Tokenized T-Bills issuer OpenEden surpasses $100m in TVL

Tokenization platform OpenEden has surpassed $100 million in total value locked for its tokenized U.S. Treasury Bills.

OpenEden’s announcement on Aug. 26, comes a few weeks after it revealed plans to launch the first T-Bills on the XRP (XRP) network.

Earlier this month, Ripple announced it would allocate $10 million to OpenEden’s tokenized short-term U.S. government securities, with the T-BILL set to launch on the XRP Ledger. OpenEden also secured a key allocation from Arbitrum’s (ARB) decentralized autonomous organization treasury.

OpenEden hits $100m TVL

The march to $100 million in TVL also comes just a month after the platform hit the $75 million total value locked mark. According to data from DeFiLlama, the platform’s TVL stood at just over $33 million at the start of June 2024.

In a blog post, OpenEden attributed its growth to a deep understanding of the market and active engagement with DAO treasury managers, web3 financial advisors, and crypto funds. These strategies have helped the firm become the largest issuer of tokenized U.S. T-bills in Europe and Asia.

Tokenized U.S. Treasuries market

Data from RWA.xyz indicates that the tokenized U.S. Treasury securities market currently stands around $2.02 billion. The BlackRock USD Institutional Digital Liquidity Fund, Franklin OnChain U.S. Government Money Fund, Hashnote Short Duration Yield Coin, and Ondo U.S. Dollar Yield the top assets by total value.

While the market is experiencing notable growth, OpenEden believes that the current total value remains well below the asset class’s addressable market. With $26.2 trillion, or 30%, of U.S. Treasury securities outstanding at the end of 2023, tokenization is expanding the market’s reach.

Demand for on-chain exposure could drive the total market value of tokenized assets, such as BlackRock’s BUIDL, Franklin’s FOBXX, and OpenEden’s T-BILL, to over $8 billion by the end of 2024. However, this would still represent just 0.1% of the global value.