May 28, 2026 — Global asset manager VanEck has taken another step into decentralized finance (DeFi) with the launch of its tokenized Treasury fund on the lending platform Euler. Issued by Securitize, the VBILL fund allows investors to use tokenized U.S. Treasuries as collateral for onchain borrowing while maintaining compliance safeguards.
The integration highlights how DeFi protocols are evolving to meet institutional demand. Once focused solely on permissionless crypto assets, platforms like Euler are now redesigning their architecture to accommodate regulated products such as tokenized money market funds and private credit.
Tokenized Treasuries have surged to more than $15 billion in assets, growing 150% in the past year, according to RWA.xyz. Major asset managers including BlackRock, Franklin Templeton, and Janus Henderson have already launched blockchain-based Treasury products, underscoring the sector’s rapid adoption.
Industry forecasts suggest tokenization could scale into the trillions. Standard Chartered projects $2 trillion in tokenized assets by 2028, while BCG and Ripple estimate a market size of nearly $19 trillion by 2033. For DeFi, the challenge lies in balancing openness with the compliance expectations of Wall Street institutions.
Euler, which manages over $320 million in assets, integrated Securitize’s DS Protocol earlier this year to enable tokenized securities in lending markets while preserving investor eligibility requirements. Rival platform Aave has also pivoted toward institutional use cases with its Horizon initiative.
As Graham Ferguson, Securitize’s head of ecosystem, noted, “DeFi protocols are finally waking up to the fact that if they want to welcome in this capital, they’re going to have to change their ways.”
