OpenEden's Tokenized U.S. Treasury Fund Achieves Unprecedented Dual Ratings from S&P and Moody’s

OpenEden, a leading real-world asset (RWA) tokenization platform, has achieved a historic milestone with its tokenized U.S. Treasury Bill (TBILL) Fund. Securing both an ‘AA+f’ credit quality rating and an ‘S1+’ volatility rating from S&P Global Ratings, alongside its earlier ‘A’ rating from Moody’s, the TBILL Fund has gained a significant boost in credibility and market authority.

A Landmark Achievement for Blockchain-Based Investment Solutions

The dual ratings make OpenEden’s TBILL Fund the first tokenized U.S. Treasury Bill fund to receive recognition from two of the world’s most respected credit rating agencies: S&P Global and Moody’s. On October 15, OpenEden highlighted the accomplishment as a pivotal moment for institutional adoption of blockchain-powered investment solutions. This achievement is more than a validation of the fund itself—it signifies a transformative step forward for merging traditional finance with innovative decentralized technologies.

The Significance of S&P Global’s Ratings

The S&P Global ratings provide insight into the formidable credit quality and resilience of the TBILL Fund.

Exceptional Creditworthiness

The ‘AA+f’ Fund Credit Quality Rating (FCQR) reflects the exceptional strength of the fund’s ability to meet financial obligations. This has been attributed to its underlying assets, which consist entirely of short-term U.S. Treasury Bills—widely regarded as one of the safest investments globally.

Stability and Low Market Sensitivity

The ‘S1+’ Volatility Rating (FVR) evaluates the fund’s minimal sensitivity to market volatility, such as changes in interest rates or broader macroeconomic fluctuations. This rating affirms the fund’s stability, making it particularly attractive to institutional investors seeking predictable returns within the blockchain sector.

Credibility for Institutional-Grade Investors

With these ratings, OpenEden’s TBILL Fund sets itself apart as a robust, credible, and reliable investment structure. The ratings solidify its position as a trusted solution for institutions integrating blockchain-based investment strategies into their portfolios.

Institutional Partnerships: Strengthening the Fund’s Backbone

The TBILL Fund's robust framework is further supported by strategic partnerships with industry-leading financial institutions.

Trusted Custody with BNY Mellon

In August 2025, OpenEden partnered with BNY Mellon, the world’s largest custodian bank managing $52 trillion in assets. BNY Mellon acts as the custodian for the TBILL Fund, ensuring that its underlying assets are securely held and managed with the highest standards of protection and transparency.

Asset Management by BNY Mellon Investment Management

BNY Mellon Investment Management, with $2 trillion in assets under management (AUM), serves as the TBILL Fund’s sole asset manager. This role includes overseeing fiduciary responsibilities and maintaining the fund’s operational integrity. These partnerships highlight OpenEden’s commitment to bridging institutional-grade financial expertise with blockchain innovation.

Rapid Growth Reflects Rising Demand

Launched in 2023, the TBILL Fund’s growth trajectory has been nothing short of remarkable, reflecting heightened demand among both institutional investors and decentralized finance (DeFi) participants.

Exponential Asset Growth

By September 2025, the fund’s assets under management (AUM) reached $247 million, exhibiting over 1,000x growth in total value locked (TVL) since its inception. Institutional players, drawn by the fund’s compliance-centric and yield-generating structure, have been instrumental in driving this rapid expansion.

CEO Insights

Jeremy Ng, Founder and CEO of OpenEden, emphasized the groundbreaking importance of the dual ratings: “Securing both S&P Global and Moody’s ratings further cements TBILL’s position as the ‘gold standard’ for tokenized treasuries. Institutional investors now have the confidence of interacting with a regulated, transparent, and investment-grade structure, paving the way for greater participation in on-chain finance.”

Pioneering the Future of Tokenized Money Market Funds

OpenEden is not resting on its laurels. The company plans to leverage its dual ratings and institutional collaborations to expand its range of tokenized money market funds (MMFs).

Merging Traditional Finance with Blockchain Innovation

The TBILL Fund represents more than just a single investment opportunity; it serves as a blueprint for the future of blockchain-integrated finance. By adhering to traditional finance standards while capitalizing on blockchain’s transparency and efficiency, OpenEden is setting the stage for broader acceptance and institutionalization of tokenized assets.

A Paradigm Shift

This latest development underscores the increasing convergence of traditional finance frameworks with cutting-edge decentralized finance (DeFi) technologies. OpenEden’s accomplishments reflect a broader shift toward integrating blockchain into mainstream financial ecosystems, with the potential to redefine how value is stored, managed, and accessed.

By building a regulated, transparent, and high-performing investment option, OpenEden is not just shaping its own legacy but also setting higher standards for the broader tokenization market—a move that could catalyze the next wave of institutional blockchain adoption.