset safekeeping services to enable $TBILL and are proud to collaborate with OpenEden as we jointly aim to support the end-to-end lifecycle of tokenized assets.”
Source: OpenEden
