VanEck Treasury Fund (VBILL)

VanEck Treasury Fund (VBILL) is a tokenized investment fund that provides on-chain exposure to short-term U.S. Treasury securities through blockchain-issued fund shares. The fund represents ownership in a portfolio of Treasury bills, cash, and repurchase agreements, using blockchain infrastructure for issuance, ownership tracking, and settlement. ^[5]

Overview

VBILL is a tokenized investment fund launched by VanEck in partnership with Securitize that provides blockchain-based access to a portfolio of short-term U.S. Treasury bills, cash, and repurchase agreements. Introduced in May 2025, the fund was designed for qualified and institutional investors seeking exposure to short-duration U.S. government securities through blockchain infrastructure rather than traditional fund shares. Fund shares are issued and recorded directly on multiple public blockchains, including Ethereum, Solana, Avalanche, and BNB Chain, with cross-chain transfers supported through Wormhole.

VBILL maintains a target value of $1 per token and distributes accrued income by issuing additional tokens to investors daily. The fund supports subscriptions using both U.S. dollars and USDC, offers daily redemptions subject to fund procedures, and records ownership on-chain to enable faster settlement and greater transparency than conventional fund structures. The underlying assets are held by a traditional custodian, while blockchain technology is used for share issuance, transfer, and recordkeeping.

The fund has also been integrated into decentralized finance infrastructure, allowing qualified holders to use VBILL as collateral in regulated lending markets such as Aave Horizon. This enables tokenized Treasury fund shares to be used within blockchain-based financial applications while remaining subject to the fund's transfer restrictions and compliance requirements. Through these features, VBILL serves as an example of a tokenized real-world asset fund that combines traditional Treasury investments with blockchain-based settlement, custody, and financial interoperability. ^{[3] [4]}

Features

VBILL provides blockchain-based access to short-term U.S. Treasury investments through tokenized fund shares issued directly on public blockchain networks. The fund maintains a target value of $1 per token and distributes accrued income to investors through daily dividend accruals paid as additional tokens. It primarily invests in U.S. Treasury bills, cash, and repurchase agreements, allowing investors to earn yield while holding the asset on-chain. VBILL supports subscriptions through USDC and U.S. dollars, offers daily liquidity options subject to fund procedures and blockchain settlement conditions, and enables ownership tracking through blockchain-based records. The fund is available across networks including Ethereum, Solana, Avalanche, and BNB Chain, with cross-chain functionality supported through Wormhole. VBILL can also be integrated into decentralized finance applications, including lending platforms where eligible investors can use the tokenized Treasury fund shares as collateral while maintaining compliance with transfer restrictions. ^{[1] [2]}