The deployment was confirmed on Thursday by Securitize, the issuance partner behind the $61 million fund. Investors can now deposit VBILL tokens in a curated lending market managed by KPK to borrow other crypto assets while continuing to receive the fund’s Treasury yield.
“VBILL's availability on Euler is another step in connecting tokenized Treasury exposure to DeFi infrastructure. The integration reflects how institutional-grade assets and decentralized lending markets are beginning to work together onchain,” said VanEck Product Manager Jon Casterline.
The integration relies on the Securitize DS Protocol, already adopted by Euler, which enforces compliance rules onchain for security tokens. Token prices are supplied via RedStone oracles. Euler currently holds over $320 million in total value locked and has been repositioning itself toward institutional use cases after starting as a permissionless lending market.
The broader context shows a booming tokenized Treasury market, which has surpassed $15 billion in total assets—a 150% increase over the past year—with projections from Standard Chartered of $2 trillion in tokenized assets by 2028 and an $18.9 trillion market estimated by BCG and Ripple by 2033. VBILL itself was originally launched in May 2025, now spans Avalanche, BNB Chain, Ethereum, and Solana with cross-chain bridging via Wormhole, and had previously been added to an Aave Horizon real‑world asset market.
