- OpenEden taps BNY Mellon to manage tokenized US Treasury assets
- OpenEden’s TBILL is the first Moody’s “A” rated tokenized Treasury fund with a global custodian
- Partnership reflects growing demand for regulated, blockchain-based cash management solutions
OpenEden, a real-world asset tokenization platform, has partnered with The Bank of New York Mellon Corporation (BNY Mellon) to manage and custody the assets supporting its flagship tokenized US Treasury fund, TBILL. This collaboration brings one of Wall Street’s oldest and largest custodians into the rapidly expanding tokenized Treasury market.
TBILL stands out as the first tokenized US Treasury fund with a Moody’s “A” rating to have its assets under the care of a global custodian. The “A” rating denotes an upper-medium-grade quality with low credit risk, signifying strong capacity to meet financial obligations and aligning with traditional finance’s safety standards.
OpenEden’s founder and CEO, Jeremy Ng, highlighted that combining OpenEden’s platform with BNY Mellon’s fiduciary expertise sets a new trust benchmark in digital asset management.
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Rising demand for tokenized US Treasury products
OpenEden reported growing investor interest in tokenized US Treasury Bills, viewing it as a regulated, onchain cash-management solution. Launched in 2023, the TBILL product allows investors blockchain-based access to a portfolio of short-dated US Treasury Bills and overnight reverse repurchase agreements through the issuance of TBILL tokens. Each token corresponds to a proportional share of the underlying portfolio and its associated yield.
BNY Mellon’s investment management division, Dreyfus, will serve as the sub-manager of the TBILL fund, while BNY Mellon itself will act as the primary custodian, utilizing its robust infrastructure.
Jose Minaya, BNY Mellon’s global head of investments and wealth, emphasized the bank’s role as a bridge between traditional finance and emerging digital technologies. He added that the partnership enables BNY Mellon to expand its liquidity management expertise while aiming to cover the full lifecycle of tokenized assets.
Also read: Ripple chooses BNY as custodian for its RLUSD reserves
BNY Mellon’s expanding footprint in tokenization
Since 2022, BNY Mellon has actively broadened its digital asset services, launching a digital custody platform for institutional Bitcoin and Ether holdings that safeguards private keys and offers bookkeeping services. In April 2025, the bank introduced a digital assets data insights product aggregating onchain and offchain data across blockchain networks.
Most recently, BNY Mellon partnered with Goldman Sachs on a money market fund initiative. Announced in July 2025, this project plans to provide institutional investors with access to tokenized money market funds, enabling 24/7 market access and real-time settlement within capital markets.
This partnership with OpenEden further cements BNY Mellon’s position at the forefront of integrating traditional financial services with blockchain-based innovations.
