Vaneck推出了Vbill，这是一个雪崩，BNB连锁店，以太坊和Solana的标记短期美国财政基金

传统的金融重量级Vaneck随着VBILL的推出，这是一项标记基金，提供了美国短期美国国债的投资，进入了现实世界中的资产（RWA）竞技场。

Traditional finance giant VanEck has entered the real-world asset (RWA) arena with the launch of VBILL, a tokenized fund offering exposure to short-term U.S. Treasuries across Avalanche, BNB Chain, Ethereum, and Solana.

传统金融巨头Vaneck通过推出Vbill的推出，该竞技场已进入现实世界中的资产（RWA）竞技场，Vbill是一笔标记的基金，可在雪崩，BNB连锁店，以太坊和Solana中提供短期美国国债。

The fund, which is open to qualified investors only, had a stated minimum investment of $100,000 for most supported chains and $1 million for Ethereum.

该基金仅向合格的投资者开放，该基金对大多数支持连锁店的最低投资为100,000美元，以太坊的投资为100万美元。

Announced on Wednesday, VBILL is structured as a BVI-domiciled fund managed by Van Eck Absolute Return Advisers, with Securitize acting as the placement agent. The fund will hold U.S. Treasury bills, which are custodied by State Street Bank & Trust, and on-chain NAV data will be supplied daily via RedStone oracles.

VBILL于周三宣布，由Van Eck Absolute Report Advisers管理的BVI分解基金结构，其证券化为安置代理。该基金将持有美国国库账单，该法案由州街银行和信托公司拘留，链上NAV数据将每天通过Redstone Oracles提供。

Subscriptions and redemptions for the fund will occur in USDC, while token transfers across blockchains will be facilitated by the Wormhole protocol. Additionally, VBILL features atomic redemption into Agora’s AUSD stablecoin, permitting seamless liquidity pathways between yield and stablecoin markets.

该基金的订阅和赎回将发生在USDC中，而蠕虫孔协议将促进跨区块链的代币转移。此外，VBILL将原子赎回为Agora的Ausd Stablecoin提供，从而可以在产量和Stablecoin市场之间无缝的流动性途径。

“By bringing U.S. Treasuries on-chain, we are providing investors with a secure, transparent, and liquid tool for cash management,” said Kyle DaCruz, Director of Digital Assets Product at VanEck. “This innovation is a natural progression of VanEck’s commitment to delivering value-driven investment solutions.”

Vaneck数字资产产品总监Kyle Dacruz说：“通过将我们的国债带给我们为投资者提供现金管理的安全，透明和流动性工具。” “这项创新是Vaneck致力于提供价值驱动投资解决方案的承诺的自然发展。”

From BlackRock’s BUIDL fund, launched in March 2024, to Blockfolio’s recent foray into tokenized bonds, asset managers have been slowly venturing into the realm of blockchain-native yield products. However, most offerings have been limited to single chains, largely focused on Ethereum due to its smart contract capabilities and existing institutional interest.

从2024年3月启动的BlackRock的Buidl基金到Blockfolio最近涉足令牌债券的企业，资产经理一直在逐渐冒险进入区块链本地产量产品的领域。但是，大多数产品都仅限于单连锁店，由于其智能合同能力和现有的机构利益，主要集中在以太坊上。

Despite the explosively growing sector, with T-bill tokens now exceeding $6.8 billion in total value locked—more than a 5x increase year-over-year—the sector has faced challenges in attracting broader investor participation beyond a few large funds.

尽管爆炸性的行业增长，但T-Bill代币目前的总价值锁定超过68亿美元（超过同比增长5倍），该行业在吸引更广泛的投资者参与的挑战方面面临着挑战。

A multi-chain launch

多链发射

With VBILL, VanEck is deploying across four chains from day one, a signal of growing confidence in cross-chain infrastructure and investor demand for such options. The move also appears to be a strategic counter to BUIDL, which began with a single-chain Ethereum fund before expanding to Avax in April 2024.

借助VBILL，Vaneck从第一天开始就在四个链条上部署，这表明对跨链基础设施和投资者对此类选择的需求的信心越来越大。此举似乎也是Buidl的战略反击，Buidl始于单链以太坊基金，然后于2024年4月扩展到Avax。

Announced in March 2024, BUIDL is a fully collateralised fund offering exposure to U.S. T-bills through a tokenized format. The fund, which has a $50 million starting size and is open to accredited investors only, will be managed by BlackRock and its subsidiary, ALTI.

Buidl于2024年3月宣布，是一项完全抵押的基金，通过令牌化格式向美国T-Bills提供接触。该基金的起价为5000万美元，仅向认可的投资者开放，将由BlackRock及其子公司Alti管理。

Meanwhile, VanEck’s product, which will be available in the coming weeks, appears to offer more flexibility and composability for crypto-native treasury desks and stablecoin providers seeking high-grade, liquid U.S. dollar assets.

同时，Vaneck的产品将在接下来的几周内提供，似乎为加密本地国库台和寻求高级液体美元资产的Stablecoin提供商提供了更大的灵活性和合成性。

Key highlights of VBILL:

VBILL的关键亮点：

Minimum investment: $100,000 (most chains), $1 million (Ethereum)

最低投资：100,000美元（大多数连锁店），100万美元（以太坊）

Supported chains: Avalanche, BNB Chain, Ethereum, Solana

支持的连锁店：雪崩，BNB链，以太坊，索拉纳

Investment vehicle: BVI-domiciled fund, limited to accredited investors via Reg D and Rule 506(c)

投资工具：BVI-Domiciled基金，通过Reg D和规则506（c）限于认可的投资者

U.S. T-bills custodied by State Street Bank & Trust, on-chain NAV supplied daily via RedStone

美国T-bills由州街银行和信托公司监护，每天通过Redstone提供的链链NAV

Subscription and redemption in USDC, token transfers via Wormhole

USDC的订阅和赎回，象征性转移通过虫洞

Atomic redemption into Agora’s AUSD stablecoin

原子兑换为Ag​​ora的Ausd Stablecoin

Key personnel: Kyle DaCruz (Digital Assets Product, VanEck), Steven Nerlich (Managing Director, Securitize)

关键人员：Kyle Dacruz（Vaneck数字资产产品），Steven Nerlich（证券化董事总经理）

“This collaboration merges the best of Securitize’s tokenization model with VanEck’s expertise in institutional fund management, and we are excited to see the possibilities that arise from combining our strengths,” said Carlos Domingo, CEO of Securitize. “This unique offering, in the form of a BVI-domiciled fund, will open new market opportunities for investors seeking efficient and transparent access to U.S. Treasuries.”

“这项合作将证券化的代币化模型与Vaneck在机构管理方面的专业知识相结合，我们很高兴看到结合优势的可能性，” Securitize的首席执行官Carlos Domingo说。 “这种独特的产品以BVI涉及基金的形式，将为寻求高效且透明的美国国债的投资者打开新的市场机会。”