VanEck Launches VBILL, Tokenized Fund for U.S. Treasuries, Across Multiple Blockchains

VanEck, a prominent player in traditional finance, has made a significant move into the real-world asset (RWA) space with the launch of VBILL, a tokenized fund that provides exposure to short-term U.S. Treasuries. This fund is available across multiple blockchain platforms, including Avalanche, BNB Chain, Ethereum, and Solana. The launch of VBILL marks a notable step in the institutionalization of tokenized finance, as asset managers increasingly seek to offer blockchain-native, yield-generating alternatives to traditional financial instruments.

Structured as a British Virgin Islands (BVI)-domiciled fund, VBILL is managed by Van Eck Absolute Return Advisers, with Securitize acting as the placement agent. The fund is designed for qualified investors, with a minimum investment of $100,000 across most supported chains and $1 million on Ethereum. The fund holds U.S. Treasury bills, which are custodied by State Street Bank & Trust. Daily on-chain NAV data is supplied via RedStone oracles, ensuring transparency and accuracy. Subscriptions and redemptions are facilitated through USDC, and token transfers across different blockchains are enabled using the Wormhole protocol. Additionally, VBILL features atomic redemption into Agora’s AUSD stablecoin, providing seamless liquidity pathways between yield and stablecoin markets.

Kyle DaCruz, Director of Digital Assets Product at VanEck, highlighted the significance of this move, stating, “By bringing U.S. Treasuries on-chain, we are providing investors with a secure, transparent, and liquid tool for cash management.” This initiative follows BlackRock’s launch of the BUIDL fund in March 2024, which marked the entry of the world’s largest asset manager into the tokenization race. VanEck’s multi-chain deployment from day one signals growing confidence in cross-chain infrastructure and the potential for broader adoption.

The tokenized T-bill sector has seen rapid growth, with the total value locked surpassing $6.8 billion, a more than fivefold increase year-over-year. VanEck’s launch of VBILL appears to be both a strategic response to BlackRock’s BUIDL fund and an effort to offer greater flexibility and composability to crypto-native treasury desks and stablecoin providers. Despite its blockchain-native architecture, VBILL is currently limited to accredited investors under Regulation D and Rule 506(c), with retail participation remaining out of reach. The fund’s high minimum investment reinforces its institutional focus.

While State Street custody provides traditional security guarantees, the product still carries smart contract risk and cross-chain bridge vulnerabilities. Key questions remain around redemption queues and liquidity provisioning during market stress, particularly for users accessing the fund across different blockchain environments. Carlos Domingo, CEO of Securitize, emphasized the significance of this collaboration, stating, “This collaboration merges the best of Securitize’s tokenization model with VanEck’s expertise… demonstrating tokenization’s ability to create new market opportunities.”

With major players like BlackRock, Franklin Templeton, and now VanEck entering the RWA space, tokenized money-market products are quickly becoming a new battleground for traditional asset managers. Each is experimenting with different blends of on-chain transparency, liquidity access, and compliance guardrails to capture a growing pool of crypto-native capital seeking real-world yield. VBILL’s multi-chain rollout, stablecoin integration, and institutional pedigree could make it a standout choice for crypto treasurers seeking safe yield with composability. As tokenization of risk-free assets gains traction, the line between traditional finance (TradFi) and decentralized finance (DeFi) continues to blur, and the world’s safest collateral is now just a smart contract away.