- It is the first and only tokenized US T-Bill product
globally to receive a rating from the credit ratings agency.
- OpenEden Group is raising fresh funding to expand use cases for
TBILL tokens.
SINGAPORE, June 19,
2024 /CNW/ -- The global credit rating agency,
Moody's Ratings, has awarded an "A-bf" bond fund rating to Hill
Lights International Limited - the regulated fund that issues
OpenEden's tokenized U.S. T-bills.
The rating places OpenEden's TBILL tokens within the
"investment-grade" quality category. According to Moody's Ratings
and Symbols Definitions: "Money Market Funds and Bond
Funds rated A … are judged to possess many favorable investment
attributes and are considered as upper-medium-grade investment
vehicles".
An Industry First
As tokenized real-world assets ("RWA") have surged in
popularity, T-bills, in particular, have proven a popular choice
for many issuers, including the likes of Franklin Templeton's "BENJI" token, and
BlackRock's rival "BUIDL" token.
Other notable tokenized T-Bill issuers include Ondo Finance,
Maple Finance, Matrixport, and Backed Finance, according to a
survey of tokenized U.S. T-Bills published in a
"Crypto Treasury Management" guide for Web3 CFOs late
last year.
However, OpenEden is the first, and only tokenized US T-Bill
product globally to receive a credit rating.
Eugene Ng, Co-Founder of
OpenEden said, "Receiving an 'A' rating from Moody's
is a significant milestone for the industry, and a vote of
confidence in our tokenized T-Bill platform. It validates our
dedication to building a reliable primitive for the
DeFi ecosystem to access yields from tokenized U.S.
Treasury Bills".
Growing Network of Partners to Expand TBILL Utility
While T-Bills have largely been held as an alternative to cash,
tokenization enables greater utility for the asset class. The
Company is actively partnering with more payments companies,
DeFi protocols, crypto wallets, and other
Web3 apps to enable users to access US T-bills yields across
different blockchains.
For instance, institutions can use their TBILL tokens as
eligible collateral for financing, thanks to a partnership with
Hidden Road Partners and Standard Chartered's Zodia Custody.
Traditional financial institutions like hedge funds, buy-side
trading firms, and corporate treasuries can also easily access
OpenEden's TBILL tokens via its custody partners like BitGo,
HexTrust, and SCB-backed Rakkar Digital.
OpenEden is also raising a fresh round of funding to introduce
on-chain yields into more payment-focused use cases. It plans to
close the funding round in the coming months.
Jeremy Ng, Co-Founder at
OpenEden explained: "Yields attract investors to
acquire and hold crypto. But payments keep people
using crypto to facilitate a greater share of economic
activities. Improving access to reliable, yield-bearing payment
instruments is key to onboarding crypto's next-billion
users".
About OpenEden Group (www.openeden.com)
OpenEden is building the bridge to a new financial system. Our
mission is to bring real-world assets on-chain to unlock trillions
of dollars in value.
Telegram: @BTCMoonLord
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SOURCE OpenEden Labs