Deployments · platform by OpenEden

OpenEden TBILL FundUpdated 6 Nov 2026

A BVI-regulated fund that lets KYC-approved holders of USDC mint a TBILL token backed mainly by short-dated US Treasury bills, launched in 2023 by former Gemini executives. Since 2025 BNY affiliates act as investment manager and primary custodian of the underlying assets. Most supply now sits on BNB Chain, with smaller amounts on the XRP Ledger and Ethereum.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled) since Aug 2025^[4] — About $294 million on chain in October 2026; BNY cites an investment-grade A rating from Moody's. · Reviewed 1d ago

Assets: Fund interest^[3]
Fund shares as tokens; mostly short-dated T-bills with a small USDC buffer
Networks: Ethereum Public, permissionless^[2]
BNB Chain Public, permissionless^[2]
XRP Ledger Public, permissionless^[2]
Solana Public, permissionless^[2]
Arbitrum Public, permissionless^[2]
Listed on rwa.xyz with zero supply in October 2026.
Use cases: Primary issuance^[2]Fund subscription and redemption^[3]
Jurisdictions: British Virgin Islands

Participants

Chainlink LabsTechnology provider^[1]United States
OpenEdenPlatform provider, Issuer, Operator^[3]Singapore
BNYAsset manager, Custodian^[4][7]United States
RippleInvestor^[5]United States
Protege Fund ServicesFund administrator^[7][8]Singapore
TJ Assurance PartnersAuditor or reserve attestor^[7][8]Singapore
EYAuditor or reserve attestor^[7][9]United Kingdom
London Stock Exchange GroupData or oracle provider^[7]United Kingdom
CoinbaseCash leg provider^[8]United States
ChainalysisTechnology provider^[8]United States
The prime broker is not named in OpenEden's docs.^[6]

Assets

Redeems intoUSD Coin (USDC)^[3]KYC-approved USDC holders mint and redeem against USDC.
IssuesOpenEden TBILL (TBILL)^[3]

Data feeds

Proof of reservesChainlink LabsProof of Reserve^[1]Chainlink also lists a TBILL NAV feed on Ethereum without a named issuer; not recorded.

Metrics

$294.4mAssets under management · as of 11 Oct 2026^[2]
On-chain via rwa.xyz.
~$252.69mAssets on BNB Chain · as of 11 Oct 2026 · on BNB Chain^[2]
On-chain via rwa.xyz: 217.9 million tokens at about $1.16.
~$20.92mAssets on XRP Ledger · as of 11 Oct 2026 · on XRP Ledger^[2]
On-chain via rwa.xyz; supply times price.
~$20.63mAssets on Ethereum · as of 11 Oct 2026 · on Ethereum^[2]
On-chain via rwa.xyz; supply times price.
24 holdersToken holders · as of 11 Oct 2026^[2]
On-chain via rwa.xyz.

Timeline

Happened 13 Aug 2025 · Participant joined · recorded 11 Oct 2026
OpenEden appoints BNY affiliates as investment manager and primary custodian; BNY cites the fund's Moody's A rating.^[4]
Happened 3 Apr 2023 · Launch · recorded 11 Oct 2026
Former Gemini executives launch the OpenEden T-bill vault for USDC holders who pass KYC.^[3]

Sources

[1]Introducing Tokenized US Treasuries from OpenEden — OpenEden, 3 Apr 2023. Accessed 16 Oct 2026. The TBILL Vault is integrated with Chainlink Proof-of-Reserves, checking the custodian's holdings and token price..B
[2]TBILL asset page — RWA.xyz. Accessed 11 Oct 2026.A
[3]Former Gemini execs launch tokenized T-Bill vault OpenEden — The Block, 3 Apr 2023. Accessed 11 Oct 2026.C
[4]OpenEden selects BNY to provide investment management and custody services for its tokenized US Treasury Bills Fund — BNY, 13 Aug 2025. Accessed 11 Oct 2026.B
[5]Ondo Finance Brings 24/7 Access to Tokenized U.S. Treasuries on the XRP Ledger — Ripple, 28 Jan 2025. Accessed 11 Oct 2026.B
[6]TBILL docs: Off-chain Governance & Controls — OpenEden. Accessed 28 Oct 2026.B
[7]TBILL docs: Introduction — OpenEden. Accessed 28 Oct 2026.B
[8]FAQ | OpenEden — OpenEden. Accessed 6 Nov 2026.B
[9]Trust & Transparency | OpenEden — OpenEden. Accessed 6 Nov 2026.B

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