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VanEck has boldly moved into real-world asset (RWA) tokenization by launching a tokenized U.S. Treasury fund across four major blockchains—Ethereum, BNB Chain, Solana, and Avalanche. The new product, called VBILL, aims to bring short-term Treasury exposure to the blockchain world, making fixed-income investing faster, cheaper, and more transparent.
What Is VBILL?
VBILL is a tokenized version of U.S. Treasury bills. It gives qualified investors the ability to earn yield directly on-chain using stablecoins like USDC. Built in partnership with digital asset platform Securitize, VBILL represents a major step in the merging of traditional finance and crypto.
The fund invests in 1- to 3-month Treasury bills and pays out daily yields. It is designed to offer the same low-risk profile of traditional bonds, but with all the benefits of blockchain: instant settlement, 24/7 access, and lower fees.
Why It Matters
VanEck is now one of several major financial players entering the tokenized Treasuries space. Competitors include BlackRock, Franklin Templeton, and Fidelity. However, VanEck stands out for going multichain at launch—VBILL is available not just on Ethereum, but also on BNB Chain, Solana, and Avalanche.
This gives investors more flexibility, as they can choose the chain that best fits their ecosystem or DeFi strategy. To connect these chains securely, VanEck is using the Wormhole bridge, which enables seamless cross-chain transfers of VBILL tokens.
Who Can Invest?
VBILL is currently limited to qualified and institutional investors. The minimum investment starts at $100,000 on BNB Chain, Solana, and Avalanche, and $1 million on Ethereum. For now, retail investors are excluded, though VanEck has hinted at future expansion.
Investors can mint and redeem VBILL tokens using USDC, and the fund operates 24/7 with near-instant settlement—something not possible in traditional markets.
A Bigger Crypto Strategy
This isn’t VanEck’s first step into the digital asset space. The firm already offers a spot Bitcoin ETF, Ethereum futures ETF, and multiple crypto-themed products. By adding VBILL to its portfolio, VanEck is signaling that tokenized RWAs will be a long-term focus.
Experts believe this could help bridge the gap between DeFi and TradFi, giving traditional investors new tools while driving real-world utility into crypto.
Comparative Fee Structure and Assets of Leading Bitcoin ETFs
| ETF Provider | Management Fee | Other Fees | Inception Date | Assets Under Management |
|---|---|---|---|---|
| VanEck (HODL) | 0.25% | No performance fee | January 2025 | $24M (first week) |
| BlackRock (IBIT) | 0.50% (temporary) | No performance fee | 2023 | $57.5B (early 2024) |
| ARK Invest | 0.75% | No performance fee | 2024 | $5M (estimated) |
Notes:
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Management Fee: Ongoing fees charged by the ETF issuer for managing the fund.
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Other Fees: Includes any additional fees such as performance or fund-specific costs.
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Assets Under Management (AUM): Total value of assets currently held by the fund.
Looking Ahead
The launch of VBILL could be a turning point for tokenized bonds. As rates remain high, institutional interest in low-risk, high-yield products is strong. With its multichain strategy, VanEck is positioning itself as a serious competitor in the growing RWA space.
As demand grows, VanEck may eventually expand access to retail users, further opening the door between Wall Street and Web3.
Conclusion
VanEck’s launch of the VBILL fund marks a dramatic leap forward in the tokenization of real-world assets. By bringing U.S. Treasuries on-chain across Ethereum, BNB Chain, Solana, and Avalanche, VanEck isn’t just competing with BlackRock—it’s helping reshape the future of finance.
With instant settlement, 24/7 access, and transparent yield, VBILL signals that traditional investing is finally entering the decentralized era. As institutional appetite grows, VanEck is positioning itself as a fearless leader in the next wave of digital finance.
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FAQs
1. What exactly is VanEck’s VBILL fund?
VBILL is a tokenized version of short-term U.S. Treasury bills, created by VanEck in partnership with Securitize. It brings government bonds on-chain for easier, faster, and more transparent access.
2. Who can invest in VBILL?
Right now, only institutional and qualified investors can invest in VBILL. It’s not open to retail users at this time.
3. Which blockchains support VanEck’s VBILL fund?
VBILL is live on Ethereum, BNB Chain, Solana, and Avalanche, allowing cross-chain interaction through Wormhole.
4. What is the minimum investment required?
VBILL has high minimums: $100,000 for BNB, Avalanche, and Solana; and $1 million for Ethereum.
5. Why is VanEck entering the tokenized treasuries market now?
VanEck is capitalizing on rising demand for tokenized real-world assets (RWAs), aiming to compete with giants like BlackRock and bring fixed-income investing into the DeFi era.
Glossary
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Tokenization: Converting a real-world asset, like a bond or stock, into a digital token on a blockchain.
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Real-World Assets (RWAs): Physical or traditional financial assets (e.g., Treasuries, real estate) represented digitally on a blockchain.
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Stablecoin (USDC): A cryptocurrency pegged to the U.S. dollar, used to buy or redeem VBILL tokens.
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Wormhole: A cross-chain bridge protocol that allows token transfers between different blockchain networks securely.
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Qualified Investor: An individual or institution meeting certain financial criteria, allowing them access to private or high-risk investments not available to the general public.
