S&P Global’s ‘AA+’ Rating Cements OpenEden’s TBILL Fund as the Gold Standard for Tokenized Treasuries

Traditional finance and blockchain continue to converge and OpenEden’s latest milestone shows just how far the two worlds have come together.

S&P Global Ratings has awarded OpenEden’s BNY-managed TBILL Fund an “AA+f” fund credit quality rating (FCQR) and an “S1+” fund volatility rating (FVR), both representing S&P’s highest ratings for credit quality and stability.

The recognition places OpenEden’s TBILL Fund among the most institutionally trusted products in the tokenized Treasury market, reaffirming its ability to deliver regulated, yield-bearing exposure to U.S. Treasuries through blockchain infrastructure.

Rated by Two of the World’s Leading Agencies

The new rating follows the TBILL Fund’s earlier “A” rating from Moody’s, making it the tokenized U.S. Treasuries fund to be rated by both S&P Global and Moody’s, two of the world’s leading credit agencies.

S&P’s “AA+f” rating highlights the fund’s very strong capacity to meet its obligations and the high credit quality of its underlying short-dated U.S. Treasury securities. Its “S1+” volatility rating—the highest on S&P’s scale—reflects extremely low sensitivity to market and interest rate movements.

Together, these ratings establish the TBILL Fund as one of the most stable, transparent, and institutionally recognised instruments for tokenized fixed income exposure.

Institutional Foundations with BNY

In August 2025, OpenEden strengthened the TBILL Fund’s institutional confidence through a collaboration with The Bank of New York Mellon (BNY), the world’s largest custodian bank, with $52 trillion in assets under custody.

Under this partnership, BNY holds the TBILL Fund’s underlying assets in custody, while BNY Mellon Investment Management (BNY IM), a top-ten global asset manager with $2 trillion in AUM, serves as the fund’s sole investment manager. This structure combines the safeguards and fiduciary oversight of traditional finance with the transparency and efficiency of on-chain architecture.

Accelerating Institutional and DeFi Adoption

Since its launch in 2023, OpenEden’s TBILL Fund has grown its total value locked (TVL) more than 1,000-fold, reaching $264 million in assets under management as of September 2025. This growth reflects the accelerating demand, from both institutional and DeFi participants, for compliant, yield-bearing assets backed by U.S. government securities.

“Receiving S&P Global’s ratings alongside Moody’s is a significant milestone that reinforces TBILL’s position as the gold standard for tokenized treasuries,” said Jeremy Ng, Founder and CEO of OpenEden. “Dual ratings from two of the world’s most respected agencies provide institutions with the assurance they need to participate in on-chain finance with confidence, knowing they are engaging with a regulated, transparent, and investment-grade structure.”

Setting the Standard for On-Chain Credibility

As regulators and institutions continue to explore how traditional financial products can migrate to blockchain, OpenEden’s dual-rated TBILL Fund offers a tangible example of institutional-grade tokenization in practice, combining compliance, custody, and composability within a single framework.

With S&P Global and Moody’s ratings, BNY-managed oversight, and strong adoption momentum, OpenEden’s TBILL Fund continues to set the benchmark for trust and transparency in the next generation of digital fixed-income products.