Is VBILL the Future of Tokenized Treasury?

Securitize has announced Wormhole as the official interoperability provider for VanEck's new tokenized fund, VanEck Treasury Fund, Ltd. (VBILL). This announcement marks a new step in the evolution of traditional finance toward interoperable and programmable blockchain solutions.

VBILL: a blockchain-based alternative to money market funds

VBILL is a fund backed by U.S. Treasury bills and aimed at qualified investors. It is built on Securitize’s end-to-end tokenization infrastructure and represents a new class of real-world asset-backed digital products, focused on yield, security, and liquidity.

The issuance is made in USDC, and its design enables multichain access across Ethereum, Avalanche, Solana, and BNB Chain, with support for more networks in the future thanks to Wormhole.

Wormhole: multichain interoperability engine

As the official interoperability partner, Wormhole enables fast and secure transfer of VBILL tokens across blockchains, facilitating:

• Greater asset mobility
• Improved liquidity in blockchain markets
• Efficient access to digital capital

With over $3 billion in multichain tokenized assets under management, Wormhole stands out as the most widely adopted infrastructure for institutional financial products in Web3.

“VanEck’s entry into the tokenized treasuries space marks a new turning point for institutional adoption of on-chain finance,” said Dan Reecer, co-founder of the Wormhole Foundation.

Emerging use cases and advantages of VBILL

VBILL not only provides exposure to Treasury bills but also enables features like atomic liquidity in applications such as Agora and its AUSD, making it useful for:

• Digital asset treasuries
• Market makers
• Institutions requiring real-time programmable yield

About the key participants

Wormhole, Securitize, and VanEck are the main actors behind this initiative.

Wormhole is a leading blockchain interoperability platform, with over $59 billion in cross-chain volume and more than 1 billion cross-chain messages. Its technology connects various blockchains and has been adopted by institutions like BlackRock, Securitize, and Apollo, as well as protocols such as MakerDAO and Uniswap.

Securitize specializes in tokenizing real-world assets and manages over $3.3 billion in assets. It is a registered broker-dealer with the SEC and operates a regulated alternative trading system. Securitize has worked with leading firms like BlackRock, KKR, and Hamilton Lane.

VanEck is an asset management firm with over $116 billion in AUM as of March 31, 2025. Known for its innovative approach to international markets, gold, emerging markets, and ETFs, VanEck has led developments in both active and passive strategies since its founding in 1955.

Access and regulations

VBILL is available only to qualified investors. It is not a registered fund under the Investment Company Act of 1940. Its objective is to preserve capital, maintain liquidity, and generate income through investments in U.S. Treasury-backed instruments.

Disclaimer: Investing in VBILL involves financial, regulatory, and technological risks associated with digital assets and blockchain infrastructure.

The integration of Wormhole as the interoperability provider for VBILL reinforces the convergence between traditional finance and Web3. This move not only improves the efficiency of tokenized funds but also sets a precedent for future interoperable and programmable financial products at a global scale.