VanEck Treasury Fund

vbill

Rank #162•BNB Chain Ecosystem, Solana Ecosystem, Avalanche Ecosystem

CoinYQ Dossier

VBILL put a Treasury fund on four chains without making it permissionless

VanEck began with a private BVI fund, not a token. Securitize then gave qualified investors blockchain records of its shares and added stablecoin settlement routes. The result moves faster than a paper register, but custody, investor screening and the fund’s own redemption decisions still determine what the wallet balance can do.

A private fund came before the wallet balance

VanEck Treasury Fund, Ltd. was formed in the British Virgin Islands in 2024. Its U.S. offering uses Rule 506(c) and Section 3(c)(7), placing it in the private-fund market for qualified purchasers rather than the retail money-market-fund market.

The fund seeks current income while preserving capital and liquidity. It may hold cash, short U.S. Treasuries, Treasury-backed repurchase agreements and permitted pooled vehicles. State Street holds the portfolio, Van Eck Absolute Return Advisers manages it, and Securitize administers and records the shares.

The 2025 launch turned one shareholder record into four chain interfaces

On May 13, 2025, VanEck and Securitize announced VBILL on Avalanche, BNB Chain, Ethereum and Solana. The launch minimum was $100,000 on three chains and $1,000,000 on Ethereum. The token recorded a fund share; it did not give the wallet direct title to a particular Treasury bill.

A later filing changed the public picture. The May 29, 2026 Form D/A reported a $100,000 outside-investor minimum, 15 investors and $167,635,143 sold. Those are dated offering figures, not the fund’s current NAV or four independent pools of collateral.

Stablecoin rails shortened settlement but did not erase redemption work

The launch promoted round-the-clock issuance of VBILL shares funded with USDC, and a September 2025 integration added an RLUSD exchange route. The public feed later showed that the four chains did not expose identical on-ramps, off-ramps, bridge fields or redemption wallets.

A quick token exchange is only one step. The investor must remain eligible, the transfer register must recognize the wallet, liquidity must be available, NAV must be struck and the fund may suspend or compel redemption under its documents. The $1 NAV is an objective, not a guaranteed stablecoin promise.

The same controls that admit investors can also stop them

Securitize’s DS Protocol is designed to check investor and wallet status before a regulated transfer. Its reference roles can issue, burn, lock, seize or pause tokens and can upgrade contracts. These controls connect public chains to securities rules and lost-key recovery, while creating dependence on operators and privileged keys.

The public code describes possible controls, not the exact live assignment on every VBILL deployment. Investors still need the current private placement memorandum for fees and redemption terms. VBILL’s history is therefore a change in the speed and visibility of a fund share, while the fund, custodian and transfer agent remain the institutions that make the share effective.

How the project changed

2024
VanEck Treasury Fund is formed in the BVI
The private fund becomes the legal issuer behind the later blockchain records.
2025-05-13
VBILL launches on four chains
Securitize opens chain-specific subscription interfaces for qualified investors.
2025-06-01
The offering records its first sale
The later SEC filing identifies this date as the first sale in the exempt offering.
2025-09-23
RLUSD exchange is added
Ripple and Securitize announce another settlement route for VBILL shares.
2026-05-29
The amended Form D reports $167.6 million sold
The filing records 15 investors and a $100,000 outside-investor minimum.

Evidence and primary sources

Last evidence review: 2026-09-04

What is VanEck Treasury Fund?

VBILL records shares of VanEck Treasury Fund, Ltd., a BVI private fund offered in the United States under Rule 506(c) and Section 3(c)(7). The portfolio seeks income from cash, short U.S. Treasury obligations and Treasury-collateralized repos while targeting a $1 NAV. The token is the on-chain face of a pooled fund interest; State Street holds portfolio assets, and eligibility plus the official shareholder record still govern the investor's rights.

What problem does VanEck Treasury Fund solve?

