OpenEden Engages BNY for Management and Custody of Tokenised U.S. Treasury Fund

Singapore-based financial technology firm OpenEden has appointed affiliates of The Bank of New York Mellon Corporation (BNY) to manage and safeguard the assets behind its tokenised U.S. Treasury Bills fund, launched in 2023.

The fund holds short-term U.S. Treasury bills and overnight reverse repurchase agreements, with investors accessing the portfolio through blockchain-issued tokens. Current assets under management are close to US$300 million.

BNY will invest the fund’s assets in Treasury bills, money market instruments and similar securities while acting as the primary custodian. This marks the first time BNY has provided both investment management and custody services for a tokenised fund.

OpenEden’s platform issues tokens backed by the underlying securities, with the asset custody and investment process taking place under traditional regulatory frameworks. The appointment comes as financial institutions explore tokenisation of conventional assets, including fixed income instruments, to enable blockchain-based trading and settlement.

BNY’s role includes managing the portfolio in line with the fund’s mandate and holding the assets in custody, supported by its existing infrastructure for large-scale asset administration. The arrangement reflects growing institutional involvement in blockchain-based representations of traditional financial products.