OpenEden has launched the first smart contract vault to offer 24/7 access to US Treasury Bills (T-Bills). Stablecoin holders can mint TBILL tokens, tokenized US Treasuries, via the OpenEden TBILL Vault to earn the US risk-free rate, which yields close to 5% p.a. as of March 2023.
There is around $130 billion worth of stablecoins sitting on the sidelines and not generating any meaningful yield.
Jeremy Ng, the co-founder of OpenEden
“From the start, we wanted to create the opposite of a ‘trust me bro’ product for DAO treasuries, Web3 institutions, and crypto funds,” said Jeremy Ng, the co-founder of OpenEden. “There is around $130 billion worth of stablecoins sitting on the sidelines and not generating any meaningful yield. As DeFi yields continue to lag further behind traditional financial asset yields, there is a growing demand for institutional-grade DeFi products that offer low-risk, liquid, and transparent returns to stablecoin holders.”
“We have spent the past year building a DeFi-native token that is 100%-backed by real-world assets and fully compliant with regulatory requirements, while offering the most seamless user experience in the market,” said Eugene Ng, the co-founder of OpenEden. “The OpenEden TBILL Vault not only facilitates on-chain access to US Treasury yields, but it is also integrated with a Chainlink Proof-of-Reserves to provide real-time transparency into the underlying assets of TBILL tokens.”
The TBILL difference
- Direct T-Bills exposure: The value of TBILL tokens is derived from a portfolio of short-duration US Treasury Bills.
- 24/7 instant settlement: Smart contracts enable instant minting and redemption on-chain of the tokenized U.S Treasuries, versus up to two business days in TradFi.
- Regulatory-first: The issuer of TBILL tokens is a professional fund regulated by the British Virgin Islands Financial Services Commission.
- Real-time transparency: A Chainlink Proof-of-Reserves is integrated with the off-chain custodian to verify the underlying assets and token price in near-real time.
- Audited and verifiable: OpenEden publishes daily reserve reports from a regulated custodian, monthly valuation reports from a third-party fund administrator, and monthly attestations from an independent auditor.
- Bankruptcy remote: A regulated custodian holds the underlying assets of TBILL tokens, which are tokenized U.S Treasuries, in a fully-segregated account for the benefit of TBILL token holders, removing any risk of commingling with OpenEden’s balance sheet.
Institutional-grade partners
OpenEden collaborates with regulated service providers, leading banks, qualified custodians, and tier-1 legal counsel, including Swissquote Bank (T-Bills prime broker and custodian), Circle (fiat on-ramp), DBS Bank (fiat banking partner), KPMG (tax advisor), Elliptic (blockchain compliance), Harneys (legal counsel), Capital Asia Investments (fund administrator), and TJ Assurance Partners PAC (fund auditor).
Experienced leadership
OpenEden was set up in early 2022 by the former founding team of Gemini APAC, Jeremy Ng and Eugene Ng. The OpenEden core team comes with decades of combined experience in institutional finance and technology, honed at Goldman Sachs, Morgan Stanley, Deutsche Bank, Barclays, Gemini, SEA, Accenture, BlockFi, Bybit, and Binance.
About OpenEden
OpenEden operates a leading real-world asset (RWA) tokenization platform, renowned for its unmatched focus on regulatory standards and advanced financial technology. Founded in 2022, OpenEden bridges traditional and decentralized finance by providing, through its regulated entities in Bermuda and the BVI, secure, transparent, and compliant on-chain access to tokenized RWA. OpenEden is tokenizing global finance with a core focus on compliance and innovation. To learn more, visit www.openeden.com.
Disclaimer
The content is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the US and the District of Columbia), nor in such jurisdictions where such announcement would require registration and/or approval with any relevant governmental or regulatory authorities (“restricted jurisdictions”). The content is not an offer of financial products or digital assets for sale in the US or such other restricted jurisdictions. The digital assets referred to herein have not been and will not be registered with any regulatory authority or framework, including under the US Securities Act of 1933, as amended and may not be offered or sold in the US or such other restricted jurisdictions, except pursuant to an applicable exemption from registration. No public offering of the digital assets is being made in the US or restricted jurisdictions. For full details on the applicable T&Cs, please refer to https://docs.openeden.com/
