The Real-World Asset (RWA) Tokenization Platform has opened up to the Bank of New York Mellon Corporation (BNY Mellon) to manage and keep the underlying properties of the principal tokenized product of the US Treasury, Tbill.
Opennen announced the cooperation on Wednesday, bringing one of the largest and oldest custodians to Wall Street to the growing market for tokenized treasurys.
Obenen said Tbill was the first tokenized US treasury fund with the “A” rating of Moody to have properties managed by a global career.
Moody’s “A” rating means that the property has a quality upper medium, indicating low credit risk and a strong ability to meet financial obligations. It is considered safe by traditional financial standards.
Opened founder and CEO Jeremy Ng said that combining their platform with “BNY’s deep expertise gives them to create a new standard of confidence in the digital asset space.
Obenen said the demand for tokenized US Treasury bills has grown
The company said demand for the product has increased, reflecting interest on the regulated, onchain cash-management solution.
Open Open Tbill product was launched in 2023 to give blockchain-based access investors in a pool of short-dated Treasury bills and overnight reverse re-purchase agreements through the Tbill token mininting.
This means that the token of Tbill represents a portion of the underlying portfolio of Treasury’s bills of age in the short term and their relevant harvest.
Obencen said BNY Mellon’s investment arm Dreyfus, will act as the sub-manager of the Tbill Fund. Meanwhile, BNY will serve as the main caretaker for the underlying properties, using its infrastructure.
BNY Mellon’s global investment and wealth, Jose Minaya, said the bank sees itself as a bridge between traditional finance and emerging technology in the digital asset space.
He said the collaboration would allow BNY Mellon to expand the expertise in managing liquidity, adding that both companies aim to cover the entire lifecycle of tokenized properties.
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BNY Mellon deepens the trace of tokenization
BNY Mellon has been active in the digital asset space since 2022, when it Launched a Digital Plain Platform To saving Bitcoin’s institutional clients (Btc) and ether (Eth) Holdings.
The service allows private bank keys and accessing funds, and provides booking services to fund managers with other ownership.
On April 3, the bank launched A product of digital assets data insights that delivers onchain and offchain data throughout the blockchain networks, which expands its footprint in the crypto space.
Most recently -well, the bank has cooperated with Goldman Sachs on a money -funding project project.
On July 23, two companies announced that they were preparing to offer institutional investors Accessing to the money-tokenized market funds, which can unlock 24/7 market access and real-time settlement in capital markets.
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