Global investment firm VanEck has officially stepped into the fast-growing real-world asset (RWA) tokenization space with the launch of its first tokenized fund, VBILL. This fund, designed for institutional investors, offers exposure to U.S. Treasury bills, positioning VanEck in direct competition with BlackRock’s BUIDL and Franklin Templeton’s BENJI.
Developed in partnership with Securitize, a leading tokenization platform, VBILL represents VanEck’s foray into blockchain-powered finance. The fund will initially be available on four major blockchains — Avalanche, BNB Chain, Ethereum, and Solana — expanding access across a wide digital infrastructure.
High-Value Entry: $100K Minimum for Multi-Chain Access
VBILL sets a clear institutional tone with a minimum investment of $100,000 for those subscribing via Avalanche, BNB Chain, or Solana. On Ethereum, however, the entry threshold is even higher, set at $1 million.
This premium entry point aligns with VanEck’s target demographic: institutional investors and high-net-worth individuals seeking blockchain-based exposure to traditionally stable financial instruments. By choosing U.S. Treasury bills — a highly liquid and low-risk asset — VanEck is leveraging the credibility of traditional finance while embracing the innovation of decentralised technology.
Tokenized Treasuries: A Booming $6.9B Market
According to data from RWA.xyz, U.S. Treasurys represent a $6.9 billion market cap in the RWA tokenization space, making them the second-largest asset class after private credit. This trend is indicative of a wider movement as large financial players race to digitise real-world assets and streamline their access and settlement mechanisms.
Earlier in 2024, Apollo Global Management, with $751 billion in assets under management, also launched a tokenized private credit fund. The growing interest suggests a competitive landscape forming around the tokenization of yield-generating, real-world assets — with VanEck now joining the club.
Backed by Securitize: $3.9B Tokenized and Counting
VanEck’s strategic choice of Securitize as its technology partner further reinforces the seriousness of the VBILL initiative. Securitize has already tokenized over $3.9 billion in assets and recently raised $47 million in a funding round led by BlackRock — the very firm VanEck is now competing with in the RWA space.
US Treasury tokenized market over time. Source: RWA.xyz
The partnership brings robust technical and regulatory infrastructure to VBILL, as Securitize is known for its compliance-first approach to digital asset issuance and trading. The alliance could prove key in building institutional trust and enabling broader adoption of tokenized Treasurys.
SEC Acknowledges Onchain Future
Regulatory attitudes towards tokenized securities appear to be evolving as well. At the SEC’s roundtable on May 12, Chair Paul Atkins compared the move of securities onchain to the digitisation of the music industry.
“Just as the shift to digital audio revolutionized the music industry, the migration to onchain securities has the potential to remodel aspects of the securities market,” Atkins said.
He noted that blockchain could enable new methods of issuing, trading, and owning securities, with many possibilities currently unaddressed by legacy regulations. This institutional endorsement, even if tentative, lends further legitimacy to VanEck’s timing and strategy.
