VanEck Tokenized Treasury Fund Launches on Euler, Expanding Wall Street-Style Collateral in DeFi

VanEck’s tokenized US Treasury fund is now trading on DeFi lending platform Euler.

CoinDesk reported on May 28 that VBILL, VanEck’s US Treasury fund issued by tokenization specialist Securitize, has started trading in Euler’s lending market.

The listing allows investors to use tokenized US Treasuries as on-chain collateral. Regulatory standards tied to the collateral, including investor eligibility requirements and transfer restrictions, remain in place.

The move highlights a broader shift in DeFi’s structure. The sector was originally designed around crypto assets, but it is increasingly moving to accommodate regulated assets such as tokenized money market funds, US Treasuries and private credit.

“What’s encouraging is that protocols are emerging to integrate regulated assets,” Graham Ferguson, Securitize’s head of ecosystem, said. “That wasn’t happening before.”

The tokenized Treasury market is one of the fastest-growing segments in the crypto industry. Standard Chartered projects the global tokenized asset market will grow to $2 trillion by 2028.

Euler currently holds $320 million in assets.