BNY appointed investment manager for OpenEden's tokenised US Treasury fund
The fund, launched in 2023, provides investors with direct exposure to a pool of short-dated U.S. Treasury bills and overnight reverse repurchase agreements through the minting of Treasury bill tokens. It has nearly $300 million of assets under management.
Doni Shamsuddin, head of Asia Pacific at BNY Investments, said this arrangement is the first time BNY is offering both investments and custody services to tokenised funds.
BNY, or the Bank of New York Mellon Corporation, will manage the fund and invest in Treasury bills, money market funds and similar assets that will back the tokens issued by OpenEden.
The move comes at a time of rising demand for tokenised money market funds and as big U.S. banks debate expanding into cryptocurrencies following strong endorsements from regulators.
Tokenisation generally refers to the process of turning financial assets such as bank deposits, stocks, bonds, funds and even real estate into cryptocurrency assets listed on the blockchain.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
an hour ago
- Daily Mail
Outrage over tripling energy bills in deep blue state threatens to end reign of Dem officials defending hike
New Jersey residents are up in arms over huge spikes in their energy costs, leading to speculation it could prove fatal for Democrats. The New Jersey's Board of Public Utilities (BPU) approved a 17-20 percent hike in June for the majority of households in The Garden State. Republicans in the state have claimed it is tied directly to Democratic Governor Phil Murphy's move to shut down the state's nuclear and coal plants in 2017. Murphy touted offshore turbines as the way forward, but none of them have yet to be completed due to issues around costs. According to the Wall Street Journal, electric bills in the state now rank as the 12th highest in the nation, with prices 15 percent higher than the national average. The outlet also reported the state is becoming increasingly depending on out-of-state generation to meet the electricity demand. One resident who spoke with Fox News told the outlet of their horror and confusion over the price gouging. One woman said: '$200 more, I know my electrical bill. I was shocked. So to say the least, I'm very disappointed. 'This is killing us, and every time you turn around it's something more. You only get little pleasures in life that you enjoy, and my air conditioner is one of them.' Jack Ciattarelli, a Republican, is running to dispose Murphy in the 2026 gubernatorial election. He has used the high energy costs to blast state Democrats, saying their ambitious ideas have impacted the wallets of state residents. Murphy is term limited from running again, with the Democratic nominee congresswoman Mikie Sherill stepping up. Sherill has sought to deflect the blame on to the region's grid operating company, arguing that they are 'ripping off' citizens. Due to the soaring prices, the BPU announced that $100 in credits would be handed out to curb the rising costs. The regulator's three members approved the move that will see monthly electricity bills reduce by $50 in September, and $50 in October. Commissioner Zenon Christodoulou said: 'This should be helpful for people, but in no way solves the problem. 'I hope this helps some people get over the hump. This is a very difficult time.' Due to opposition from the Trump administration, plans to build offshore wind farms seem all but dead in the water for the state. In his first day in office Trump paused nearly all offshore projects in New Jersey, after he ordered agencies to stop issuing permits and leases for them. On Wednesday the BPU said they had canceled their approval for the Atlantic Shores wind project, that had aimed to power almost one million homes. BPU President Christine Guhl-Sadovy said: 'Today's action is a direct response to a shift in federal policy under the current administration, which has created significant uncertainty and potential for offshore wind project delays.'
The Guardian
an hour ago
- The Guardian
NBA signs off on Boston Celtics' record $6.1bn sale to Bill Chisholm
A group headed by Bill Chisholm is set to take control of the Boston Celtics after the NBA's board of governors unanimously approved the sale on Wednesday. The NBA wrote in a statement, 'The transaction is expected to close shortly.' The reported $6.1bn valuation for the club makes it the second-largest sale price for a US sports franchise, behind the $10bn valuation for the Los Angeles Lakers when Mark Walter purchased that team in June. Chisholm and his partners are buying at least 51% of the Celtics. The ownership stake will increase in 2028, according to the purchase contract, when Chisholm's group is scheduled to buy out the remaining minority shareholders at a $7.3bn valuation. According to multiple media reports, Chisholm will take over as the Celtics' governor when the sale goes through. Outgoing owner Wyc Grousbeck is expected to serve as alternate governor and remain the CEO through 2028. Grousbeck will cede his role when he no longer has the required ownership stake of at least 15%. Chisholm, the co-founder and managing partner of the California-based private equity firm STG Partners, is a Massachusetts native and longtime Celtics fan. Grousbeck and the outgoing ownership group Boston Basketball Partners LLC purchased the Celtics for $360m in 2002. During that group's tenure, the club won NBA titles in 2007-08 and 2023-24 – the latter representing Boston's league-record 18th championship.
Reuters
an hour ago
- Reuters
Chinese PC maker Lenovo says US-China tariff pause a positive sign
BEIJING, Aug 14 (Reuters) - China's Lenovo ( opens new tab said on Thursday the tariff pause between Washington and Beijing was positive and growth in China's AI infrastructure remained strong despite U.S.-China tech tensions. "The truce is a positive situation," said Lenovo's CEO Yang Yuanqing in an interview with Reuters after the world's largest maker of personal computers released its fiscal first-quarter results. "We feel better than the previous quarter - it brings us more certainty rather than uncertainty." The U.S. and China have extended a tariff pause for another 90 days to November, averting triple-digit duties on each other's goods and offering temporary relief to businesses on both sides. Lenovo's overall revenue for the three months ended June 30 climbed 22% year-on-year to $18.8 billion, exceeding analysts' expectations of $17.4 billion, according to LSEG data. Yang attributed the performance to strong AI demand in its three major business segments, each scoring double-digit growth in the first quarter, and said U.S. tariffs on Chinese goods had so far not had much impact. Chinese exports to the U.S., including PCs, currently face a 30% levy, despite the tariff truce. Yang said the U.S. accounted for less than 20% of its total revenue. Net profit attributable to shareholders increased 108% year-on-year to $505 million, well ahead of the consensus estimate of $307.7 million. Lenovo's shares fell 3% in early trading on Thursday, against a 0.4% rise in the Hang Seng Index (.HSI), opens new tab. However, the stock has climbed 15% over the past three months, outpacing gains in the benchmark.
