New funding aims to grow on-chain U.S. Treasurys and support broader RWA product development
Real-world asset platform OpenEden has secured new backing from major venture firms, trading desks and crypto infrastructure providers as it expands its tokenized U.S. Treasury products — one of the fastest-growing segments in digital finance this year.
Broad Institutional Support for Treasury Tokenization
The company said Tuesday that the undisclosed round included participation from Ripple, Lightspeed Faction, Gate Ventures, FalconX, Anchorage Digital Ventures and several other institutions. The raise follows OpenEden’s earlier 2024 investment from YZi Labs and reflects rising demand for regulated pathways to move traditional financial instruments on-chain.
“As tokenization moves into mainstream adoption, institutions need dependable rails that meet regulatory and technical standards,” OpenEden CEO Jeremy Ng said.
Expansion Plans: TBILL and USDO at the Center
OpenEden will channel the funding toward scaling its tokenization-as-a-service platform and introducing new structured products. Its flagship offerings — TBILL, a tokenized U.S. Treasury fund, and USDO, a yield-bearing stablecoin backed by those securities — remain the primary focus.
USDO and its wrapped version, cUSDO, are now used across decentralized exchanges and lending markets. Earlier this year, cUSDO was approved as off-exchange collateral at Binance, broadening its utility for institutional traders.
The firm is also preparing tokenized bond exposures, multi-strategy yield products and additional structured notes. In August, OpenEden appointed BNY Mellon as custodian and investment manager for the Treasurys underpinning TBILL, which has received investment-grade ratings from both S&P Global and Moody’s.
A recent report from the Bank for International Settlements highlighted tokenized money market funds as a key source of on-chain yield, offering investors transparent, regulated exposure compared with conventional stablecoins.
OpenEden’s latest backing positions it to compete in a sector that continues to attract both institutional capital and regulatory attention.
Disclaimer
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