OpenEden’s TBILL Fund Earns “AA+” Rating from S&P Global, Now Dual-Rated Alongside Moody’s

In the rapidly evolving landscape of tokenized real-world assets (RWAs), institutional credibility remains as one of the key deciding factors for long-term adoption. Today, OpenEden announced that their TBILL Fund, managed by The Bank of New York Mellon (BNY), has crossed a new threshold for trust and transparency in the on-chain Treasury market by receiving an “AA f” fund credit quality rating (FCQR) and an “S1 ” fund volatility rating (FVR) from S&P Global, which are the the highest categories in their rating system for credit quality and stability. 

The ratings place OpenEden’s TBILL Fund among the most secure and institutionally recognized funds in the tokenized asset space. The milestone also builds on the fund’s existing “A” rating from Moody’s, making it the tokenized U.S. Treasuries fund to hold ratings from both S&P Global and Moody’s, two of the world’s largest credit rating agencies.

A New Benchmark for On-Chain Treasuries

S&P’s “AA f” credit quality rating reflects the fund’s very strong capacity to meet financial obligations and the high credit quality of its underlying short-dated U.S. Treasury securities. Meanwhile, the “S1 ” volatility rating highlights the fund’s minimal sensitivity to shifts in interest rates and market conditions.

Taken together, the dual ratings underscore the TBILL Fund’s resilience, stability, and institutional-grade design, positioning it as one of the most credible instruments for on-chain exposure to U.S. Treasuries.

The Role of BNY in Strengthening Institutional Trust

OpenEden’s collaboration with The Bank of New York (BNY), announced in August 2025, further cemented its institutional credentials. As part of this partnership, the fund’s underlying assets are held in custody by BNY, the world’s largest custodian bank with $52 trillion in assets under custody, while BNY Mellon Investment Management, one of the top ten global asset managers with $2 trillion in AUM, serves as the fund’s sole investment manager.

This dual-layer structure of custody and management not only strengthens fiduciary oversight but also integrates traditional financial safeguards into the on-chain ecosystem.

Bridging Traditional Finance and DeFi Demand

Since its inception in April 2023, the TBILL Fund has grown its total value locked (TVL) more than 1,000x, reaching $247 million in assets under management as of September 2025. The fund’s rapid growth mirrors the accelerating appetite among both institutions and DeFi participants for compliant, yield-bearing products backed by U.S. government securities.

According to Jeremy Ng, Founder and CEO of OpenEden, the achievement signals a turning point for the credibility of tokenized fixed-income instruments:

“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,” Ng said. “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 Defining Moment for Institutional-Grade Tokenization

With two credit ratings, tier-one custodianship, and increasing institutional adoption, OpenEden’s TBILL Fund is helping define what compliant, investment-grade tokenization looks like in practice.

As traditional finance continues its integration into blockchain infrastructure, TBILL stands as a proof point that the highest standards of traditional markets can not only be met but replicated and enhanced on-chain, paving the way for a new era of institutional participation in decentralized finance.