VanEck Launches VBILL, a Tokenized Short-Term US Treasury Fund Across Avalanche, BNB Chain, Ethereum, and Solana

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.

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.

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.

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.

“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.”

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.

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.

A multi-chain launch

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.

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.

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.

Key highlights of VBILL:

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

Supported chains: Avalanche, BNB Chain, Ethereum, Solana

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

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

Subscription and redemption in USDC, token transfers via Wormhole

Atomic redemption into Agora’s AUSD stablecoin

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

“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.”