We are pleased to announce that OpenEden has achieved a significant milestone, surpassing $50 million in Total Value Locked (“TVL”) for our tokenized US Treasury Bills.
This achievement reflects the growing confidence in our approach to bringing yields from real-world assets (“RWA”) on-chain.
Our Tokenized US Treasury Bills Are Built Differently
Providing a reliable source of on-chain yield is easier said than done.
The assets backing our TBILL tokens, which are tokenized US Treasury Bills, are invested in US Treasury and Reverse Repurchase Agreements collateralized by US Treasuries, and minters are subject to stringent KYC/AML screening to ensure the highest security and regulatory compliance standards.
Our best-in-class infrastructure is built with the following attributes:
- Bankruptcy-remote structure (i.e. no counterparty risk)
- First native on-chain Vault for 24/7 settlement
- Tier-1 jurisdiction investment management entity in Singapore
- Regulated token issuer (i.e. prospectus-based)
- Multiple use cases for TBILL (i.e. collateral for trading)
We recently also welcomed Wayne Tan as our General Counsel, in charge of legal and compliance at OpenEden. Wayne’s appointment brings a wealth of experience, having previously served as the Head of Legal at Sygnum Bank in Singapore.
We’ve recently received the second-highest possible rating for an independent audit conducted by one of the Big Four accounting firms.
Last week, OpenEden also became the first and only tokenized US Treasury product to receive an investment-grade “A” rating from Moody’s.
But our efforts have paid off.
Strong Institutional Adoption
Just in the past week alone, we have seen robust inflows of over $15 million in TVL to mint OpenEden’s TBILL tokens following Moody’s rating action.
Source: OpenEden’s TBILL TVL (Source: DeFiLllama, dated 26 June 2024)
On Monday, the Committee tasked to help diversify Arbitrum DAO’s treasury recommended allocating 4 million ARB tokens, worth around US$3.25 million at the time of writing, to purchase OpenEden’s TBILL tokens.
Arbitrum’s Stable Treasury Endowment Program (STEP) Committee, selected OpenEden’s TBILLs from over 30 proposals submitted for their consideration.
Source: Arbitrum STEP Committee DAO Proposal — 22 June 2024
We are proud to have attracted a wide range of institutional clients, including foundations, corporate treasuries, and buy-side funds, contributing to a stable and diversified user base.
OpenEden’s TBILL token has the highest number of institutional holders (i.e. with a minimum of USD 50k) and amongst the lowest concentration risk (i.e. top 5 holders) of all the tokenized treasuries available.
What Others Say About Our Tokenized US Treasury Bills
“The OpenEden $TBILL token addresses the opportunity cost of holding stablecoins by offering risk-free yield on-chain. OpenEden’s transparent and regulatory-compliant approach, coupled with a user-friendly UI/UX instills confidence in users. I look forward to seeing the team build new use cases with $TBILL as financial lego for DeFi.”— Superscrypt (Temasek-backed web3 VC)
“OpenEden $TBILL Vault impresses with top-tier regulatory compliance, user-friendly design, and 24/7 instantaneous on-chain minting. The strong legal structuring of the product brings home the focus on investor protection. It’s a game-changer in decentralized finance, and we’re thrilled to be part of this innovative community.”— Kento Inami (Founder, UXD Protocol)
OpenEden $TBILL Vault sets the gold standard for security and transparency. Its meticulous legal structuring provides certainty and assurance in the event of unforeseen situations. Deploying our assets to the $TBILL Vault means having the utmost legal safeguards, ensuring peace of mind and confidence while generating risk-free yield on-chain.— Arthur Cheong (Founder & CEO, Defiance Capital)
“To be awarded an investment grade rating from one of the most conservative and largest tradfi credit rating agencies in the world alongside an independent audit from a Big Four accounting firm have clearly validated the monumental breakthrough the OpenEden team has made for the RWA sector today. In my mind, this puts them on a path to becoming the “BlackRock” of crypto.— Tommy Quite (Founding Contributor, Merit Circle)
LFG
This milestone is a testament to our clients’ confidence in us, especially in the current market conditions. We remain committed to innovation, compliance, and delivering value to our growing community of users.
We’re incredibly grateful for our early adopters, and look forward to growing the adoption of tokenized RWA in the decentralized finance (DeFi) landscape.
If you’re interested in partnering with us, reach out to us!
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/
