Tokenised Treasury Bills

Former Gemini execs launch tokenized T-Bill vault OpenEden

Look at the tangle of companies and partners needed to operate what is quite a simple product.

An SPV is a subsidiary created by a parent company to isolate financial risk. In the OpenEden's case, its SPV dubbed OpenEden Cayman Limited, will not be impacted if OpenEden goes bankrupt, according to Eugene. OpenEden has partnered with Saxo Bank as its custodian that "holds the underlying assets of TBILL tokens in this SPV for the benefit of TBILL token holders, removing any risk of commingling with OpenEden's balance sheet," Eugene said.

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As for the vault managed by a regulated financial institution, Eugene said it is managed by OpenEden Pte. Ltd., which is a registered fund management company regulated by the Monetary Authority of Singapore. The issuer of TBILL tokens, on the other hand, is Hill Lights International Ltd., which is recognized as a professional fund established under the British Virgin Islands Securities and Investment Business Act 2010, according to OpenEden's website.

Besides Saxo Bank, OpenEden has partnered with multiple other firms, including Circle (fiat on-ramp), DBS Bank (fiat banking partner), KPMG (tax advisor), Elliptic (blockchain compliance), Harneys (legal counsel), Capital Asia Investments (fund administrator), and TJ Assurance Partners PAC (fund auditor), according to the statement. The startup has also partnered with Chainlink to provide "real-time transparency into the underlying assets of TBILL tokens."

Other players in this niche:

Ondo Finance launches three tokenized U.S. Treasuries and bonds

Decentralized Lending Protocol Flux Finance Launches, Looks to Support Tokenized US Treasuries from Ondo Finance