OpenEden
OpenEden is a Singapore-based, Bermuda-regulated tokenization platform that brings real-world assets (US Treasuries, high-yield bonds, multi-strategy yield portfolios) on-chain for institutional investors and DeFi protocols, with ~$248M in total value locked across seven blockchains.
- Company typePrivate
- Founded2022
- HeadquartersSingapore, Singapore
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What OpenEden does
OpenEden is a Singapore-headquartered, Bermuda- and BVI-regulated tokenization platform that brings real-world assets (RWAs) on-chain for institutional investors and DeFi protocols. Founded in 2022 by Jeremy Ng (ex-Goldman Sachs) and Duke Du (ex-Gemini), the company operates a multi-chain infrastructure (ATLAS) supporting Ethereum, Arbitrum, Solana, BNB Chain, XRP Ledger, Base, and Kaia, with token issuance structured as a Segregated Accounts Company for bankruptcy-remote protection.
Its product suite centers on four regulated offerings: TBILL, a tokenized US Treasury Bill fund managed and custodied by BNY Mellon, rated AA+f/S1+ by S&P and A by Moody's (~$212M TVL); USDO, a Bermuda Monetary Authority-licensed yield-bearing stablecoin fully backed by tokenized Treasuries (~$31M TVL, ~3.10% APR); PRISM, a tokenized multi-strategy yield portfolio targeting 6–10% APR, actively managed by Monarq (a FalconX subsidiary) (~$3M TVL); and HYBOND, the first tokenized product providing on-chain access to BNY Investments' Global Short-Dated High-Yield Bond Fund (~$1.6M TVL). The platform integrates Chainlink CCIP for cross-chain interoperability and Accountable for real-time reserve attestation, and the EDEN governance token enables protocol-level voting via Tally.
OpenEden monetizes through tokenization-as-a-service fees, asset management fees on the underlying funds, and yield differentials on stablecoin reserves. Distribution is multi-channel: self-serve via app.openeden.com, prime brokerage integration (FalconX), institutional custody partners (BitGo, Coinbase Prime, Anchorage Digital, Zodia, Ceffu, Hex Trust, Rakkar), CEX listings (Binance, Gate, KuCoin, MEXC, Bithumb), and deep DeFi composability (Curve, Pendle, Euler, Napier, Balancer, Aerodrome). The company is backed by Ripple, Lightspeed Faction, Gate Ventures, Binance Labs, Anchorage Digital Ventures, BNY Mellon, YZi Labs, and others, with a December 2025 strategic round following a September 2025 $5M round led by BNY Mellon participation. Operating geographies span Singapore, Hong Kong (via EX.IO VATP), Saudi Arabia, and the UAE, with explicit geo-blocking of US and other restricted jurisdictions.
OpenEden firmographics
Firmographics- Name
- OpenEden
- Legal name
- OpenEden Group (Umbrella name for entities including BVI regulated professional fund and Bermuda licensed digital asset business)
- Website
- https://openeden.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- OpenEden is a Singapore-based, Bermuda-regulated tokenization platform that brings real-world assets (US Treasuries, high-yield bonds, multi-strategy yield portfolios) on-chain for institutional investors and DeFi protocols, with ~$248M in total value locked across seven blockchains.
- Ownership category
- akta.pro rank
OpenEden industry classification
Industry- Product category
- Real-World Asset Tokenization Platform
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Other Financial Vehicles (525990)
- SIC
- Finance Services (6199), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management) (FSAPAEAJ)
- akta.pro secondary industries
- Tokenized Treasury, Money Market & Cash Management Products (FSADAEAB), RWA Tokenization Platforms (asset onboarding, structuring, issuance) (FSAPAIAC), Treasury Management & Corporate Crypto Yield Programs (FSADAHAL)
Keywords
Where OpenEden is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices2 records
Markets served
OpenEden business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Tokenization Platform Fees: OpenEden operates as a tokenization-as-a-service platform, generating revenue through fees associated with issuing and managing regulated tokenized financial products including TBILL fund management and USDO stablecoin operations.
