OpenEden, a Singapore-based company, has announced the appointment of The Bank of New York Mellon (BNY) as the asset manager and primary custodian for its tokenized U.S. Treasury Bills Fund.
About the $TBILL Fund
$TBILL Fund, launched in 2023, mints Treasury bill tokens to provide investors direct exposure to a pool of short-dated U.S. Treasury bills and overnight reverse repurchase agreements. The fund currently has approximately $278 million in assets under management.
BNY Mellon's Role in Asset Management
According to the company's press release, the $TBILL Fund will be sub-managed by BNY Investments Dreyfus, which has over 50 years of experience managing liquidity. BNY will also act as the primary custodian, leveraging its existing infrastructure to manage assets valued at $55.8 trillion.
Significance of the Agreement for the Digital Asset Market
This collaboration highlights BNY’s growing presence in the servicing of digital assets. 'OpenEden’s collaboration with BNY marks a critical milestone in our mission to deliver secure, transparent, and institution-ready tokenized financial products,' said Jeremy Ng, Founder and CEO of OpenEden. According to Jose Minaya, Global Head of BNY Investments and Wealth, BNY plays a critical role in the digital assets ecosystem, serving as a trusted bridge between traditional finance and emerging technology.
In summary, the appointment of BNY Mellon as asset manager for the tokenized Treasury Bills Fund $TBILL may signal significant changes in the digital asset market, especially amid growing interest in tokenized financial instruments.
