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VanEck Unveils VBILL Tokenised Treasury Fund to Bring US Treasuries On-Chain
- VanEck has launched VBILL (VanEck Treasury Fund), a tokenised treasury fund that brings US Treasuries on-chain, partnering with Securitize for tokenisation, fund administration and transfer agency services.
- The fully collateralised fund maintains a constant US$1.00 NAV by investing solely in US Treasury obligations and repurchase agreements with maturities of 397 days or less, while maintaining a dollar-weighted average maturity of 60 days or below.
- VBILL operates across multiple blockchains including Avalanche, BNB Chain, Ethereum and Solana, using Wormhole’s interoperability layer for secure cross-chain transfers, with minimum subscriptions starting at US$100,000 (US$1 million on Ethereum).
- SEC Chair Paul Atkins has expressed support for tokenisation, comparing it to the music industry’s digital transformation and stating that blockchain technology enables “entirely new methods of issuing, trading, owning, and using securities”.
VanEck continues to be a force to be reckoned with in the crypto sector. They’re now the latest asset manager to launch a tokenised treasury fund, called VBILL – which stands for VanEck Treasury Fund.
The firm has partnered with Securitize – a BlackRock partner for their BUIDL money market fund – for tokenisation, fund administration and as transfer agency.
Kyle DaCruz, Director of Digital Assets Product at VanEck, said that VBILL brings “U.S. Treasuries on-chain”, to provide “investors with a secure, transparent, and liquid tool for cash management, further integrating digital assets into mainstream financial markets”.
DaCruz said further:
Tokenized funds like VBILL are enhancing market liquidity and efficiency, underscoring our commitment to providing value to our investors.
Kyle DaCruz, VanEck What’s Under the Hood of VBILL?
VBILL started trading on May 13, 2025, and is a fully collateralised, blockchain-native alternative to traditional money market funds, offering real-time settlement and 24/7 liquidity.
It maintains a constant US$1.00 NAV by investing solely in US Treasury obligations and repurchase agreements with maturities of 397 days or less (keeping the dollar-weighted average maturity at 60 days or below) and holding cash for redemptions.
Related: US Real Estate Agent Launches $100M Tokenised Multifamily Fund on Blockchain
Initially launched on Avalanche, BNB Chain, Ethereum and Solana, VBILL leverages Wormhole’s interoperability layer to enable secure, instant token transfers across chains for maximum asset mobility and liquidity.
Minimum subscriptions start at US$100,000 for funds on Avalanche, Solana and BNB, whereas on Ethereum that minimum starts at US$1 million.
As mentioned, VanEck is by no means first in the field. Competitors like BlackRock and Franklin Templeton beat VanEck to it, launching their own tokenised funds. Investment firm Apollo also launched a private tokenised fund.
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SEC Chair Compares Tokenisation to Music Industry Transformation
SEC Chair Paul Atkins likened tokenisation to the music industry going from analogue to digital.
During a SEC roundtable he said that “the migration to onchain securities has the potential to remodel aspects of the securities market by enabling entirely new methods of issuing, trading, owning, and using securities”.
He added:
Blockchain technology holds the promise to allow for a broad swath of novel use cases for securities, fostering new kinds of market activities that many of the Commission’s legacy rules and regulations do not contemplate today.
Paul Atkins, SEC Chair Read more: Crypto ETFs Set New Record at $62.9 Billion After Four Weeks of Straight Inflows
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
