VanEck launches first tokenized treasury fund, enters RWA race against BlackRock and Franklin Templeton

Investment giant VanEck is officially stepping into the booming real-world asset (RWA) tokenization space with the launch of its first on-chain U.S. Treasury fund called VBILL, announced on May 13, 2025.

Developed in collaboration with tokenization platform Securitize, the new offering targets institutional investors seeking blockchain-based exposure to short-term U.S. Treasury bills.

VBILL will be available on Ethereum, Solana, Avalanche, and BNB Chain, giving investors flexibility across multiple blockchain networks.

The fund sets a minimum subscription of $100,000 for Avalanche, Solana, and BNB Chain, and a higher $1 million threshold for Ethereum-based investments.

Assets in the fund will be custodied by State Street, with daily pricing data provided by RedStone’s oracle service.

VanEck is also integrating USDC for 24/7 on-ramps and atomic liquidity via Agora’s AUSD stablecoin, streamlining transactions and cash management through smart contracts.

The move puts VanEck in direct competition with other major financial players making similar blockchain plays.

BlackRock’s BUIDL fund and Franklin Templeton’s BENJI are already active in the tokenized Treasury market, with Apollo also launching a private credit tokenized fund earlier this year.

According to RWA.xyz, tokenized U.S. Treasuries now account for approximately $6.9 billion in market capitalization, second only to private credit—marking a 500% growth over the past year.

Securitize, VanEck’s partner, has tokenized more than $3.9 billion in assets. In May 2024, it raised $47 million in a strategic round led by BlackRock.

The increasing involvement of traditional financial institutions signals mounting confidence in the viability of blockchain-based assets.

SEC Chair Paul Atkins also weighed in on the trend during a May 12 roundtable, comparing the shift to tokenized securities to the digital transformation 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.

VanEck’s entry into tokenized RWAs indicates a broader shift in how financial markets are changing and adapting to blockchain infrastructure.