Back
VanEck’s VBILL Tokenized U.S. Treasuries Fund Launches on Euler

VanEck’s VBILL Tokenized U.S. Treasuries Fund Launches on Euler

VanEck’s VBILL fund is now live on Euler, where investors can use tokenized U.S. Treasuries as onchain collateral for crypto borrowing while maintaining exposure to Treasury-backed yield.

ETH
BNB
SOL

Fact Check
Two independent, credible primary news outlets (The Block and CoinDesk) confirm all material elements of the claim: VanEck's VBILL ($61M AUM) launched on Euler as collateral, enables borrowing crypto while retaining Treasury yield, and uses Securitize's onchain compliance framework (DS Protocol).
    Reference: 12
Summary

VanEck’s VBILL tokenized U.S. Treasuries fund is now live on the DeFi lending platform Euler, allowing investors to use the asset as onchain collateral to borrow crypto assets while continuing to earn the fund’s Treasury yield. The launch was implemented through Securitize and builds on the earlier integration of Securitize’s DS Protocol with Euler to support compliance for tokenized securities onchain. According to the latest report, VBILL had about $61 million in assets across roughly 30 onchain wallet addresses, offered a 3.38% seven-day APY, and charged a 0.20% management fee. The fund was launched in May 2025 and had previously been deployed on an Aave Horizon market as well as across Avalanche, BNB Chain, Ethereum, and Solana, with cross-chain interoperability enabled by Wormhole.

Terms & Concepts
  • Tokenized U.S. Treasuries: Blockchain-based representations of U.S. government debt instruments, designed to bring traditional fixed-income assets into digital asset markets.
  • Onchain collateral: Digital assets posted directly on a blockchain to secure borrowing or other financial activity within crypto protocols.
  • DeFi: Short for decentralized finance, a set of blockchain-based financial applications that enable lending, borrowing, and trading without traditional intermediaries.