OpenEden has announced a partnership with BNY Mellon to manage and safeguard the assets of its tokenized US Treasury product known as TBILL.
Partnership Details
OpenEden and BNY Mellon have signed an agreement, bringing the expertise of one of Wall Street's largest custodians into the growing market for tokenized Treasurys.
About the TBILL Product
TBILL is the first tokenized US Treasury fund with a Moody's 'A' rating to have its assets managed by a global custodian. An 'A' rating indicates acceptable credit risks and strong capacity to meet financial obligations. OpenEden noted that interest in the product has grown, reflecting demand for regulated blockchain cash management solutions.
BNY Mellon's Expansion in Tokenization
BNY Mellon has been active in the digital space since 2022 when it launched a digital custody platform. The bank is also partnering with Goldman Sachs to prepare to offer tokenized money market funds to institutional investors.
The partnership between OpenEden and BNY Mellon highlights the growing interest in asset tokenization and enhancing the interaction between traditional financial systems and emerging technologies.
