OpenEden’s TBILL Fund Earns S&P’s Top Rating for Tokenized Treasuries

OpenEden’s TBILL Fund has become the first tokenized U.S. Treasuries fund to receive ratings from both S&P Global and Moody’s, marking a significant milestone in the convergence of traditional finance and blockchain technology. S&P Global Ratings awarded the fund an “AA+f” fund credit quality rating (FCQR) and an “S1+” fund volatility rating (FVR), both representing the highest possible ratings on S&P’s scale for credit quality and stability. This follows the fund’s earlier “A” rating from Moody’s, creating an unprecedented dual-rating achievement in the tokenized Treasury market.

The “AA+f” rating specifically highlights the fund’s very strong capacity to meet its financial obligations and reflects the high credit quality of its underlying short-dated U.S. Treasury securities. Meanwhile, the “S1+” volatility rating indicates extremely low sensitivity to market and interest rate movements, providing institutional investors with confidence in the fund’s stability. Together, these ratings establish the TBILL Fund as one of the most stable, transparent, and institutionally recognized instruments for tokenized fixed income exposure, setting a new benchmark for credibility in the digital asset space.

The TBILL Fund’s institutional credibility is further strengthened through its strategic partnership with The Bank of New York Mellon (BNY), the world’s largest custodian bank with $52 trillion in assets under custody. Under this collaboration, BNY holds the fund’s underlying U.S. Treasury assets in custody, while BNY Mellon Investment Management (BNY IM), a top-ten global asset manager with $2 trillion in assets under management, serves as the fund’s sole investment manager.

This institutional framework combines the rigorous safeguards and fiduciary oversight of traditional finance with the transparency and operational efficiency of blockchain infrastructure. The partnership ensures that the fund operates within established regulatory frameworks while leveraging blockchain technology for improved accessibility and composability. As Jeremy Ng, Founder and CEO of OpenEden, emphasized, “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.”

Since its launch in 2023, OpenEden’s TBILL Fund has demonstrated remarkable growth, increasing its total value locked (TVL) more than 1,000-fold to reach $264 million in assets under management as of September 2025. This explosive growth trajectory reflects accelerating demand from both institutional investors and decentralized finance (DeFi) participants seeking compliant, yield-bearing assets backed by U.S. government securities.

The fund’s success underscores the growing appetite for regulated digital assets that combine the safety of traditional financial instruments with the benefits of blockchain technology. Institutional investors are increasingly recognizing the value of tokenized Treasury products that offer transparency, efficiency, and accessibility while maintaining the credit quality and stability of conventional U.S. Treasury investments. This convergence of traditional and decentralized finance represents a significant evolution in how financial products are structured, distributed, and accessed in the digital age.

With S&P Global and Moody’s ratings, BNY-managed oversight, and strong adoption momentum, OpenEden’s TBILL Fund continues to establish itself as the gold standard for trust and transparency in tokenized fixed-income products. The dual ratings from leading credit agencies provide institutional investors with the confidence needed to allocate significant capital to on-chain financial instruments, bridging the gap between traditional finance and blockchain innovation.

As regulators and financial institutions continue to explore how traditional financial products can migrate to blockchain infrastructure, OpenEden’s TBILL Fund offers a tangible example of institutional-grade tokenization in practice. The fund successfully combines compliance, custody, and composability within a single framework, demonstrating that blockchain technology can enhance rather than replace traditional financial safeguards. This achievement marks a critical step forward in the maturation of digital assets and sets a precedent for future tokenized financial products seeking institutional acceptance and mainstream adoption.