News, data and analysis on tokenized assets, market design and digital economic systems.
Singapore-based tokenisation group whose TBILL token gives holders exposure to short-dated US Treasury bills through a BVI-regulated professional fund that BNY Investments has managed and BNY has custodied since August 2025.
Singapore-based tokenisation group founded in 2022 whose TBILL token gives holders exposure to short-dated US Treasury bills and overnight reverse repurchase agreements through a registered professional fund incorporated in the British Virgin Islands and regulated by the BVI Financial Services Commission. Since August 2025 BNY Investments has managed the portfolio and BNY has acted as custodian, an arrangement that puts a bank rather than the token issuer between holders and the collateral; the fund carries an AA+f/S1+ rating from S&P Global Ratings and was the first tokenized US Treasury fund to receive an investment-grade bond fund rating from Moody's. USDO, launched on 21 February 2025 by OpenEden Digital under a Bermuda Digital Asset Business Act licence and issued through a segregated account company, is collateralised by TBILL and rebases daily so the balance grows while the price stays at a dollar, while the cUSDO wrapper holds balances constant and accrues the same yield in price.
Developments in which OpenEden is a named party, newest first.
BNY said in July 2026 that it plans to pilot tokenized US Treasuries on its private blockchain by the end of 2026 and offer round-the-clock settlement for both conventional and tokenized Treasuries in 2027. The bank clears an average of $24.3tn a day as a…
What issued, what settled, what the supervisors changed, with the numbers behind it and a note on what the numbers do not show. One email, Thursday mornings.
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