Singapore-based fintech company OpenEden announced on Wednesday that it has appointed The Bank of New York Mellon (BNY), a U.S. financial firm, as the investment manager and primary custodian for the assets supporting its Tokenized U.S. Treasury Bills Fund ($TBILL).
Launched in 2023, $TBILL mints Treasury bill tokens to give investors direct exposure to a pool of short-dated U.S. Treasury bills and overnight reverse repurchase agreements. It has approximately $278 million assets under management (AUM).
As per the company’s press release, the $TBILL Fund will be sub-managed by market leader BNY Investments Dreyfus, which has over 50 years of experience managing liquidity. BNY will also act as the primary custodian, leveraging its existing infrastructure to manage assets valued at US$55.8 trillion. This collaboration highlights BNY’s growing presence in the servicing of digital assets.
“OpenEden’s collaboration with BNY marks a critical milestone in our mission to deliver secure, transparent, and institution-ready tokenized financial products,” said Jeremy Ng, Founder and CEO of OpenEden.
“BNY plays a critical role in the digital assets ecosystem, serving as a trusted bridge between traditional finance and emerging technology for clients,” said Jose Minaya, Global Head of BNY Investments and Wealth.
The Bank of New York Mellon Corporation, or BNY, will oversee the fund and make investments in Treasury bills, money market funds, and other securities that will support OpenEden’s tokens.
The decision comes amid significant regulatory support for tokenized money market funds and as major U.S. banks consider entering the cryptocurrency space.
Also Read: Pantera Capital Unveils $300M Investment in Crypto Treasury Firms
