The real-world asset (RWA) tokenization platform OpenEden has completed a round of financing, with investors including large trading firms, venture capital funds, blockchain networks, and institutional-grade infrastructure providers, aimed at expanding the tokenization of U.S. Treasury bonds.

This round of financing follows OpenEden's fundraising with YZi Labs in 2024. The company stated in a press release on Tuesday that the tokenized version of short-term government debt is expected to become one of the fastest-growing segments in the crypto space by 2025.

"As the adoption of tokenization continues to grow, institutions and protocols are looking for trusted, compliant infrastructure to bring traditional assets on-chain," said OpenEden founder and CEO Jeremy Ng.

Investors in this round include Ripple, Lightspeed Faction, Gate Ventures, FalconX, Anchorage Digital Ventures, Flowdesk, P2 Ventures, Selini Capital, Kaia Foundation, and Sigma Capital. The amount of financing has not been disclosed.

OpenEden stated that it plans to use the funds to expand its "tokenization-as-a-service" platform and launch more new products related to traditional markets. However, the focus remains on two core products: its tokenized U.S. Treasury bond fund TBILL, and the yield-bearing stablecoin USDO backed by these U.S. Treasury bonds.

"This round of financing enhances our ability to offer regulated, market-ready products that meet the standards of both traditional finance and decentralized finance," Ng added.

USDO and its wrapped version cUSDO have now been integrated into decentralized exchanges and lending markets. Earlier this year, cUSDO was approved as over-the-counter collateral on Binance, allowing customers to pledge the asset while trading on the platform.

OpenEden is also preparing to offer tokenized bond exposure, multi-strategy yield tokens, and a range of structured products.

In August, OpenEden appointed Bank of New York Mellon Corporation (BNY) as the custodian and investment manager responsible for the U.S. Treasury bonds corresponding to TBILL. OpenEden has obtained investment-grade ratings for this product from S&P Global and Moody's.

The Bank for International Settlements reported last month that tokenized money market funds are becoming one of the most important yield products on public blockchains, offering returns similar to traditional money market funds while providing safeguards lacking in ordinary stablecoins.

The Bank for International Settlements estimates that the assets of tokenized money market funds have surged to nearly $9 billion, up from about $770 million at the end of 2023.

Related: FDIC Acting Chair says a stablecoin legal framework will be introduced this month

Original article: “Ripple and major venture capital firms support RWA platform OpenEden to expand tokenized Treasury bonds”

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