British Virgin Islands, 7 October 2025 — OpenEden, a leading platform for the tokenization of real-world assets (RWAs), today announced that its BNY-managed tokenized Treasury Bills Institutional Liquidity Limited (TBILL) Fund has been awarded ‘AA+f’ fund credit quality rating (FCQR) and ‘S1+’ fund volatility rating (FVR) by S&P Global Ratings. This rating assignment by S&P builds on the existing ‘A’ rating by Moody’s, making TBILL fund the tokenized US Treasuries fund to hold ratings from two of the world’s leading credit rating agencies.
S&P’s ‘AA+f’ FCQR reflects TBILL Fund’s very strong capacity to meet its financial obligations and the high credit quality of its underlying assets: short-dated US Treasury securities. The ‘S1+’ FVR, S&P’s highest volatility rating, indicates the TBILL Fund’s extremely low sensitivity to changing market conditions and interest rate movements. Together, these ratings validate the TBILL Fund’s resilience, stability, and institutional-grade structure as a vehicle for on-chain access to US Treasuries.
In August 2025, OpenEden strengthened the TBILL Fund’s institutional foundation by collaborating with The Bank of New York Mellon (BNY), the world’s largest custodian bank with $52 trillion in assets under custody.
Under this collaboration, the TBILL Fund’s underlying assets are held in custody by BNY, while BNY Mellon Investment Management (BNY IM), a top-10 global asset manager with $2 trillion in AUM, serves as the fund’s sole investment manager to provide best-in-class fiduciary oversight and operational integrity.
Since its launch in 2023, the TBILL Fund has grown its total value locked (TVL) more than 1,000 times, reaching $247 million in assets under management as of September 2025. Its growth reflects accelerating institutional and DeFi demand for compliant, yield-bearing products backed by US government securities.
“Receiving S&P Global’s ratings alongside Moody’s is a significant milestone that reinforces TBILL’s position as the gold standard for tokenized treasuries,” said Jeremy Ng, Founder and CEO of OpenEden. “Dual ratings from two of the world’s most respected agencies provide institutions with the assurance they need to participate in on-chain finance with confidence, knowing they are engaging with a regulated, transparent, and investment-grade structure.”
With dual ratings, institutional-grade partners, and accelerating adoption, TBILL continues to set benchmarks for compliant tokenized money market funds, bridging the standards of traditional finance with the innovation of blockchain.
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.
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