Tokenizing a fund share makes settlement programmable without turning the security into a bearer asset. VBILL must keep four records aligned: the investor's approved identity, Securitize's transfer-agent register, the token balance on each supported chain and the fund's NAV. The DS Protocol reference architecture includes eligibility checks and privileged functions to block transfers, seize or lock tokens, pause operations and upgrade contracts. That general architecture does not by itself establish which functions are enabled or who holds the current roles in each VBILL deployment.

How does VanEck Treasury Fund work?

The manager invests fund cash under short-maturity limits while State Street provides custody and Securitize administers and records shares. Approved investors subscribe through supported fiat or stablecoin rails; operators mint or burn six-decimal VBILL representations and check receiving wallets. At 2026-09-04 the public feed showed Avalanche, BNB Chain, Ethereum and Solana, but liquidity fields differed: Ethereum exposed USDC on-ramp and RLUSD off-ramp, while other entries relied on different redemption or bridge paths. A multichain balance must therefore reconcile to one fund register, not be added as four independent portfolios.

Key facts

The issuer is a BVI limited company formed in 2024 and the U.S. offer relies on Rule 506(c) and Section 3(c)(7).
VBILL records pooled fund shares; it does not put direct legal title to a named Treasury bill in each wallet.
The fund targets $1.00 NAV but does not guarantee principal, yield or the target.
Eligible assets include cash, short Treasuries, Treasury-collateralized repos and permitted pooled vehicles. Securities must have maturities or deemed maturities of no more than 397 days; the portfolio must maintain dollar-weighted average maturity of no more than 60 days and dollar-weighted average life of no more than 120 days.
State Street is asset custodian; Van Eck Absolute Return Advisers is manager; Securitize entities administer, place and record shares.
The 2025-05-13 launch listed Avalanche, BNB Chain, Ethereum and Solana, with $100,000 minimums except $1,000,000 on Ethereum.
The 2026-05-29 Form D/A instead reports a $100,000 outside-investor minimum, 15 investors and $167,635,143 sold as dated filing figures.
The 2026-09-04 live feed still lists four chains, but on-ramp, off-ramp, redemption and bridge paths are not uniform.
DS Protocol reference roles can enforce eligibility and mint, burn, seize, lock, pause, freeze and upgrade token contracts. The generic code does not by itself establish the enabled functions or current role holders for each VBILL deployment.
Issuance of VBILL shares funded with USDC and RLUSD exchange rails may operate 24/7, while legal redemption and valuation remain subject to fund terms and suspension risk.
A binding current numeric fee could not be verified on the public product and filing pages; the PPM and investor statement control.
VBILL supply changes with fund-share issuance, redemption and bridging; it has no cryptocurrency-style fixed cap.

Official links

Official website Whitepaper Block explorer X / Twitter Reddit GitHub

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Frequently asked questions

Does one VBILL token mean I own one specific Treasury bill?

No. It records a share in a pooled private fund. The fund owns portfolio assets through its custody structure, while the eligible shareholder has rights against the fund under its governing documents and official register.

Is the $1 NAV or advertised yield guaranteed?

No. The fund seeks a stable $1.00 NAV and current income, but official disclosures warn that the objective may fail and principal may be lost. Fees and each investor's subscription and redemption timing also change results.

Who holds the Treasuries?

State Street Bank and Trust Company was named custodian. Van Eck Absolute Return Advisers manages the portfolio, while Securitize entities provide administration, transfer agency and placement infrastructure.

What is the minimum investment now?

The launch snapshot used $100,000 on Avalanche, BNB Chain and Solana and $1,000,000 on Ethereum. The 2026-05-29 Form D/A reports $100,000 as the minimum accepted from an outside investor. Current onboarding documents and investor eligibility decide the applicable amount.

Can I redeem VBILL instantly on any chain?

No uniform route is proven. The live feed exposes an Ethereum RLUSD off-ramp and different or empty fields elsewhere. Eligibility, wallet approval, available stablecoin liquidity, valuation and any suspension under fund terms still matter.

Can the issuer freeze or take tokens from a wallet?

Securitize's reference DS Token architecture supports freezing, seizure, locking, pausing, minting, burning and proxy upgrades by privileged roles. The exact enabled functions and current role holders for each VBILL deployment require live contract and transfer-agent verification.

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