Moody’s Rates OpenEden’s TBILL Investment Grade as RWA Tokenization Continues to Grow

Moody’s has awarded an “A-bf” bond fund rating to Hill Lights International Limited, the issuer of OpenEden’s tokenized US T-bills, TBILL.

This rating elevates TBILL tokens to the investment-grade category. It also reflects their favorable investment attributes and marks a significant milestone for the company and the real-world asset (RWA) tokenization industry.

OpenEden’s Investment-Grade Rating Comes as Tokenized Treasuries Market Gain Momentum

According to Moody’s Ratings and Symbols Definitions, the rating indicates that Money Market Funds and Bond Funds rated A are considered to have several positive investment characteristics and are viewed as upper-medium-grade investment vehicles. OpenEden claims it is the first and only tokenized US T-Bill product globally to receive a credit rating.

Eugene Ng, co-founder of OpenEden, expressed his gratitude and enthusiasm for receiving Moody’s A rating. He sees this achievement as a vote of confidence in their tokenized T-Bill platform.

Read more: What is Tokenization on Blockchain?

“This investment grade rating simply validates the entire RWA sector, positioning us well for the convergence between tokenized RWAs and TradFi. This is a monumental breakthrough for the RWA sector as a whole, as an investment grade rating on our T-Bill product signals acceptance of tokenized RWAs as an investable asset class for institutions, corporates, and buy-side funds,” he said.

Furthermore, Eugene is confident in OpenEden’s TBILL infrastructure, which integrates regulatory, operational, and investment management expertise. Traditional financial institutions like hedge funds, buy-side trading firms, and corporate treasuries can also easily access TBILL tokens via its custody partners. These partners include BitGo, HexTrust, and SCB-backed Rakkar Digital.

While T-Bills have largely been held as an alternative to cash, tokenization enables greater utility for the asset class. OpenEden is partnering with more payment companies, DeFi protocols, crypto wallets, and other Web3 apps to allow users to access US T-bills yields across different blockchains. For instance, institutions can use their TBILL tokens as eligible collateral for financing.

Jeremy Ng, another co-founder of OpenEden, explained that while yields attract investors to acquire and hold crypto, payments keep people using crypto to facilitate a greater share of economic activities. He stressed that improving access to reliable, yield-bearing payment instruments is key to onboarding crypto’s next billion users.

Hence, OpenEden is also raising a fresh round of funding to introduce on-chain yields into more payment-focused use cases. It plans to close the funding round in the coming months.

Read more: What is The Impact of Real World Asset (RWA) Tokenization?

Tokenized Treasury Market Capitalization. Source: RWA.xyz

As the real-world asset tokenization industry has surged, T-bills have been popular for many issuers, including Franklin Templeton and BlackRock. According to RWA.xyz data, tokenized treasury products have a total market capitalization of $1.55 billion as of June 18. This figure represents approximately 14.26% growth over the last 30 days.

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