VanEck has launched a new BVI domiciled fund that provides qualified investors in the US with a short-term U.S. Treasuries exposure through Avalanche, BNB Chain, Ethereum, and Solana. Led by Van Eck Absolute Return Advisers and Securitize as placement agent, VBILL has a minimum investment of $100,000 on most chains and $1 million on Ethereum. State Street Bank & Trust is in charge of the custodianship of Treasury bills. Furthermore, NAV data is made available through RedStone oracles.
Technical Integration
The funded makes subscriptions and redemptions in USDC, with cross-chain transfers supported by the Wormhole blockchain and its protocols. VBILL offers atomic redemption into Agora’s AUSD stablecoin resulting in frictionless communication between profitable asset classes and stablecoin marketplaces. This multi-chain setup indicates increased industry confidence in cross-chain infrastructure with options of flexible treasury management.
Market Position
VanEck’s entry comes after the BlackRock’s BUIDL fund launched in March 2024, but stands out because of its day one deployment across four blockchains. The tokenized T-bill space has seen explosive growth, with over $6.8 billion of TVL, over five times more than the previous year. VBILL looks tactically placed to neutralise BUIDL with increased flexibility for crypto-native treasuries.
Institutional Focus
It is important to note, that VBILL is restricted to investors. This law comes through the Regulation D and Rule 506 exemptions. Furthermore, The product is hybrid a traditional security on State Street custody. And with smart contract risk and cross-chain vulnerability. While BlackRock, Franklin Templeton, and VanEck are entering the space. The tokenized money-market products transform into a competitive battleground for grabbing the crypto-native capital seeking real-world yield.