- Tokenized Asset Products: Revenue generated from tokenized products including TBILL tokens (tokenized US Treasuries), USDO stablecoin, PRISM yield portfolio, and HYBOND tokenized bond fund.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Institutional tier for professional investors and DeFi protocols |
Go-to-market motion3 records
Distribution channels7 records
Marketing channels8 records
OpenEden product offering
Product offeringCore offering
OpenEden operates a regulated, multi-chain tokenization platform (ATLAS) that issues and manages on-chain representations of real-world assets for institutional and DeFi clients. Its flagship offerings include TBILL (a tokenized US Treasury Bills fund managed by BNY), USDO (a regulated yield-bearing stablecoin fully backed by tokenized Treasuries), PRISM (a multi-strategy tokenized yield portfolio), and HYBOND (tokenized access to BNY's Global Short-Dated High-Yield Bond Fund), distributed across Ethereum, Arbitrum, Solana, XRP Ledger, BNB Chain, Base, and Kaia.
Product overview
OpenEden operates as a full-stack RWA (Real-World Asset) tokenization platform offering multiple interconnected products. The core offerings include TBILL (tokenized US Treasury Fund rated AA+ by S&P, managed by BNY), USDO (regulated yield-bearing stablecoin backed by tokenized Treasuries), PRISM (multi-strategy tokenized yield portfolio managed by Monarq), and HYBOND (first tokenized access to BNY's Global Short-Dated High Yield Bond Fund). The platform is built on ATLAS infrastructure and supports multi-chain deployment across Ethereum, Arbitrum, BNB Chain, Solana, XRP Ledger, Base, and Kaia. EDEN serves as the governance token for protocol decision-making. OpenEden's architecture combines bankruptcy-remote issuance, institutional (TradFi), centralized (CeFi), and decentralized (DeFi) distribution channels, and secondary liquidity into a unified regulatory-first infrastructure.
Differentiator
Problem solved
Functional benefit
Brands
- TBILL: Tokenized US Treasury fund rated AA+ by S&P Global, managed by BNY, providing on-chain access to US Treasury yields
- USDO
- PRISM
- HYBOND
- EDEN
- ATLAS
Products and services
- TBILL Tokenized US Treasury Bills Fund providing institutional investors with on-chain access to US Treasury yield. The fund is managed by BNY Investments and custodied by BNY, rated AA+f/S1+ by S&P Global and A by Moody's. Operating at approximately $212M TVL.
- USDO (OpenDollar) Regulated yield-bearing stablecoin fully backed by tokenized US Treasuries including OpenEden's TBILL, with a rebasing mechanism where holders earn yield by holding the token. Issued by OpenEden Digital Limited, licensed by Bermuda Monetary Authority under DABA license #202403468. Available on Ethereum, Arbitrum, BNB Chain, Kaia, and Solana at approximately $30.86M TVL with ~3.10% APR.
- PRISM Tokenized multi-strategy yield portfolio delivering stable returns through diversified strategies including cash-and-carry arbitrage, overcollateralized lending, DeFi yield venues, and allocations to regulated tokenized RWAs. Actively managed by Monarq (majority-owned subsidiary of FalconX). Targeted 6-10% APR. Currently at approximately $3.26M TVL.
- HYBOND First tokenized product providing on-chain access to BNY Investments' Global Short-Dated High Yield Bond Fund, managed by Insight Investment. Offers 1:1 exposure to actively managed corporate bond exposure within a regulated framework. Available on Ethereum with expansion planned to XRP Ledger and BNB Chain. Currently at approximately $1.62M TVL.
- ATLAS Tokenization Platform End-to-end tokenization-as-a-service infrastructure platform enabling institutions to launch and manage regulated, tokenized financial products with institutional-grade trust and DeFi composability across multiple blockchains.
- EDEN Governance Token Protocol governance token enabling holders to participate in OpenEden Governance. Holders can stake EDEN to receive xEDEN and vote on proposals via Tally governance platform.
Quantifiable outcome
- TBILL Fund grew AUM more than tenfold in under two years
- +3 more outcomes
Companies that use OpenEden
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles4 records
OpenEden technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration48 records
Feature7 records
OpenEden partnerships and signals
Strategic signalPartnerships
23 partnerships are on record, tiered major, core and minor.
- EX.IOmajorEX.IO (licensed VATP in Hong Kong) is OpenEden's first VATP partner in Hong Kong, exploring listing tokenized products for qualified Hong Kong investors.
