- 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 manages and safeguards the treasuries that underpin TBILL.
Tokenization of real-world assets is emerging as one of the most active sectors in crypto in 2025, and OpenEden is positioning itself at the center of that transition with a new wave of investment from major industry participants.
The company confirmed on Tuesday that leading trading firms, venture capital groups, blockchain networks and institutional infrastructure providers backed its latest funding round to expand access to tokenized U.S. Treasuries.
This financing, which follows OpenEden’s 2024 raise with YZi Labs, comes as short-term government debt becomes one of the fastest-growing areas of digital assets, with institutions seeking regulated on-chain yield that mirrors traditional markets.
Demand for tokenization drives fresh investment
OpenEden said the new capital will help scale its tokenization-as-a-service platform as more institutions move traditional assets onto public blockchains.
The company is responding to rising demand for regulated, Treasury-linked products, with short-term government securities becoming a preferred entry point for investors seeking on-chain returns aligned with conventional finance.
OpenEden did not disclose the size of the round but confirmed participation from Ripple, Lightspeed Faction, Gate Ventures, FalconX, Anchorage Digital Ventures, Flowdesk, P2 Ventures, Selini Capital, Kaia Foundation and Sigma Capital.
Expanding TBILL and USDO distribution
A significant portion of the planned development will focus on two of OpenEden’s core offerings: TBILL, a tokenized U.S. Treasury fund, and USDO, a stablecoin backed by the same Treasury indices.
USDO and its wrapped version, cUSDO, have already been integrated across decentralized exchanges and lending markets.
Earlier this year, Binance approved cUSDO as off-exchange collateral.
OpenEden said the fresh investment will support broader distribution of these products and enable the company to roll out additional market structures linked to real-world financial assets.
Broader product suite reinforces institutional focus
Beyond Treasuries, OpenEden is developing a range of new tools designed to deepen institutional participation in tokenized markets.
Planned offerings include exposure to tokenized corporate and sovereign bonds, a multi-strategy token, and a suite of structured products aimed at investors familiar with traditional income-generating instruments.
In August, the firm appointed BNY Mellon as manager and custodian of the Treasury holdings that form the backbone of TBILL.
The product also received investment-grade ratings from S&P Global and Moody’s, marking an important step in aligning traditional market requirements with decentralized financial infrastructure.