🌎 OpenEden Reaches $100M TVL with Tokenized U.S. Treasury Bills

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

OpenEden’s announcement on Aug. 26 follows its recent plans to launch the first T-Bills on the XRP network. Earlier this month, Ripple announced a $10 million allocation to OpenEden’s tokenized short-term U.S. government securities, set to launch on the XRP Ledger. Additionally, OpenEden secured a key allocation from Arbitrum’s decentralized autonomous organization treasury.

OpenEden Hits $100M TVL

The march to $100 million in TVL comes just a month after the platform reached the $75 million mark. According to data, the platform’s TVL was 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 positioned the firm as the largest issuer of tokenized U.S. T-bills in Europe and Asia.

Tokenized U.S. Treasuries Market

Data indicates that the tokenized U.S. Treasury securities market currently stands around $2.02 billion. The top assets by total value include 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.

While the market is growing, OpenEden believes that the current total value remains 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.