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The lines between conventional financial systems and blockchain technology are becoming increasingly blurred, and OpenEden’s recent achievement perfectly illustrates this evolution.
Leading credit rating agency, S&P Global Ratings, has granted OpenEden’s TBILL Fund, managed by BNY, an impressive “AA+f” fund credit quality score (FCQR) along with a top-tier “S1+” fund volatility score (FVR). These ratings signify S&P’s highest possible marks for both creditworthiness and stability.
This recognition firmly establishes OpenEden’s TBILL Fund as a leading, highly trusted product within the market of tokenized Treasury offerings. It reinforces the fund’s capacity to provide regulated access to U.S. Treasury yields through the advantages of blockchain infrastructure.
Rated by Two Premier Global Agencies
This recent evaluation from S&P comes after the TBILL Fund had already received an “A” rating from Moody’s. This makes it the only tokenized U.S. Treasury fund to be assessed by both S&P Global and Moody’s, both globally respected and influential rating organizations.
S&P’s “AA+f” rating underscores the fund’s substantial capability to meet its financial obligations, further highlighting the high-quality of its underlying, short-term U.S. Treasury securities. The “S1+” volatility score, which is the highest possible score on S&P’s volatility scale, emphasizes the fund’s extremely low sensitivity to fluctuations in both the market and interest rates.
Taken together, these ratings position the TBILL Fund as one of the most reliable, transparent, and institutionally recognized avenues for exposure to tokenized fixed income assets.
Institutional Strength Through BNY Partnership
Back in August of 2025, OpenEden further solidified the TBILL Fund’s institutional credibility through a strategic alliance with The Bank of New York Mellon (BNY), the world’s largest custodian bank, with approximately $52 trillion in assets under its management.
As part of this arrangement, BNY provides custodial services for the TBILL Fund’s core assets, while BNY Mellon Investment Management (BNY IM), a top-ten global asset manager overseeing $2 trillion in assets, acts as the fund’s exclusive investment manager. This structure cleverly combines the security measures and fiduciary oversight inherent in traditional finance with the improved transparency and efficiency offered by on-chain technology.
Driving Adoption Across Institutions and DeFi
Since its initial launch in 2023, OpenEden’s TBILL Fund has experienced an exponential surge in total value locked (TVL), growing more than 1,000 times to reach $264 million in assets under management as of September 2025. This impressive growth underscores the rapidly increasing demand from both institutional investors and DeFi participants for compliant, yield-generating assets underpinned by U.S. government-backed securities.
“Achieving S&P Global’s rating alongside Moody’s is a major landmark that reinforces TBILL’s leading position as the gold standard within the realm of tokenized treasuries,” stated Jeremy Ng, Founder and CEO of OpenEden. “Receiving dual ratings from two of the world’s most esteemed agencies provides institutions with the reassurance required to confidently engage in on-chain finance, knowing they are interacting with a transparent, regulated, and investment-grade framework.”
Raising the Bar for Trustworthiness On-Chain
As both regulators and institutions actively explore ways to transition established financial products onto the blockchain, OpenEden’s dually-rated TBILL Fund offers a prime illustration of institutional-grade tokenization in practice, bringing together compliance, custody, and composability within a unified framework.
Supported by ratings from S&P Global and Moody’s, overseen by BNY, and fueled by strong adoption trends, OpenEden’s TBILL Fund continues to set a new benchmark for trust and transparency in the future of digital fixed-income products.