The fund marks a significant step in the institutionalization of tokenized finance, as asset managers race to offer blockchain-native, yield-generating alternatives to crypto-native treasuries.
Structured as a BVI-domiciled fund, VBILL is managed by Van Eck Absolute Return Advisers, with Securitize acting as the placement agent. The fund is open to qualified investors only, with a $100,000 minimum investment across most supported chains and a $1 million minimum on Ethereum. Under the hood, the fund holds U.S. Treasury bills, custodied by State Street Bank & Trust, with on-chain NAV data supplied daily via RedStone oracles.
Subscriptions and redemptions occur via USDC, and token transfers across blockchains are made possible using the Wormhole protocol. VBILL also features atomic redemption into Agora’s AUSD stablecoin, allowing for frictionless liquidity pathways between yield and stablecoin markets.
Despite its blockchain-native architecture, VBILL is limited to accredited investors via exemptions under Regulation D and Rule 506(c). Retail participation remains out of reach, and the fund’s $100,000+ ticket size reinforces its institutional focus.
While State Street custody provides traditional security guarantees, the product still inherits smart contract risk and cross-chain bridge vulnerabilities. Key open questions remain around redemption queues and liquidity provisioning during market stress, especially for users accessing the fund across different blockchain environments.
“This collaboration merges the best of Securitize’s tokenization model with VanEck’s expertise… demonstrating tokenization’s ability to create new market opportunities,” said Carlos Domingo, CEO of Securitize.
With BlackRock, Franklin Templeton, and now VanEck diving into 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 TradFi and DeFi continues to blur, and the world’s safest collateral is now just a smart contract away.
