Openeden, the real-world asset (RWA) tokenization platform, partnered with New York Mellon Corporation (BNY Mellon) to manage and detain the assets underlying its flagship US financial product, Tbill.
Openeden announced its partnership on Wednesday, leading one of Wall Street’s largest and oldest custodians to a growing market of tokenized treasury.
Openeden said Tbill is the first tokenized US financial fund with Moody’s “A” rating, which manages assets by global custodians.
Moody’s “A” rating means that the asset is of high quality quality. Traditional financial standards are considered safe.
Openeden founder and CEO Jeremy Ng said that combining the platform with BNY’s “deep trustee expertise” will allow us to create new standards of trust in the digital asset space.
Openeden says that the US Treasury bill has been adopted.
The company said the demand for the product is increasing, reflecting interest in regulated on-chain cash management solutions.
Openeden’s Tbill products were launched in 2023, providing investors with blockchain-based access to short-term US Treasury bills and overnight reverse buyback agreements through the mint of Tbill tokens.
This means that the Tbill token represents the underlying portfolio of the short-term mature US Treasury and its associated yields.
Openeden said Dreyfus, investment management at BNY Mellon, will serve as sub-manager for the Tbill fund. BNY, meanwhile, uses its infrastructure to act as the primary custodian of its underlying assets.
Jose Minaya, global director of investment and wealth at BNY Mellon, said the banks view it as a bridge between traditional finance and emerging technologies in the digital assets space.
He said the partnership will allow BNY Mellon to expand its liquidity management expertise, adding that the companies are aiming to cover the full lifecycle of their tokenized assets.
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BNY Mellon deepens the tokenization footprint
BNY Mellon has been active in the digital assets sector since 2022 and has launched a digital custody platform to protect the institutional clients Bitcoin (BTC) and Ether (ETH) holdings.
The service allows banks to store access to private keys and funds, providing bookkeeping services to fund managers of other assets.
On April 3, the bank launched a digital asset data inciting product that delivers on-chain and off-chain data across the blockchain network, expanding its crypto space footprint.
More recently, the bank has partnered with Goldman Sachs on its Money Market Fund Project.
On July 23, the companies announced they are preparing to provide access to institutional investors in tokenized money market funds that can unlock 24/7 market access in the capital market and real-time settlements.
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