thBILL's price is easy to read; its ownership chain is not. The token sits above regulated fund units, settlement cash, oracles and privileged contracts. Following those layers shows where Treasury exposure exists and where a wallet holder's rights stop.
Theo launched thBILL on July 24, 2025 with tULTRA alone. That component was backed by ULTRA units or cash reserved to subscribe for them.
ULTRA is the legal Singapore sub-fund. FundBridge, Wellington, Perpetual and Standard Chartered perform manager, investment, trustee and custody roles. Theo supplies a separate token system whose docs deny thBILL participants a claim over underlying assets.
As observed on September 4, 2026, Theo's live page now names ULTRA and FILQ, while its documentation still describes tULTRA alone. The live page is better evidence for composition; the older page remains useful for rights and mechanics.
FILQ adds another issuer chain. ULTRA itself can use Treasuries under one year, repos, reverse repos and cash, so the product is not simply one short-duration Treasury fund.
Approved customers can deposit stablecoins and receive thBILL. Optimistic minting may occur while underlying subscription cash remains unsettled for up to four business days.
The wrapper is non-rebasing. Yield changes the exchange rate rather than adding units; oracle value is not a promise that every market trades there.
Redemption returns equivalent USDC only through the KYC-gated route. Transferability travels farther than contractual redemption access.
The reference architecture assigns upgrade/role, whitelist, mint and emergency-pause powers to different multisigs or Theo MPC.
Because those pages still call deployment details pending, they do not establish every live signer. Costs are similarly incomplete: ULTRA's reported 0.15% management fee is visible, but an all-in thBILL figure is not.
A holder therefore owns a transferable basket token, not equity, governance, direct Treasury title, guaranteed principal, fixed yield or unrestricted redemption.
The underlying Singapore fund begins the track record later cited by market-data services.
Theo announces tULTRA as the basket's sole component.
Last evidence review: 2026-09-04
thBILL launched on July 24, 2025 as Theo's iToken basket. At launch it contained only tULTRA, a wrapper around units of the Delta Wellington Ultra Short Treasury On-Chain Fund. Theo's current page now lists ULTRA and Fidelity International's FILQ.
ULTRA is a restricted Singapore unit-trust sub-fund; thBILL is a separate onchain token. The reviewed Ethereum identity is 0x5FA487BCa6158c64046B2813623E20755091DA0b. A balance is not itself an ULTRA unit or direct title to Treasury securities.
Treasury exposure passes through several counterparties. FundBridge manages ULTRA, Wellington manages investments, Perpetual (Asia) is trustee and Standard Chartered Bank Singapore is custodian. Theo Protocol Corporation supplies software and says it is not the fund manager, broker or custodian.
ULTRA can hold U.S. Treasuries under one year, repo, reverse repo and cash. That is broader than 1–3 month bills and does not make principal or yield government-guaranteed. RWA.xyz reported a 0.15% management fee and 0% performance fee; operating, wrapper, third-party and gas costs are not reconciled in one public all-in schedule.
A KYC-approved customer deposits USDC or USDT and receives thBILL. tULTRA is described as backed 1:1 by ULTRA units or USDC reserved to subscribe for them. Optimistic minting can precede issuer settlement by up to four business days. Redemption returns equivalent USDC, but direct access is approval-gated.
thBILL does not rebase: interest changes its exchange rate, not wallet units. Oracle-derived component value is not a guaranteed secondary-market price.
The generic architecture describes transparent proxies, a 3-of-5 owner/admin, a separate 3-of-5 whitelist manager, Theo MPC as minter and a 2-of-4 emergency pause group. The same pages say deployment details are pending, so they do not prove every current live signer.
No. ULTRA is the Singapore fund unit; thBILL is Theo's separate wrapper, and its docs deny participants a claim over underlying assets.
No. Direct mint and redemption require KYC approval; a secondary holder may need market liquidity or onboarding.
No. It is non-rebasing; accrued value changes the exchange rate.
No. ULTRA may use sub-one-year Treasuries, repo, reverse repo and cash, and the current basket also includes FILQ.
Published architecture includes upgrade, roles, whitelist, mint and pause powers, but exact live signers need onchain verification.
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