Don't let BlackRock and Franklin monopolize the RWA market! VanEck launches the first tokenized US Treasury fund VBILL.

Global asset management giant VanEck has announced the launch of its first "Physical Asset Tokenization (RWA)" fund VBILL, which targets U.S. Treasury bonds and supports the four major mainstream blockchains, officially joining the ranks of traditional financial institutions venturing into on-chain assets. This symbolizes the deep integration of TradFi and blockchain, and further indicates that a new wave of asset tokenization is rapidly unfolding.

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VanEck launches the first tokenized U.S. Treasury bond fund, VBILL.

VanEck announced yesterday a partnership with the financial tokenization platform Securitize to launch a RWA fund named "VBILL", providing an on-chain investment channel for US Treasury bonds, with Wormhole serving as the cross-chain technology support.

Fund Threshold

VBILL will be first deployed on four major blockchains: Ethereum, Solana, BNB Chain, and Avalanche, allowing investors to gain asset exposure and rights similar to traditional US Treasuries.

It is worth noting that there are differences in the fund thresholds: the minimum investment amount on Avalanche, BNB Chain, and Solana is $100,000, while Ethereum raises it to $1,000,000, indicating that it targets high-net-worth institutional investors.

Direct confrontation between BlackRock and Franklin: RWA competition heats up

The launch of VBILL signifies that VanEck is officially in direct competition with BlackRock's BUIDL and Franklin Templeton's BENJI, targeting the on-chain government bond fund market. Earlier this year, asset management giant Apollo also launched a tokenized fund focused on private credit, indicating that the traditional capital markets are beginning to move assets on-chain.

RWA.xyz data shows that the largest tokenized asset class in the world by market capitalization is private credit, followed by U.S. Treasuries, with a market capitalization of up to $6.9 billion. VanEck has chosen U.S. Treasuries as its entry point, targeting institutional assets that are "highly liquid" and have "stable demand."

Blockchain technology empowers: tokenization accelerates asset market innovation

The biggest advantage of RWA lies in transforming traditional assets and other originally illiquid investment options into digital tokens that can be traded on-chain in real time. Compared to traditional settlement processes that can take several days, on-chain transfers only take a few seconds to a few minutes, saving time and significantly reducing operational costs.

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VanEck's partner in this collaboration, Securitize, is one of the leaders in the field and has successfully tokenized over $3.9 billion in assets to date. So far this year, the platform has also secured $47 million in funding led by BlackRock, as well as strategic investments from Jump Crypto, demonstrating the high recognition of its technology and business model by traditional finance.

SEC Chairman Supports: RWA Will Be the Turning Point for the Digitalization of Financial Markets

A few days ago, during a roundtable meeting convened by the SEC (, Chairman Paul Atkins stated that the emergence of RWA is akin to the revolution of the music industry shifting from analog to digital:

Blockchain technology can open up new methods for the issuance, trading, and holding of securities markets, which is not only a system optimization but may also give rise to entirely new market activities.

It was also added that, "The existing regulatory framework is still largely based on past market structures. In the face of new models of on-chain assets and smart contracts, the SEC must rethink the balance between regulation and innovation."

) The scale of securities tokenization has reached 22.6 billion! SEC Chairman Atkins: BlackRock and Franklin have already positioned themselves, and regulatory frameworks need to keep pace with the times (

The golden age of RWA has quietly begun.

From VanEck, BlackRock to Franklin, leading asset management institutions are making significant bets in the RWA space. With the maturation of technology and a shift in regulatory attitudes, not only bonds but also real estate or art investments may become mainstream assets on-chain in the future.

As the asset on-chain ecosystem gradually takes shape, RWA is no longer just a testing ground in the crypto space, but has become a key engine for the digital reform of the global financial system.

This article does not allow BlackRock and Franklin to monopolize the RWA market! VanEck launches the first tokenized U.S. Treasury fund VBILL, which first appeared in on-chain news ABMedia.