- Doppler FinancemajorDoppler Finance partnership brings RWA-backed yield opportunities to XRP and RLUSD holders on XRPL, integrating USDO and TBILL.
- Monarq Asset ManagementcoreMonarq (majority-owned subsidiary of FalconX) actively manages PRISM multi-strategy portfolio with proprietary risk management framework.
- SolanacoreOpenEden launched cUSDO (wrapped USDO) on Solana blockchain, leveraging Solana's high throughput and low fees for RWA stablecoin integration.
- BNY MelloncoreBNY serves as custodian and investment manager for TBILL Fund's underlying US Treasury assets. Also collaborating on HYBOND tokenized bond fund. BNY oversees $59.3T in assets under custody.
- ChainlinkcoreChainlink CCIP integration provides cross-chain interoperability for USDO, with Proof of Reserve ensuring transparency and on-chain verification of reserves.
- CirclecoreCircle's USDC infrastructure integration supports OpenEden's tokenized RWA ecosystem and stablecoin operations.
- BitGocoreBitGo provides institutional-grade custody for OpenEden's tokenized assets and USDO collateral.
- Coinbase PrimecoreCoinbase Prime serves as qualified custodian for OpenEden's tokenized Treasury reserves.
- ArbitrummajorOpenEden deployed first tokenized US Treasury Bill vault on Arbitrum. Arbitrum DAO allocated 4M ARB tokens to TBILL vault.
- XRP LedgermajorOpenEden's TBILL and USDO are available on XRP Ledger for institutional RWA tokenization, with $3B+ in tokenized RWAs on the ledger.
- BNB ChainmajorOpenEden's HYBOND expanding to BNB Smart Chain alongside Ethereum for multi-chain distribution.
- BasemajorOpenEden integrates with Base L2 for tokenized RWA access, with Aerodrome Finance providing liquidity on Base.
- BlackRockmajorBlackRock's tokenized funds (BUIDL) operate in the same RWA tokenization ecosystem, with OpenEden's infrastructure supporting integration.
- VanEckminorVanEck tokenized funds available as underlying reserves for OpenEden's tokenized Treasury products.
- KPMGminorKPMG provides audit services for OpenEden's institutional-grade financial reporting and compliance.
- EY (Ernst & Young)minorEY completed independent audit of TBILL Vault operations and process controls with no high-risk findings.
- BinancemajorBinance integrated cUSDO as first yield-bearing digital asset for off-exchange collateral. Binance Booster Campaign provides EDEN rewards to users.
- Galaxy DigitalcoreGalaxy Digital used USDO as settlement currency for high seven-figure OTC trade with DeFiance Capital, demonstrating institutional settlement use case.
- DeFiance CapitalcoreDeFiance Capital settled OTC trade with Galaxy Digital using USDO, demonstrating treasury and trading capital efficiency.
- Curve FinancemajorCurve Finance cUSDO-USDC stable swap pool provides liquidity for cUSDO with EDEN rewards through Stability Vault.
- Pendle FinancemajorPendle cUSDO YT market provides yield tokenization for cUSDO with Stability Vault incentives for YT holders.
- AccountablemajorAccountable provides real-time financial verification and PRISM reserve attestation for transparency.
Scale indicators13 records
Recent moves6 records
Expansion highlights7 records
OpenEden competitors and assessment
Company assessmentDirect peers
- Ondo Finance: Ondo Finance is the most direct competitor in tokenized US Treasuries and yield-generating RWA products, offering USDY (yield-bearing stablecoin) and OUSG (tokenized Treasuries) targeting similar institutional and DeFi customers. Both platforms pursue regulated, institutional-grade tokenized Treasuries with multi-chain distribution.
- Securitize: Securitize is a regulated RWA tokenization platform that issues and manages tokenized securities including private credit and treasury products, serving institutional issuers. OpenEden competes with Securitize's issuance and distribution capabilities for institutional RWA tokenization mandates.
- Maple Finance: Maple Finance is a tokenized credit and RWA platform offering on-chain lending markets and Treasury-backed products. Maple's expansion into yield-bearing products (syrupUSDC, syrupUSDT) and institutional credit directly overlaps with OpenEden's USDO and HYBOND offerings.
