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Tokenized treasury platform OpenEden has closed a funding round backed by Ripple, Lightspeed Faction and Gate Ventures, securing fresh capital to expand its TBILL treasury fund and USDO stablecoin as the tokenized US treasury market approaches $5 billion in total value locked.
The RWA tokenization platform has closed a fresh investment round backed by Ripple, Lightspeed Faction, Gate Ventures and several top-tier trading firms, marking one of the most significant institutional endorsements of the booming tokenised US Treasury segment to date.
The company confirmed that the funding — an undisclosed amount — will support the expansion of OpenEden’s infrastructure and product suite.
The announcement follows the project’s 2024 raise with YZi Labs and comes amid an explosive surge in demand for tokenized US Treasury products, now considered one of crypto’s fastest-growing niches.
Tokenised US Treasury assets have become a lightning rod for institutional and protocol-level adoption, offering one of the most compliant and yield-efficient bridges between traditional and decentralized finance.
As tokenization scales in adoption, institutions and protocols are seeking trusted, compliant infrastructure to bring traditional assets on-chain,said Jeremy Ng, founder and CEO of OpenEden.
Our mission is to provide the safest and most scalable gateway into the tokenised US Treasury ecosystem.
Joining Ripple in the round were FalconX, Anchorage Digital Ventures, Selini Capital, Flowdesk, Kaia Foundation, P2 Ventures and Sigma Capital — a lineup signaling confidence not only in OpenEden, but in the broader tokenized US Treasury movement.
With fresh capital in hand, OpenEden plans to scale its tokenization-as-a-service platform while prioritizing the growth of its flagship products:
TBILL, its regulated tokenised US Treasury fund. USDO, a yield-bearing stablecoin backed by short-dated Treasurys
Ng said the company’s core objective remains unchanged: This funding round boosts our capacity to provide regulated, market-ready products that fit both traditional and decentralized finance standards.
OpenEden is also preparing tokenized bond exposure, a multi-strategy yield token and a slate of structured products.
To meet surging market demand, OpenEden will also roll out new structured products, multi-strategy tokens and expanded tokenizedUS Treasury exposure for institutional clients.
The adoption wave is already spreading. Earlier this year, Binance approved cUSDO — the wrapped version of USDO — as off-exchange collateral. The move allows institutional clients to post yield-bearing tokenised US Treasury backing while trading directly on the world’s largest exchange.
USDO and cUSDO are also integrated across major lending protocols, DEXs and liquidity markets, proving that US Treasury infrastructure is rapidly becoming a new DeFi building block.
Strengthening its institutional credibility even further, OpenEden tapped BNY Mellon in August as custodian and investment manager for the Treasurys underlying its TBILL fund.
TBILL has since secured investment-grade ratings from S&P Global and Moody’s — a milestone almost unheard of in the tokenization sector.
BNY Mellon executives have previously emphasized the rise of RWA tokenization, with Caroline Butler, CEO of Digital Assets at BNY Mellon, noting:
The tokenisation of assets — especially something as foundational as US Treasurys — is reshaping market infrastructure and unlocking new efficiencies.
The new investment in OpenEden marks more than just another funding round — it signals the mainstream acceleration of the tokenised US Treasury economy.
Traditional finance giants, crypto-native institutions and global networks are now converging on a shared thesis: The future of yield generation and liquidity management is on-chain.
With Ripple’s support, expanded institutional partnerships and regulated products like TBILL and USDO gaining momentum, OpenEden is positioning itself as one of the strongest contenders in the 2025 RWA landscape.
The tokenised US Treasury market is no longer a niche experiment — it’s becoming one of crypto’s most powerful growth engines.
