- The company will focus on scaling TBILL and the yield-bearing stablecoin USDO.
- cUSDO was approved this year as off-exchange collateral at Binance.
- BNY Mellon now manages and safeguards Treasurys underlying TBILL.
Real-world asset tokenisation is becoming one of crypto’s most active areas in 2025, and OpenEden is positioning itself at the centre of this shift with a new round of investment supported by major industry players.
The company confirmed on Tuesday that leading trading firms, venture capital groups, blockchain networks and institutional infrastructure providers have backed its latest raise to expand access to tokenised US Treasurys.
The round, which follows OpenEden’s 2024 raise with YZi Labs, comes at a time when short-dated government debt has emerged as one of the fastest-growing niches in digital assets as institutions look for familiar, regulated yields on-chain.
Tokenisation demand drives new investment push
OpenEden said the fresh capital will help it scale its tokenisation-as-a-service platform as more institutions look to move traditional assets onto public blockchains.
The firm is leaning into rising demand for regulated products tied to government debt, with short-term Treasurys becoming a preferred entry point for investors seeking on-chain yield that mirrors conventional markets.
The company did not disclose the size of the round, but it confirmed participation from Ripple, Lightspeed Faction, Gate Ventures, FalconX, Anchorage Digital Ventures, Flowdesk, P2 Ventures, Selini Capital, Kaia Foundation, and Sigma Capital.
Expansion of TBILL and USDO across markets
A significant portion of upcoming development will centre on OpenEden’s two main offerings: TBILL, its tokenised US Treasury fund, and USDO, a stablecoin backed by those same Treasurys.
USDO and its wrapped version, cUSDO, have already been integrated across decentralised exchanges and lending markets.
Earlier this year, Binance authorised cUSDO as off-exchange collateral.
OpenEden said the new investment will support broader distribution of these products and allow the company to introduce additional market structures tied to real-world financial assets.
Broader product pipeline builds institutional focus
Beyond Treasurys, OpenEden is preparing several new instruments designed to deepen institutional engagement with tokenised markets.
These include upcoming tokenised bond exposure, a multi-strategy yield token and a range of structured products aimed at investors familiar with traditional income-generating instruments.
In August, the company appointed BNY Mellon as custodian and investment manager for the Treasurys underlying TBILL.
The product has also received investment-grade ratings from S&P Global and Moody’s, marking a notable step in bridging conventional market requirements with decentralised finance infrastructure.
