VanEck Tokenized Fund Lists on Euler DeFi Protocol

VanEck's tokenized U.S. Treasury fund VBILL went live on the Euler decentralized lending protocol on May 28, 2026, enabling holders to post tokenized Treasuries as on-chain collateral to borrow other crypto assets — the first time the fund has been accessible through a permissionless-origin DeFi venue. VBILL carries a 0.20% annual management fee and was recording a seven-day APY of 3.38% at the time of listing, according to RWA.xyz fund metrics.

The fund was issued by Securitize, with daily net asset value calculations and pricing data supplied through RedStone oracles. VBILL is deployed across Avalanche, BNB Chain, Ethereum, and Solana, with Ethereum token supply standing at 25,628,948.55 units at the time of the integration. RedStone also provides oracle infrastructure for BlackRock's BUIDL, Apollo's ACRED, and the BCAP fund, making VanEck the latest institutional name added to that roster.

Euler, which held over $320 million in assets on its platform at the time of the announcement, pivoted earlier in 2026 toward institutional use cases after originally operating as a fully permissionless lending protocol. The shift required Euler to accommodate Securitize's DS Protocol, which enforces investor eligibility requirements and transfer restrictions on-chain — a compliance layer that distinguishes VBILL's listing from standard DeFi token deployments. The integration follows VBILL's earlier expansion onto Aave's institutional Horizon market, which occurred in November of the prior year.

The broader tokenized Treasury sector provided context for the move. Tokenized U.S. Treasuries topped $15 billion in assets, growing 150% in a year according to RWA.xyz data cited by CoinDesk's coverage of the listing. Market projections from Standard Chartered placed total tokenized assets at $2 trillion by 2028, while BCG and Ripple jointly forecast a $18.9 trillion market by 2033.

The regulatory environment has also shifted considerably. The GENIUS Act, which passed in 2025, established the first federal framework for stablecoins, requiring issuers to back tokens with 100% reserves and submit to mandated monthly disclosures, according to BDO Insights analysis of tokenization regulation. BDO's analysis also noted the Clarity Act as pending passage in 2026, though its legislative status as of publication had not been confirmed by a primary congressional record. VanEck, which manages almost $120 billion in AUM, launched VBILL as its first tokenized fund in partnership with Securitize.

Several material terms of the Euler integration were not disclosed in the announcement materials reviewed. The parties have not published the haircut applied to VBILL when used as margin collateral, the maximum collateral threshold per borrower, or the specific liquidation mechanics that would apply during periods of Treasury market stress. The announcement also does not specify which investor categories are eligible to post VBILL as collateral on Euler, nor whether the compliance checks enforced by Securitize's DS Protocol apply at the point of collateral posting, borrowing, or both.

What the listing concretely establishes is that VBILL — a fund with $61,554,746 in total asset value as tracked on-chain — is now accessible as collateral within Euler's lending markets, subject to the transfer restrictions embedded in Securitize's protocol. The announcement does not confirm the volume of collateral already posted, the identity of any borrowers who have used VBILL in this capacity, or whether Euler's institutional pivot has attracted other regulated fund issuers to list on the same terms.