- Binance Labs invests in OpenEden, the creator of the largest tokenized T-Bill product outside the US.
- OpenEden’s TBILL tokens have surpassed $100 million in total value locked.
- McKinsey projects the tokenized real-world assets market could reach $4 trillion by 2030.
Binance Labs, Binance’s venture capital, invested in OpenEden, which has had a transformative impact on the DeFi industry. This investment seeks to increase the use of RWAs in DeFi, improving the convenience and functionality of integrated assets.
1/ We are delighted to announce @BinanceLabs strategic investment into @OpenEden_Labs!
The move marks Binance Labs’ first investment into the rapidly growing tokenized real-world assets, or “RWA” space.
Presently, OpenEden has just under $115 million in total value locked, or… pic.twitter.com/Ec8NcNq0nN
— OpenEden (@OpenEden_Labs) September 12, 2024
Strategic Investment for DeFi Accessibility
OpenEden, a Monetary Authority of Singapore-licensed fund management company, alongside its full-stack tokenization technology firm, has garnered attention with its pioneering efforts in bridging traditional financial assets with blockchain technology. With the recent endorsement from Binance Labs, OpenEden is poised to revolutionize the DeFi landscape by making real-world yields more accessible to a broader audience. This initiative aligns with OpenEden’s mission to unlock trillions of dollars in real-world assets by bringing them on-chain.
The platform’s flagship product, a tokenized U.S. Treasury Bill Fund known as TBILL, has achieved notable milestones, including an “A” rating from Moody’s and becoming the largest tokenized T-Bill product outside the US. Over the past month, OpenEden reported that it had exceeded $100 million in Total Value Locked (TVL) for its TBILL tokens, a testament to the growing trust and interest from institutional and individual investors.
Enhancing Operational Efficiency and Market Expansion
By leveraging its in-house tokenization technology, OpenEden offers KYC-verified investors, including DAOs and crypto treasury managers, the opportunity to mint TBILL tokens using self-custodial wallets. This mechanism facilitates higher net yields and effectively empowers investors to earn yields on their idle stablecoins. To date, OpenEden has successfully onboarded over 100 institutional clients.
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With the influx of capital from Binance Labs, OpenEden plans to introduce new products, establish channel partnerships, and tap into emerging markets, further broadening the scope and reach of RWA-backed yields throughout the DeFi ecosystem. Andy Chang, Investment Director at Binance Labs, emphasized the potential of OpenEden to capitalize on the increasing adoption of stablecoins and RWAs, expressing enthusiasm for the partnership and the projected impact on the Web3 sphere.
The demand for tokenized RWAs has seen a surge, with Treasury Bills emerging as a preferred asset among issuers. Blockchain analytics firm Messari reports that the total value locked in RWAs has escalated to $8 billion over the past year, indicating a robust growth trajectory. Moreover, industry forecasts by McKinsey estimate that the market value of tokenized real-world assets could reach up to $4 trillion by 2030, reflecting a significant expansion and varying adoption across different asset classes.
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