OpenEden Surpasses $150 Million TVL in Tokenized US Treasury Bills

Last updated:

October 22, 2024 17:42 EDT

Author

Hongji Feng

Author

Hongji Feng

About Author

Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

Last updated:

October 22, 2024 17:42 EDT

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OpenEden surpassed $150 million in total value locked (TVL) for its tokenized U.S. Treasury Bills vault on October 22.

According to a statement published by OpenEden, the milestone comes just two months after reaching $100 million in TVL, indicating the growing demand for its $TBILL Vault.

1/ We have reached yet another major milestone by surpassing $150 million in TVL for our Tokenized US Treasury Bills. This achievement cements our position as one of the top five tokenized treasuries issuer globally. As the only end-to-end tech stack in the market, we have gained… pic.twitter.com/p3M5rMhM7p

— OpenEden (@OpenEden_Labs) October 22, 2024

OpenEden’s $TBILL Vault Marks New Milestone

Over 130 institutions, such as Arbitrum, Ripple, and Galaxy, are among the platform’s investors, which have supported the vault’s rapid expansion in the market.

To many large infra/L1/L2s, $150mil is just a nice milestone.

To actually have 130+ institutions onboarded with full KYC/AML as accredited investors in crypto is a major feat and I believe @OpenEden_Labs is possibly the most distributed TBILL product today.

Time to accelerate. https://t.co/aK5HuBUMHk

— Eugene Ng 🌊 (I’m Hiring) (@Eug_Ng) October 22, 2024

The product offers tokenized access to U.S. Treasury Bills, providing a regulated on-chain solution for institutional investors seeking real-world asset exposure.

The vault allows participants to engage with traditional financial products while maintaining blockchain transparency.

The statement suggested that the recent growth in TVL follows a broader interest in tokenized treasury assets, which have become appealing for institutions looking for secure yield opportunities on-chain.

BIS Report Discusses Pros and Cons of Tokenization

The development of $TBILL Vault comes as the demand for blockchain-based financial solutions increases, demonstrating a shift towards integrating traditional finance products into the digital asset ecosystem.

Meanwhile, a recent report by the Bank for International Settlements (BIS) outlined tokenization’s potential advantages and risks in traditional finance.

The report highlighted that tokenization offers benefits such as faster transaction processing and reduced costs, making it an appealing option for financial institutions.

It described tokenization as a shift towards platform-based financial transactions, which can enhance efficiency in market access and post-trade processes.

However, the BIS cautioned that this emerging technology comes with significant risks. The report identified concerns related to governance, legal uncertainties, and potential impacts on financial stability.

The BIS further pointed to the implications for central banks, suggesting that tokenization may affect their roles in payments and monetary policy. It emphasized the need for regulatory clarity, especially concerning how existing laws apply to tokenized assets.