BNY Mellon Partners with OpenEden on Tokenized Product

BNY Mellon has partnered with tokenization platform OpenEden to provide asset management and custody services for the US Treasuries backing its flagship tokenized product, TBILL.

BNY Mellon has been appointed primary custodian of the underlying assets of TBILL, OpenEden’s 2023-launched product offering tokenized exposure to a pool of short-term US Treasury Bills and reverse repurchase agreements.

Meanwhile, the fund will be managed on OpenEden’s behalf by BNY Mellon subsidiary Dreyfus, acting as sub-manager.

OpenEden’s partnership with BNY Mellon reflects the growing demand for blockchain-based access to traditional assets such as US Treasuries.

The collaboration aims to bring together established financial expertise and blockchain innovation to provide investors with a secure, regulated route into US Treasuries.

The partnership marks an industry first as TBILL will become the first tokenized US Treasury fund to be managed by a global custodian holding a Moody’s “A” rating.

The rating signifies upper-medium-grade quality and low credit risk, which reinforces the product’s alignment with established financial standards.

Jeremy Ng, founder and CEO of OpenEden, said: “OpenEden’s collaboration with BNY marks a critical milestone in our mission to deliver secure, transparent, and institution-ready tokenized financial products,

“Combining our tokenization platform with BNY’s global scale and deep fiduciary expertise enables us to create a new standard for trust and access in the digital asset space.”