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Today, I'm happy to unveil @OpenEden_HQ, the first smart contract vault managed by a regulated financial institution to offer 24/7 direct access to US Treasuries.
Our on-chain vault is a natural product-market fit for crypto treasuries, DAOs, DeFi protocols and VC funds today.
Our on-chain vault is a natural product-market fit for crypto treasuries, DAOs, DeFi protocols and VC funds today.
1/ First, why T-Bills? There are loads of reasons to like T-Bills today:
>AAA-rated sovereign debt backed by the full faith and credit of the US govt
>Subdued DeFi yields
>Sticky inflation
>Fear of more bank runs
>~130B of outstanding USD coin supply
>Fed terminal rate 5%-5.25%
>AAA-rated sovereign debt backed by the full faith and credit of the US govt
>Subdued DeFi yields
>Sticky inflation
>Fear of more bank runs
>~130B of outstanding USD coin supply
>Fed terminal rate 5%-5.25%
2/How does our TBILL vault work?
Step 1: KYC to get approved in 15 minutes (digital onboarding)
Step 2: Deposit USDC into TBILL vault (battle-tested CToken model fork)
Step 3: Mint TBILL tokens instantaneously
Step 4: Redeem TBILL tokens for your USDC
Step 1: KYC to get approved in 15 minutes (digital onboarding)
Step 2: Deposit USDC into TBILL vault (battle-tested CToken model fork)
Step 3: Mint TBILL tokens instantaneously
Step 4: Redeem TBILL tokens for your USDC
3/ How did we build the first on-chain vault that mints TBILL tokens, which are always 100% backed by U.S. Treasury Bills in a bankruptcy-remote SPV structure?
A simple idea on the surface, but many months of tireless hard work in tech, operations, legal, and licensing.
A simple idea on the surface, but many months of tireless hard work in tech, operations, legal, and licensing.
4/ Many months on....
-forking and modifying CToken model
-fund license registration and approvals in Singapore and BVI
-onboarding with regulated and institutional-grade service providers
-on/off-chain integration work with the vault
-digitalized onboarding for seamless KYC
-forking and modifying CToken model
-fund license registration and approvals in Singapore and BVI
-onboarding with regulated and institutional-grade service providers
-on/off-chain integration work with the vault
-digitalized onboarding for seamless KYC
5/ thereby allowing @OpenEden_hq TBILL tokens to be…
-More Institutional-grade
-More DeFi
-Moe Transparent
-More Compliant
…which we believe TBILL tokens are uniquely positioned given the fast-growing sector of tokenized RWAs
-More Institutional-grade
-More DeFi
-Moe Transparent
-More Compliant
…which we believe TBILL tokens are uniquely positioned given the fast-growing sector of tokenized RWAs
6/ More Institutional-grade
-Fiat on/off ramp: DBS, largest South East Asian bank, & Circle
-Broker/Custody: Saxo & IBKR, one of the largest brokerages globally
-Tax: KPMG
-Legal: Harneys, leading law firm in BVI
-Fund admin: CAI, a Singapore licensed fund admin
-Fiat on/off ramp: DBS, largest South East Asian bank, & Circle
-Broker/Custody: Saxo & IBKR, one of the largest brokerages globally
-Tax: KPMG
-Legal: Harneys, leading law firm in BVI
-Fund admin: CAI, a Singapore licensed fund admin
7/ More DeFi
-On-chain vault that allows for real-time 24/7 minting and redemptio
-KYC-ed, non-U.S. investors can freely transfer to non-whitelisted addresses
-More use cases for TBILL tokens in the coming weeks (switching on DeFi lego mode)
-On-chain vault that allows for real-time 24/7 minting and redemptio
-KYC-ed, non-U.S. investors can freely transfer to non-whitelisted addresses
-More use cases for TBILL tokens in the coming weeks (switching on DeFi lego mode)
8/ More Transparent
-Chainlink PoR will crosscheck the underlying T-Bills held at a regulated custodian in real time on-chain
-Daily reserve reports from custodian
-An independent auditor conducts monthly attestations of the Vault’s assets
-Regulated fund admin for accounting
-Chainlink PoR will crosscheck the underlying T-Bills held at a regulated custodian in real time on-chain
-Daily reserve reports from custodian
-An independent auditor conducts monthly attestations of the Vault’s assets
-Regulated fund admin for accounting
9/ More Compliant
-Token issuer entity is recognised as a professional fund regulated in the BVI
-Investment Manager is a Registered Fund Management Company regulated by the Monetary Authority of Singapore
-On-chain analytics firm Elliptic provides KYC/AML monitoring
-Token issuer entity is recognised as a professional fund regulated in the BVI
-Investment Manager is a Registered Fund Management Company regulated by the Monetary Authority of Singapore
-On-chain analytics firm Elliptic provides KYC/AML monitoring
10/ You can see why our goal is to bring RWAs on-chain via DeFi rails, starting with our TBILL on-chain vault that allows investors to stay completely on-chain 24/7 while enjoying the benefits of owning T-Bills in a bankruptcy remote structure with regulatory compliance.
11/ This wouldnt be possible if not for my rockstar team with decades of combined experience in both Wall Street and leading crypto firms. Together, we have worked at places like Goldman Sachs, Morgan Stanley, Deutsche Bank, Barclays, Gemini, SEA, Accenture, BlockFi, and Binance
12/ Investors who are keen to mint TBILL tokens can sign up in less than 15 minutes: openeden.com/begin-onboardi…
Builders and DeFi protocols who are keen to explore new primitives for TBILL tokens can contact us: j25shb9pbim.typeform.com/to/trJ5YmgM?ty…
Builders and DeFi protocols who are keen to explore new primitives for TBILL tokens can contact us: j25shb9pbim.typeform.com/to/trJ5YmgM?ty…
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