Home
News
- 1 OpenEden became the first tokenized US TBILL in the ‘investment-grade’ category.
- 2 Support from Moody’s will help in constructing a new financial system.
- 3 Moody’s ‘A-bf’ high credit rating indicates OpenEden’s strengths and the TBILL is only available for institutional investors.
On June 19, OpenEden, an institutional-grade asset tokenization platform received an A-bf high credit rating from Moody’s, which provides investors with credit ratings for companies. With the ratings, OpenEden became the first tokenized US T-Bills (TBILL) and is currently available for institutional investors.
OpenEden Became the First Tokenized US TBILL
As more and more TBILLs are going on-chain, OpenEden has become the first and only tokenized US TBILL product worldwide to receive an A-bf rating. Ondo Finance, Maple Finance, Matrixport, and Backed Finance are a few of the notable tokenized T-Bill issuers in the race.
2/ Receiving an 'A' rating from Moody's is a significant milestone for the RWA vertical – and a vote of confidence in our tokenized T-Bill platform.
— OpenEden (@OpenEden_Labs) June 19, 2024
We're building a best-in-class cash management product for corporate treasuries, foundations and buy-side institutions.
“It validates our dedication to building a reliable primitive for the Decentralized Finance (DeFi) ecosystem to access yields from tokenized U.S. Treasury Bills“, said Eugene Ng, OpenEden’s co-founder.
Receiving a high credit rating from Moody’s also showcases a vote of confidence in the tokenized T-Bill platform. However, the TBILL tokens are only available for institutional investors and can be used as eligible collateral for financing.
Partnering with Hidden Road Partners and Standard Chartered’s Zodia Custody played a role in availing the token’s utilization for institutional investors. Moreover, the news generated waves in OpenEden’s Total Value Locked (TVL) and USD inflows.
What About Current Performance?
According to DefiLlama data, the platform is doing well in terms of TVL and inflows. At press time, the platform recorded TVL of $36.2 Million and $3 Million in USD inflows.
OpenEden TVL I Source: DefiLlama
OpenEden gained pace in January 2024 when the TVL spiked from $11.65 Million on December 31, 2023, to $25.96 Million on January 19, 2024. Talking about USD inflow, the platform recorded an inflow of $3 Million on June 20, indicating the trust of investors in the platform.
The TVL and Inflows of the platform are rising, showcasing growing investor optimism and the platform’s effective performance. Partnerships with crypto giants also played a key role in constructing OpenEden as a trustworthy platform.
OpenEden Expansion Plan
In February, with the mission to bring real-world assets on-chain, OpenEden announced a partnership with WSPN, a global digital payment firm. A certain portion of Worldwide USD (WUSD) reserved would be held and allocated in TBILL tokens.
Furthermore, the collaboration will lead to innovation and excellence in the blockchain industry along with the extension of WUSD as a stablecoin. Furthermore, the partnership will also offer a secure and transparent alternative to the adoption of digital wallets, blockchain networks, and decentralized applications (DApps).
In the same way, the respective platform also collaborated with DLTPAY to offer 5+ yields on USDC holdings through tokenized US treasury bills. Apart from this, the platform has joined forces with more payment companies, Web3 apps, crypto wallets, and DeFi protocols.
Financial institutions like Hedge funds and corporate treasuries can access TBILL tokens through BitGo, SCB-backed Rakkar Digital, and HexTrust. OpenEden is also raising funds to launch on-chain yields into a wide range of payment-focused utilization.
Disclaimer
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
