VanEck Treasury Fund
VBILLVBILL is VanEck's first tokenized fund, the VanEck Treasury Fund, structured in the British Virgin Islands with Securitize and launched across Ethereum, Solana, Avalanche and BNB Chain. It is backed by short-term US Treasury bills with 24/7 transfer and real-time settlement, open to qualified investors above a six-figure minimum. VBILL scores 78/100 (Tier 2) on the RWTS Trust Score: a strong asset manager and clean T-bill backing, held below the SEC-registered funds by its offshore private-placement structure and high investment minimums. It is a credible institutional cash instrument in an increasingly crowded field.
- Issuer / protocol
- VanEck / Securitize
- Jurisdiction
- British Virgin IslandsUS qualified investors (Reg D / Reg S)
- Backing
- Short-term US Treasury bills
- Redemption / lock-up
- Permissioned (institutional; $100k min, $1M on Ethereum)
- Audit & proof of reserves
- Independently audited
- Availability
- Global
- Chain
- Multi-chain
- 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 3.79% sits at 27% of the observed range. There may be room for rates to improve.
Projections assume constant APY of 3.79%. Actual returns may vary. Not financial advice.
Beyond VBILL'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 $48.69M indicates developing on-chain liquidity. Lock-up: Permissioned (institutional; $100k min, $1M on Ethereum).
Is VBILL safe?
VBILL (VanEck Treasury Fund) scores 78/100 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: Short-term US 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
VanEck via Securitize
NAV redemption through the transfer agent, on a defined schedule.
- 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: one route, and it is enforceable against a regulated manager rather than merely promised. Right 6 because access is gated by qualification and the minimum is institutional. There is no independent route, and for a permissioned fund there cannot be one.
This is the redeemability component of the Trust Score above, which stands at 78/100 (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 VBILL
Head to head on the Trust Score with similar assets.