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

Tokenization platform OpenEden has announced that the total value locked for tokenized U.S. Treasury Bonds has surpassed $100 million.

OpenEden’s announcement on August 26 comes just weeks after it revealed plans to launch the first Treasury Bond on the XRP (XRP) network.

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

OpenEden Reaches $100M TVL

The march toward $100 million TVL comes just a month after the platform reached a total locked value cap of $75 million. According to data from DeFiLlama, the platform’s TVL was just over $33 million at the beginning 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. Treasury bonds in Europe and Asia.

Tokenized US Treasuries market

Data from RWA.xyz shows that the tokenized US Treasury securities market is currently around $2.02 billion. BlackRock USD Institutional Digital Liquidity Fund, Franklin OnChain US Government Money Fund, Hashnote Short Duration Yield Coin, and Ondo US Dollar Yield are the top holdings by total value.

While the market is experiencing significant growth, OpenEden believes the current total value remains far below the asset class’s addressable market. With $26.2 trillion, or 30%, of U.S. Treasury securities in circulation by the end of 2023, tokenization expands the market’s reach.

Demand for on-chain exposure could push the total market value of tokenized assets like BlackRock’s BUIDL, Franklin’s FOBXX, and OpenEden’s T-BILL above $8 billion by the end of 2024. But that would still only represent 0.1% of global value.