Vaneck launches its first RWA tokenized fund for institutional investors

The VBILL Token Fund was launched on May 13, providing institutional investors with the opportunity to tokenize U.S. fiscal bills.

Vaneck's new tagged fund will enable institutional investors to invest in U.S. Treasury bills.

The VBILL Token Fund was launched on May 13 as the result of a cooperation with Securities, a tokenized platform that supports the entire operation of the fund.

The fund will be subscribed on four major blockchains – Ethereum, Sorana, Avalanche and BNB Chain. On three of these blockchains (Avalanche, Solana and BNB chains), the minimum subscription is $100,000. On Ethereum, the minimum investment is US$1 million.

The fund is part of Vaneck's efforts to expand its business in the real-world asset (RWA) tokenized market. It will provide institutions with opportunities to reach one of the largest traditional asset classes currently being integrated into Web3.

The tagged U.S. fiscal market has seen products from BlackRock (Buidl) and Franklin Templeton (Benji). In January, Apollo launched a private credit token fund.

According to RWA.xyz data, the tagged U.S. Treasury has a total market capitalization of $6.9 billion, making it the second largest asset class in the RWA space, second only to private credit.

The VBILL Token Fund aims to provide institutions with access to treasury bills through smart contract systems and digital compliance tools to report effectively.

It also expands the presence of large financial institutions in the blockchain-based market. Earlier this year, Franklin launched the Benji RWA token Fund, while Apollo announced a private credit token fund for large investors.

The Securitize platform supports VBILL token funds

The Securitize token platform will be used for the full operation of Vaneck's VBILL token Fund.

As of May 2024, Securities has tokenized $3.9 billion in various assets, and the company has also received $47 million in funding at a valuation of $660 million, led by Blackrock.

Securitize’s platform helps issue and track regulated digital securities. It will help Vaneck launch and maintain VBILL token funds on all four blockchain networks. The platform will be used to ensure digital compliance and record keeping of institutional financial instruments.

This partnership will allow Vaneck to access Securitize's full-stack infrastructure for managing tokenized assets. This includes smart contract deployment, digital authentication and blockchain-based reporting.

It will also serve as a customer understanding (KYC)/anti-money laundering (AML) screening and management capabilities.

Former SEC Chairman's Comment on the Impact of Tokenization

During a recent roundtable by the Securities and Exchange Commission on May 12, former SEC Chairman Paul Atkins made a compelling comment as more companies adopt the technical and legal changes required for chained models of securities.

He compared the impact of RWA tokenization with digital transitions in the music industry.

"Just as the transition to digital audio has revolutionized the music industry, the migration to Onchain Securities has the potential to revolutionize every aspect of the securities market by enabling a whole new way of issuing, trading, owning and using securities," said Paul Atkins.

He added that blockchain infrastructure could change the fundamental nature of securities and that many existing SEC rules do not address the new market structure created by tagged assets.

Roundtable discussions are conducted to evaluate legal and technical implications as more and more companies adopt chain models for capital market tools.

Paul Atkins highlights how digital systems can soon introduce new ways to manage securities.

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