OpenEden’s TBILL Fund Received S&P Global “AA+” Rating, Marking a Defining Moment for Tokenized Treasuries

As institutional confidence becomes the ultimate differentiator in the tokenized assets market, OpenEden’s BNY-managed TBILL Fund has taken a decisive step forward.

The fund has been awarded an “AA+f” fund credit quality rating and an “S1+” fund volatility rating by S&P Global Ratings, the highest designations possible under S&P’s system for credit quality and stability.

This latest recognition builds on the TBILL Fund’s existing “A” rating from Moody’s, making it the first tokenized U.S. Treasuries fund to hold dual ratings from two of the world’s largest credit rating agencies. It’s a milestone that not only reinforces confidence in OpenEden’s product design but also demonstrates the growing legitimacy of tokenized real-world assets (RWAs) within institutional finance.

Setting a New Benchmark for On-Chain Fixed Income

S&P Global’s “AA+f” rating signals a very strong capacity to meet financial obligations, underpinned by short-dated U.S. Treasury securities of the highest quality. The accompanying “S1+” volatility rating reflects minimal sensitivity to shifts in interest rates or market conditions, a combination that’s rare even among traditional fixed-income funds, let alone tokenized ones.

Together, these ratings give institutional investors the same level of assurance they expect from traditional products, while benefiting from blockchain’s transparency and operational efficiency.

Institutional Backbone: BNY’s Custody and Oversight

OpenEden’s collaboration with The Bank of New York Mellon (BNY), the world’s largest custodian bank with $52 trillion in assets under custody, is at the heart of its institutional architecture.

Under this partnership, BNY holds the fund’s underlying assets in custody, while BNY Mellon Investment Management (BNY IM), a top-ten global asset manager with $2.2 trillion in AUM, acts as the fund’s sole investment manager.

This structure embeds the regulatory, fiduciary, and operational safeguards of traditional finance directly into a blockchain-native framework, a model that has quickly become a reference point for compliant tokenization.

Bridging Institutional Demand and DeFi Growth

Since launching in 2023, the TBILL Fund’s total value locked (TVL) has expanded more than 1,000x, surpassing $260 million in assets under management as of September 2025. This surge highlights a shared appetite from both institutions and DeFi participants for stable, yield-bearing assets backed by U.S. government securities.

“Receiving S&P Global’s ratings alongside Moody’s is a significant milestone that reinforces TBILL’s position as the gold standard for tokenized Treasuries,” said Jeremy Ng, Founder and CEO of OpenEden. “Dual ratings from two of the world’s most respected agencies provide institutions with the assurance they need to participate in on-chain finance with confidence, knowing they are engaging with a regulated, transparent, and investment-grade structure.”

A Signal for the Future of Tokenized Markets

Dual ratings from S&P and Moody’s mark a critical inflection point in the growth of tokenized fixed income. As regulators, custodians, and asset managers deepen their exploration of blockchain-based infrastructure, OpenEden’s TBILL Fund illustrates how institutional-grade tokenization can be executed in practice, combining compliance, custody, and composability under a single framework.

In a sector often characterized by hype over substance, OpenEden’s dual-rated TBILL Fund offers something tangible: proof that the standards of traditional finance can not only be met but enhanced through tokenization.

This post is commissioned by OpenEden and does not serve as a testimonial or endorsement by The Block. This post is for informational purposes only and should not be relied upon as a basis for investment, tax, legal or other advice. You should conduct your own research and consult independent counsel and advisors on the matters discussed within this post. Past performance of any asset is not indicative of future results.