- The company will focus on scaling TBILL and the yield-bearing stablecoin USDO.
- cUSDO was approved this year as off-exchange collateral on Binance.
- BNY Mellon now oversees and safeguards the government bonds backing TBILL.
Tokenization of real-world assets is set to become one of crypto’s most active areas in 2025, and OpenEden is positioning itself at the center of this shift with a new funding round backed by major industry participants.
The company confirmed on Tuesday that leading trading firms, venture capital groups, blockchain networks, and institutional infrastructure providers supported the latest raise to expand access to tokenized U.S. Treasury securities.
The round, following OpenEden’s 2024 raise with YZi Labs, comes at a time when short-term government debt has emerged as one of the fastest-growing niches within digital assets as institutions seek familiar, regulated on-chain yield.
Demand for tokenization drives new investment
OpenEden said the new capital will help scale its tokenization platform-as-a-service as more institutions move traditional assets onto public blockchains.
The company is responding to rising demand for regulated products tied to government debt, with short-duration Treasuries serving as a preferred entry point for investors seeking on-chain yields that mirror conventional markets.
OpenEden did not disclose the round’s size but confirmed participation from Ripple, Lightspeed Faction, Gate Ventures, FalconX, Anchorage Digital Ventures, Flowdesk, P2 Ventures, Selini Capital, Kaia Foundation, and Sigma Capital.
Scaling TBILL and USDO across markets
A central focus of upcoming development will be OpenEden’s two core offerings: TBILL, its tokenized U.S. Treasury fund, and USDO, a stablecoin backed by those same Treasuries.
USDO and its wrapped token, cUSDO, are already integrated across decentralized exchanges and lending markets.
Earlier this year Binance approved cUSDO as off-exchange collateral.
OpenEden said the new investment will support broader distribution of these products and enable the company to introduce additional market structures tied to real financial assets.
Broader product pipeline strengthens institutional focus
Beyond Treasuries, OpenEden is preparing several new instruments designed to deepen institutional engagement in tokenized markets.
Planned offerings include tokenized bond exposures, a multi-strategy yield token, and a suite 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 underlying Treasuries used by TBILL.
The product has also received investment-grade ratings from S&P Global and Moody’s, marking a notable step toward aligning conventional market standards with decentralized finance infrastructure.