Ripple, Big VCs Back OpenEden to Scale Tokenized US Treasurys

Real-world asset (RWA) tokenization platform OpenEden has closed an investment round backed by major trading firms, venture capital funds, blockchain networks and institutional infrastructure providers to scale tokenized US Treasurys.

The round follows OpenEden’s 2024 raise with YZi Labs and comes as tokenized versions of short-dated government debt have become one of crypto’s fastest-growing niches in 2025, the company said in a Tuesday news release.

“As tokenization scales in adoption, institutions and protocols are seeking trusted, compliant infrastructure to bring traditional assets on-chain,” said Jeremy Ng, founder and CEO of OpenEden.

Investors in the deal include Ripple, Lightspeed Faction, Gate Ventures, FalconX, Anchorage Digital Ventures, Flowdesk, P2 Ventures, Selini Capital, Kaia Foundation and Sigma Capital. The amount raised was not disclosed.

Related: Tokenized money market funds emerge as Wall Street’s answer to stablecoins

OpenEden to expand tokenized T-Bills and yield stablecoin

OpenEden said it plans to use the capital to expand its tokenization-as-a-service platform and roll out new products tied to traditional markets. Still, the focus remains on two core offerings, its tokenized US Treasury fund TBILL and USDO, a yield-bearing stablecoin backed by those Treasurys.

“This funding round boosts our capacity to provide regulated, market-ready products that fit both traditional and decentralized finance standards,” Ng added.

USDO and its wrapped version, cUSDO, are now integrated across decentralized exchanges and lending markets. Earlier this year, cUSDO was approved as off-exchange collateral at Binance, allowing clients to post the asset while trading on the venue.

OpenEden is also preparing tokenized bond exposure, a multi-strategy yield token and a slate of structured products.

In August, OpenEden appointed the Bank of New York Mellon Corporation (BNY) as custodian and investment manager for the Treasurys underlying TBILL. OpenEden has secured investment-grade ratings for the product from S&P Global and Moody’s.

Related: Animoca launches NUVA marketplace to unify ‘fragmented’ RWA sector

Tokenized money funds become crypto’s yield engine

In a report last month, the Bank for International Settlements said tokenized money market funds are becoming one of the most important yield products on public blockchains, offering returns similar to traditional money funds along with safeguards that typical stablecoins lack.

The BIS estimated assets in tokenized money market funds have climbed to nearly $9 billion, up from about $770 million at the end of 2023.  

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