TBILL
TBILL
TBILL
| Ticker Symbol | TBILL |
| Name | OpenEden TBILL (Treasury Bills Institutional Liquidity Limited) Vault |
| Background | OpenEden TBILL is a tokenised U.S. Treasury product issued by Treasury Bills Institutional Liquidity Limited, a professional fund regulated by the British Virgin Islands Financial Services Commission (BVI FSC). It provides Professional Investors with on-chain exposure primarily to short-term U.S. Treasury securities. BNY Mellon Investment Management Singapore acts as Fund Manager, The Bank of New York Mellon as custodian for non-crypto assets, Coinbase Custody for crypto assets, Protege Fund Services as Fund Administrator, and River Labs as the tokenisation / technical provider. |
| Issuance date | April, 2023 |
| Material terms and features | TBILL represents a non-voting economic interest in the Fund and is issued to whitelisted investors at the applicable NAV. Underlying Assets: Primarily short-term U.S. Treasury securities, with permitted investments including money market funds and reverse repurchase agreements collateralised by U.S. Government securities and/or cash. Investor Eligibility: Professional Investors only; no retail access. |
| Affiliations between EX.IO and the issuer | No |
| Voting rights | No. TBILL tokens are non-voting interests in the Fund and do not provide token-weighted governance or voting rights. |
| Specific Token Risk Disclosure | TBILL provides on-chain exposure to a regulated professional fund investing primarily in short-term U.S. Treasury assets and involves the following key risks: Underlying asset risk: TBILL’s value depends on the performance and availability of the underlying portfolio, including short-term U.S. Treasuries and bank deposits. Custody and operational risk: Investors rely on the issuer, Fund Manager, custodians, administrator, banks, brokers and other service providers. Failure, insolvency, fraud, operational error or disruption at any of these parties may adversely affect the Fund or tokenholders. Smart contract and technology risk: TBILL relies on smart contracts, whitelisting, privileged administrative functions, blockchain networks and oracle / pricing infrastructure. Bugs, cyberattacks, key compromise, network congestion, contract upgrade issues or data failures may cause loss, suspension or impaired transferability. Regulatory risk: TBILL is a security token and is not offered to retail investors. Changes in laws or regulatory treatment in Hong Kong, the BVI or other jurisdictions may restrict distribution, trading, transfer or redemption. |
| Complexity and Investor Suitability | TBILL is treated as a complex product on EXIO. It is therefore available only to Professional Investors. |
| Product Description and Risk Factors | 1. Market / Interest Rate Risk: The value of TBILL is linked to the Fund NAV and the value of short-term U.S. Treasury assets. Rising interest rates, market dislocation or valuation changes may cause losses. 2. Counterparty and Custodial Risk: Investors rely on the issuer, collateral agent, custodians and other service providers to maintain the underlying assets. 3. Regulatory Risk: Changes in laws or regulations relating to tokenized securities may adversely affect TBILL. 4. Yield Risk: TBILL yield is not guaranteed and may decrease as market interest rates change. |
| Worst-case scenario | In a worst-case scenario, investors may suffer losses if the issuer, custodial arrangements, underlying collateral or technical infrastructure fail, or if regulatory restrictions prevent access to the product. |
| Availability of Secondary market | TBILL is intended to be available for secondary trading on EXIO subject to admission and platform arrangements. However, secondary-market liquidity, trading volume and price continuity are not guaranteed. Transfers are permissioned and generally restricted to whitelisted eligible investors, which may limit market depth and transferability. |
| Warning Statement | Investors should be aware of the following when investing in TBILL: • Do not invest unless you fully understand and are willing to assume the risks associated with the product, including market, liquidity, counterparty, custody, technology, stablecoin and regulatory risks. • TBILL is a tokenized security product and is available only to eligible Professional Investors on this platform. • The value of TBILL and redemption proceeds may fluctuate and there is no guarantee of capital preservation or investment return. • The product is not authorised by the Hong Kong Securities and Futures Commission (SFC). • Past price performance, market capitalization, trading volume, TVL, token unlock data, or ecosystem development is not indicative of future performance. |
| Resources | Official Website: https://openeden.com/ Technical Documentation: https://docs.openeden.com/tbill/introduction RWA.xyz: https://app.rwa.xyz/assets/TBILL |
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