How BNY Mellon Just Made Tokenized Treasuries Mainstream
OpenEden, a blockchain-based provider of tokenized United States Treasury funds, has partnered with BNY Mellon to custody and manage the assets backing its OpenEden, a blockchain-based provider of tokenized United States Treasury funds, has partnered with BNY Mellon to custody and manage the assets backing its TBILL product.
TBILL was launched in 2023 to allow investors to hold tokenized shares in short-dated U.S. Treasury Bills and overnight reverse repurchase agreements, giving access to low-risk yields through blockchain.
OpenEden’s TBILL Fund Gets BNY Mellon Backing
The partnership was announced on Aug/ 13, 2025, making it the first tokenized U.S. Treasury fund with a Moody’s “A-bf” rating to be externally managed by a global custodian, with BNY Mellon investment arm, Dreyfus, serving as sub-manager.
The collaboration integrates OpenEden’s blockchain technology with BNY Mellon’s custodial expertise. OpenEden’s TBILL allows seamless minting and redemption of tokens for easy access to Treasury yields. BNY Mellon’s custodial services offer strong security and monitoring using its 240-year track record in asset management.
Jeremy Ng, CEO of OpenEden, described the partnership as setting a “new standard of trust” in tokenized assets.
Jose Minaya, global head of investments and wealth at BNY Mellon, positioned the bank as a “bridge” between old finance and emerging blockchain technology, emphasizing its role in expanding digital asset markets.
BNY Mellon Expands Its Role in the Digital Asset Boom
The investment firm’s role in OpenEden’s TBILL fund is in line with its growing presence in digital assets. Since it started a digital custody platform in 2022 to protect cryptocurrencies such as Bitcoin and Ether, the bank has improved its blockchain efforts.
On April 3, 2025, BNY Mellon announced a data insights product to improve transparency in digital asset management. On July 23, 2025, it collaborated with Goldman Sachs to roll out tokenized money market funds, providing 24/7 access and real-time settlement.
With $55.8 trillion of assets under custody and administration as of June 30, 2025, BNY Mellon brings unmatched scale to the universe of tokenized assets.
The partnership confirms increasing institutional interest in tokenized real-world assets (RWAs). OpenEden’s TBILL vault has seen extensive growth, reaching $150 million in total value locked (TVL) by October 2024 and $279.52 million by August 2025.
Industry reports, including analyses from the Bank for International Settlements, point to increasing demand for blockchain-based investment vehicles. BNY Mellon’s regulatory expertise and asset management capabilities position it to drive growth in the tokenized RWA market, combining traditional finance with decentralized technology.
Top RWA protocols by market cap (Source: CoinMarketCap)
Why This Deal Matters for Treasury Investors
The OpenEden-BNY Mellon partnership strengthens investor confidence in tokenized U.S. Treasuries. The Moody’s “A-bf” rating, awarded on June 19, 2024, signals low credit risk, while BNY Mellon’s custody addresses counterparty and operational risks.
TBILL’s blockchain structure supports fractional ownership and real-time transactions, subject to KYC/KYT compliance, improving access for institutional and accredited investors. This is in line with blockchain’s potential to democratize high-quality assets like U.S. Treasuries.
The deal shows the maturing tokenized asset market. As institutions like BNY Mellon adopt blockchain, the gap between centralized and decentralized finance narrows.
The OpenEden’s TBILL vault fast growth is also in line with the rising investor demand, and studies from companies like the Bank for International Settlements suggest tokenized assets could reshape markets for bonds and commodities.
Regulatory uncertainty and blockchain scalability remain a major challenge, but this partnership sets a benchmark for secure, regulated tokenization and could potentially improve adoption in a more digital-first financial universe.
