What is TBILL?
TBILL is OpenEden's tokenized Treasury bill product, offering investors on-chain access to US Treasury securities with an innovative approach to liquidity and accessibility. Unlike traditional tokenized treasuries that require days for minting and redemption, TBILL features same-day processing, making it one of the most liquid RWA products in the market.
OpenEden launched TBILL to address the growing demand for yield-generating stable assets in DeFi. The protocol combines the safety of US government securities with the efficiency of blockchain rails, enabling institutional investors to move between on-chain and off-chain treasury exposure seamlessly. This hybrid approach has attracted significant adoption from crypto-native institutions seeking to earn risk-free rates without leaving the DeFi ecosystem.
The product is structured as a tokenized vault where investors deposit stablecoins and receive TBILL tokens representing their proportional share of the underlying Treasury portfolio. The vault invests exclusively in short-term US Treasury bills, passing through yields to token holders through a daily NAV appreciation model.
Key Statistics
- Assets Under Management: $80M+ in Treasury bills
- Yield: ~5.1% APY net of fees
- Underlying Assets: 100% US Treasury bills
- Minting/Redemption: Same-day processing
- Minimum Investment: $100,000
- Supported Chains: Ethereum, Arbitrum
- Issuer: OpenEden
How TBILL Works
TBILL operates through a vault structure that tokenizes US Treasury holdings:
Investment Flow
- Deposit: Investor sends USDC to OpenEden vault
- Conversion: USDC converted to USD through banking partners
- Purchase: USD used to buy T-bills through prime brokers
- Tokenization: TBILL minted representing vault share
- Yield Accrual: NAV increases daily as T-bills earn interest
NAV Appreciation Model
Unlike rebasing tokens, TBILL uses price appreciation:
- 1 TBILL starts at $1.00
- NAV increases daily with accrued interest
- After 1 year at 5%: 1 TBILL = $1.05
- Redeem at current NAV for USDC
Same-Day Liquidity
OpenEden's key innovation:
- Minting: Request by cutoff, receive TBILL same day
- Redemption: Request by cutoff, receive USDC same day
- No Lock-up: Full liquidity with minimal delay
- 24/7 Requests: Submit anytime, process at cutoff
Yield Mechanism
Pure Treasury Returns
TBILL's yield comes exclusively from US Treasury bills:
| Component | Details |
|---|---|
| Asset Class | US Treasury bills (28-182 day maturities) |
| Yield Source | T-bill interest at maturity |
| Reinvestment | Rolling into new T-bills |
| Distribution | NAV appreciation |
Fee Structure
| Fee Type | Rate |
|---|---|
| Management Fee | 0.30% annually |
| Entry/Exit Fee | None |
| Net Yield | ~5.1% APY |
Yield Calculation
Daily NAV increase:
- Gross yield from T-bills: ~5.4%
- Management fee: -0.30%
- Net annual yield: ~5.1%
- Daily appreciation: 5.1% / 365 = 0.014%
Use Cases for TBILL
1. Institutional Cash Management
For crypto funds and institutions:
- Park uninvested capital in risk-free yield
- Same-day access when opportunities arise
- Earn returns between trading cycles
- Compliant on-chain treasury position
2. Stablecoin Yield Alternative
Compare to DeFi stablecoin yields:
- Zero smart contract risk from DeFi protocols
- Government-backed returns
- Predictable, low-volatility yield
- No impermanent loss concerns
3. Bridge Between TradFi and DeFi
For traditional institutions:
- Familiar Treasury bill exposure
- Blockchain settlement efficiency
- 24/7 operational capability
- Reduced counterparty risk vs. exchanges
4. Treasury Diversification
For DAOs and protocols:
- Diversify from volatile crypto assets
- Earn on treasury holdings
- Professional-grade custody
- Governance-friendly transparency
How to Acquire TBILL
Direct Subscription
- Onboarding: Complete OpenEden's KYC/AML process
- Agreement: Sign subscription documents
- Wallet Whitelist: Register Ethereum address
- Deposit USDC: Send to OpenEden vault
- Receive TBILL: Tokens minted same day
Investment Parameters
- Minimum: $100,000 initial investment
- Increments: Any amount above minimum
- Investor Type: Accredited/institutional
- Geographic: Most non-US jurisdictions
Redemption
- Submit redemption request by cutoff
- Receive USDC same business day
- No penalties or lock-up periods
- NAV calculated at redemption time
Risk Considerations
Credit Risk (Minimal)
Backed by US government:
- Full faith and credit of US Treasury
- Considered risk-free for practical purposes
- Short duration limits exposure
Operational Risk
Dependencies in the structure:
- OpenEden: Operational management
- Custodians: Asset safekeeping
- Prime Brokers: T-bill execution
- Banking Partners: USD conversion
All regulated entities with established track records.
Interest Rate Risk
Minimal due to short duration:
- T-bills mature quickly
- Portfolio rolls into current rates
- NAV stable regardless of rate moves
Regulatory Risk
Securities classification:
- Restricted to qualified investors
- Subject to regulatory changes
- Compliance requirements may evolve
Smart Contract Risk
Limited on-chain footprint:
- Simple token contract logic
- Majority of value in traditional custody
- Multiple security audits completed
TBILL vs Alternatives
| Feature | TBILL | [STBT](/insights/crypto/stbt) | [OUSG](/insights/crypto/ousg) | [bIBTA](/insights/crypto/bibta) |
|---|---|---|---|---|
| Settlement | Same Day | T+1-2 | T+1-2 | T+1-2 |
| Minimum | $100K | $100K | $100K | Lower |
| Yield Model | NAV | Rebase | NAV | NAV |
| Chains | ETH, ARB | ETH | ETH, MATIC | ETH |
| Net APY | ~5.1% | ~5% | ~5.2% | ~5% |
Technical Architecture
Smart Contract Design
TBILL uses a straightforward vault pattern:
- ERC-20 compliant token
- Whitelist for transfers (permissioned)
- NAV oracle updates daily
- Audited by reputable firms
Oracle Integration
- Daily NAV feed from trusted sources
- T-bill pricing from market data providers
- Multiple data sources for redundancy
Frequently Asked Questions
What makes TBILL different from other tokenized treasuries?Same-day minting and redemption sets TBILL apart. Most competitors require T+1-2 processing, while OpenEden offers same-day liquidity for faster capital deployment.
How is the NAV calculated?NAV reflects the market value of underlying T-bills plus accrued interest, divided by outstanding TBILL tokens. Updated daily by OpenEden.
Can TBILL be traded on DEXs?TBILL is permissioned and can only be transferred between whitelisted addresses. There is no open secondary market on DEXs.
What happens if interest rates change?Your yield adjusts with rates as T-bills mature and reinvest at current rates. The short duration means your return tracks prevailing Treasury yields closely.
Is TBILL available to US investors?TBILL is designed for non-US qualified investors. US persons should consult compliance regarding eligibility.
What custodians hold the assets?OpenEden works with regulated prime brokers and custodians for T-bill safekeeping. Specific custody arrangements are detailed in subscription documents.
Need same-day access to Treasury yields? Fensory helps institutions find the most liquid RWA products for their needs.[Compare RWA Products on Fensory](https://www.fensory.com)