Real-World Asset (RWA) Tokation Platform OpenDen participated with Bank of New York Mellon Corporation (BNY Melon) and managed and detained its flagship token US Treasury Products, TBILL’s underlying assets.
OpenDen announced a partnership on Wednesday, bringing one of Wall Street’s largest and oldest custodians to the growing market for a token treasury.
OpenDen stated that TBill is the first token US Treasury fund with a moody’s “A” rating, whose assets have been managed by a global custodian.
A moody’s “A” rating means that the property is of upper-middle-grade quality, which indicates a strong ability to meet low credit risk and financial obligations. It is considered safe by traditional finance standards.
OpenDen founder and CEO Jeremy NG said that by combining his platform with BNY’s “deep fidukari expertise”, they are allowed to create a new standard of trust in digital asset space.
OpenDen says that the demand for token American Treasury Bills has increased
The company said that the demand for the product has increased, regulated, onchain reflects interest in cash-management solutions.
OpenDen’s TBill product was launched in 2023 to launch investors through a pool of blockchain-based short-dated US Treasury Bill and overnight reverse reverse raples agrols via TBill tokens.
This means that TBill tokens represents a part of the underlying portfolio of the American Treasury Bill that mature in short -term and their affiliated yield.
OpenDen said that BNY Melon’s investment management would serve as the Deputy Manager of Branch, Draffus, TBill Fund. Meanwhile, BNY will serve as a primary patron for underlying assets, using its infrastructure.
Jose Minaya, head of BNY Melon’s global investment and money, stated that the bank sees itself as a bridge between traditional finance and emerging technology in digital asset space.
He said that the partnership would allow the BNY Melon to expand its liquidity management expertise, stating that the two companies aim to cover the full life cycle of the token property.
Connected: Tether’s US Treasury Holdings crossed $ 127b crossing South Korea,
Bny Mellon has deepened the footprint of token
BNY Melon has been active in digital asset space since 2022, when it launched a digital custody platform to protect institutional customers bitcoins (BTC) and Ether (Eth) holdings.
This allows the service bank to reach private key and money, and provides bookkeeping service to fund managers in other assets.
Bank on 3 April Launched A digital assets data insights product that provides onchain and offcain data in the blockchain network, expands its footprint in Crypto Space.
Recently, the bank participated with Goldman Sachs on the Money Market Fund Project.
On July 23, the two companies announced that they were preparing to provide access to institutional investors to the money market funds, which could unlock 24/7 market access and real -time disposal in capital markets.
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