According to reports from The Block, Securitize (CEPT) launched VanEck's VBILL Treasury fund live on a Euler lending market curated by KPK on Thursday. The integration allows investors to deposit their VBILL tokens to borrow other crypto assets against them and participate in DeFi strategies while still earning the fund's Treasury yield. As per The Block, this builds on Securitize's DS Protocol, which was previously integrated with Euler, offering a blockchain-based framework designed to issue, manage, and transfer security tokens with compliance needs enforced onchain.
According to RWA.xyz data cited by The Block, VBILL has $61 million in assets under management and is distributed across approximately 30 onchain wallet addresses. The fund is currently returning a 3.38% seven-day APY and charges a 0.20% management fee. The Block reports that VanEck Product Manager Jon Casterline noted that "VBILL's availability on Euler is another step in connecting tokenized Treasury exposure to DeFi infrastructure," reflecting how institutional-grade assets and decentralized lending markets are beginning to work together onchain.
As reported by CoinDesk, tokenized U.S. Treasuries have become one of the fastest-growing sectors in crypto, topping $15 billion in assets and swelling 150% in a year, according to RWA.xyz data. Global asset managers including BlackRock, Franklin Templeton and Janus Henderson have all launched blockchain-based Treasury and money-market products aimed at institutions seeking yield-bearing onchain collateral.
According to The Block, Euler, which currently has over $320 million in assets on its platform, pivoted earlier this year toward institutional use cases after originally operating as a fully permissionless lending protocol. The platform integrated Securitize's DS Protocol earlier this year, allowing tokenized securities to interact with lending markets while preserving investor eligibility requirements and transfer restrictions. The Block reports that Securitize previously launched VBILL on an Aave Horizon market, with the fund initially launched across the Avalanche, BNB Chain, Ethereum, and Solana blockchains, with cross-chain interoperability enabled by Wormhole.
According to The Block, Securitize's head of ecosystem, Graham Ferguson, noted that "the really exciting thing is that there are protocols now that are excited to integrate permissioned assets." He emphasized that DeFi protocols are finally adapting to welcome institutional capital by changing their ways to accommodate compliance expectations of traditional finance firms. The integration demonstrates how tokenized Treasury exposure is being connected to DeFi infrastructure, enabling institutional-grade assets to participate in decentralized lending markets.
