OpenEden TBILL is a Moody's A-rated tokenized U.S. Treasury vault. It's one of the few rated on-chain treasury products. Recently expanded to Solana and launched corporate bond products for diversified fixed-income exposure.
- Issuer / protocol
- OpenEden
- Jurisdiction
- British Virgin IslandsBVI FSC professional fund
- Backing
- U.S. Treasury bills
- Redemption / lock-up
- Permissioned
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Ethereum & Solana
- Tier
- Tier 2 — Treasury & Fiat-Backed
Scored on the published RWTS methodology (v1.1), reviewed quarterly and on material events. Ratings are independent and never pay-influenced.
Addresses verified against each chain's explorer. Native = canonical or natively issued; bridged = wrapped or messaged across.
Calculations are indicative. Actual yields may vary.
Price data from CoinGecko. Not financial advice.
Current yield of 3.80% sits at 100% of the observed range. This is above the midpoint, indicating relatively attractive rates.
Projections assume constant APY of 3.80%. Actual returns may vary. Not financial advice.
Beyond TBILL's own score, two structural questions matter: what is it built on, and what has broken before in this part of the market. A high score in isolation can still carry hidden, shared exposure.
What this and similar assets are built on, and where contagion could spread.
The depegs, defaults, and exploits that inform the Track Record dimension.
Liquidity read: TVL of $245.88M indicates healthy on-chain liquidity. Lock-up: Permissioned.
Is TBILL safe?
TBILL (OpenEden TBILL) scores 77/100 on the independent RWTS Trust Score, which places it in Treasury & Fiat-Backed (Tier 2). Tier 2 is strong: institutional or fiat backing with solid verification, a notch below fully-reserved physical assets. Backing: U.S. Treasury bills. It is independently audited. The score reflects backing, verification, redeemability, audit, regulatory standing, and track record, not headline yield. We rate. You decide.
Exit routes
9/15 · right 6/8 · routes 3/7If the issuer stopped cooperating tomorrow, could you get out?
One route, and it does not depend on the issuer
- independent
OpenEden
On-chain mint and redeem against the fund, 1:1 less fees, for approved holders.
- issuer
none
No venue carries volume and no pool clears the capacity floor. For a permissioned fund this is design, not defect: the token cannot be held by an unapproved address, so a public market cannot form.
Route 3. Falls from 12 to 9: the old figure credited on-chain redemption as though it were an open route, when the contract only answers approved addresses.
This is the redeemability component of the Trust Score above, which stands at 77/100 (B+). Until 1 September 2026 redeemability was a single figure measuring the right to redeem while ignoring how many routes existed to exercise it. Splitting it moved this asset’s score. How the score works
Assessed 2026-09-01. Route independence asks how many ways out the issuer cannot close, not how much the asset trades.
Compare TBILL
Head to head on the Trust Score with similar assets.