- Mountain Protocol: Mountain Protocol is a Bermuda-licensed tokenized US Treasury platform offering USDM, a yield-bearing stablecoin backed by T-bills. USDM and USDO target overlapping institutional and DeFi distribution channels, both leveraging Bermuda regulatory licensing.
Broad incumbents
- BlackRock (BUIDL): BlackRock launched BUIDL, a tokenized US Treasury fund on Ethereum, directly competing with OpenEden's TBILL for institutional RWA mandates. While BlackRock has massive distribution and brand, its offering is narrower in product scope compared to OpenEden's multi-product platform.
- Franklin Templeton (FOBXX/OnChain): Franklin Templeton operates the Franklin OnChain US Government Money Fund (FOBXX), one of the earliest tokenized Treasury products. As a major TradFi incumbent, Franklin Templeton competes with OpenEden TBILL for institutional tokenized Treasury allocation.
- Paxos: Paxos is a regulated blockchain infrastructure platform issuing regulated stablecoins (USDP, PAXG) and providing tokenization services. Paxos competes with OpenEden's USDO in the regulated stablecoin space and offers institutional tokenization capabilities.
Emerging players
- Centrifuge: Centrifuge is an RWA tokenization platform focused on private credit and on-chain lending markets. While more focused on credit RWAs than Treasuries, Centrifuge overlaps with OpenEden in providing tokenized yield products and institutional DeFi infrastructure.
- TrueFi: TrueFi is a RWA lending platform offering on-chain credit products and institutional yield opportunities. While more focused on uncollateralized lending, TrueFi overlaps with OpenEden in serving institutional clients seeking yield-bearing tokenized products.
- Backed Finance: Backed Finance issues tokenized securities (bCSPX, bCOIN, bIB01) including tokenized Treasuries and equities. As a niche RWA issuer, Backed Finance directly competes with OpenEden's tokenized securities platform offerings.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks1 record
Key highlights2 records
Customer concentration
OpenEden social profiles
Digital presenceOpenEden compliance and trust
Trust signalCompliance5 records
OpenEden financial estimates
Financial estimateRevenue estimate
Valuation estimate
OpenEden leadership team
Management profileNumber of profiles
Profiles8 records
OpenEden funding detail
Funding detailFunding overview
Funding rounds2 records
Investors12 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
OpenEden M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about OpenEden
What does OpenEden do?
OpenEden operates a regulated, multi-chain tokenization platform (ATLAS) that issues and manages on-chain representations of real-world assets for institutional and DeFi clients. Its flagship offerings include TBILL (a tokenized US Treasury Bills fund managed by BNY), USDO (a regulated yield-bearing stablecoin fully backed by tokenized Treasuries), PRISM (a multi-strategy tokenized yield portfolio), and HYBOND (tokenized access to BNY's Global Short-Dated High-Yield Bond Fund), distributed across Ethereum, Arbitrum, Solana, XRP Ledger, BNB Chain, Base, and Kaia.
Is OpenEden a public or private company?
OpenEden is a private company. It is classified as venture growth investor backed and is currently operating.
When was OpenEden founded?
OpenEden was founded in 2022. It employs 11 to 50 people.
Where is OpenEden based?
OpenEden is headquartered in Singapore, Singapore, in the Asia region.
How does OpenEden make money?
Two revenue lines are on record. Tokenization Platform Fees are the primary driver. The others are tokenized Asset Products.
Who are OpenEden's main competitors?
Direct peers on record are Ondo Finance, Securitize, Maple Finance and Mountain Protocol. Broad incumbents are BlackRock (BUIDL), Franklin Templeton (FOBXX/OnChain) and Paxos. Emerging players are Centrifuge, TrueFi and Backed Finance.
Does OpenEden have an API?
No public API is recorded for OpenEden.
What industry is OpenEden in?
OpenEden's product category is Real-World Asset Tokenization Platform. Its primary akta.pro industry code is FSAPAEAJ, Tokenized Real-World Assets & On-Chain Treasuries (tokenized T-bills, money markets, cash management), with a secondary code of FSADAEAB, Tokenized Treasury, Money Market & Cash Management Products. Its NAICS code is 525 and its SIC code is 6199.