VanEck’s First Tokenized Treasury Fund VBILL Launches on Four Blockchains

On May 13, 2025, global investment firm VanEck announced the launch of its first tokenized real-world asset (RWA) fund, the VanEck Treasury Fund (VBILL), in collaboration with tokenization platform Securitize. The fund, designed to provide qualified investors with blockchain-based access to short-term U.S. Treasury bills, marks a significant step in integrating traditional finance with digital asset ecosystems. Deployed across four major blockchains—Avalanche, BNB Chain, Ethereum, and Solana—VBILL leverages Securitize’s infrastructure and Wormhole’s interoperability technology to offer enhanced liquidity, transparency, and accessibility.

Bridging Traditional Finance and Blockchain

The VBILL fund represents VanEck’s entry into the rapidly growing field of RWA tokenization, where traditional financial assets are digitized on blockchain networks. Backed by U.S. Treasuries, VBILL offers a secure, blockchain-native alternative to conventional money market funds, targeting institutional and qualified investors. The fund requires a minimum investment of $100,000 on Avalanche, BNB Chain, and Solana, and $1,000,000 on Ethereum, reflecting its focus on high-net-worth and institutional clients.

“By bringing U.S. Treasuries on-chain, we are providing investors with a secure, transparent, and liquid tool for cash management, further integrating digital assets into mainstream financial markets,” said Kyle DaCruz, Director of Digital Assets Product at VanEck. Carlos Domingo, co-founder and CEO of Securitize, emphasized the transformative potential of tokenization, stating, “This collaboration merges the best of Securitize's fully integrated tokenization model with VanEck's deep expertise of asset management. With VBILL, our combined efforts demonstrate tokenization's ability to create new market opportunities with the speed, transparency, and programmability of blockchain technology.”

The fund’s assets are custodied by State Street Bank and Trust Company, with Van Eck Absolute Return Advisers Corporation as investment manager and Securitize Markets, LLC as placement agent, under BVI law. Securitize, which manages over $3.9 billion in tokenized assets as of May 12, 2025, handles tokenization, fund administration, and broker-dealer services, while RedStone Oracles provide daily net asset value (NAV) calculations.

Multichain Accessibility and Interoperability

VBILL’s deployment across Avalanche, BNB Chain, Ethereum, and Solana, with cross-chain interoperability powered by Wormhole, sets it apart from other tokenized funds. Wormhole enables near-instant token transfers between supported blockchains, enhancing asset mobility and liquidity. This multichain approach addresses the fragmented nature of blockchain ecosystems, positioning VBILL as a versatile tool for crypto-native firms and institutional investors seeking exposure to U.S. Treasuries.

The fund also supports 24/7 issuance through USDC onramps and integrates with Agora’s USD stablecoin (AUSD) for atomic liquidity, broadening its use cases in on-chain financial markets. According to RWA.xyz, tokenized U.S. Treasuries represent $6.89 billion of the $22 billion on-chain RWA market as of May 2025, underscoring the asset class’s growing prominence.

Industry Context and Competitive Landscape

VanEck’s launch follows a wave of RWA tokenization initiatives by traditional finance giants. BlackRock’s BUIDL fund, also tokenized via Securitize, has a total value locked (TVL) of $2.9 billion, while Franklin Templeton and Apollo have introduced similar offerings. Securitize’s recent $47 million funding round, led by BlackRock, and a strategic equity investment from Jump Crypto highlight the platform’s pivotal role in the tokenization space.

The VBILL fund positions VanEck in direct competition with these players, capitalizing on the increasing institutional demand for blockchain-based financial products. According to data from rwa.xyz, Ethereum remains the dominant blockchain for RWA tokenization, accounting for 58.38% of the market, followed by ZKsync Era (18.85%) and Stellar (3.84%). VanEck’s multichain strategy, however, differentiates VBILL by maximizing accessibility across ecosystems.

Regulatory and Future Outlook

VanEck structured VBILL under BVI law, exempting it from the U.S. Investment Company Act of 1940, to cater to qualified investors. This means that VBILL is not required to register with the SEC or provide detailed financial and operational information, offering flexibility but limiting investor protections, catering to qualified investors. This structure caters to qualified investors while navigating the complex U.S. regulatory landscape.

Looking ahead, VBILL could serve as a model for future tokenized financial products, particularly as the global tokenization market is projected to reach $2 trillion by 2030, according to McKinsey. On SEC’s May 12, 2025, roundtable, Chair Paul Atkins highlighted the potential of RWA tokenization by likening on-chain securities to digital music, suggesting a shifting regulatory landscape that could support further innovation in this space.

VanEck’s expertise as a Bitcoin ETF issuer and its recent proposals for innovative financial products, such as Bitcoin-linked bonds, position it as a leader in the evolving intersection of TradFi and DeFi.