TBILL, issued by Treasury Bills Institutional Liquidity Limited, is a tokenized money market fund interest representing an investor's economic interest in a fund holding short-dated U.S. Treasury Bills and a small portion of U.S. dollars [S1][S2][S3].

Each TBILL token tracks the net asset value of a fund backed 1:1 by short-dated U.S. Treasury Bills, with a weighted-average maturity under 3 months, plus overnight reverse repurchase agreements and U.S. dollars (USD) [S1][S3][S4]. The token is price-accreting; returns accrue into the token price as the underlying T-Bills converge to par, rather than via distributions [S2][S5]. Holders bear a 0.30% annual management fee charged daily and a 5 basis point transaction fee on subscriptions and redemptions [S6][S7].

The issuer is Treasury Bills Institutional Liquidity Limited, a professional fund incorporated in the British Virgin Islands under the Securities and Investment Business Act 2010 (SIBA) and regulated by the British Virgin Islands Financial Services Commission (BVI FSC) [S1][S8][S9]. Tokenholders hold legal rights to the redemption value of the fund's net assets, proportional to their holdings [S2]. Access is restricted to Professional Investors under SIBA or U.S. Accredited Investors under SEC Regulation D Rule 501(a), subject to KYC and wallet whitelisting [S9][S8][S3]. A regulated custodian holds the underlying assets in a fully-segregated, bankruptcy-remote account for tokenholders [S10][S3].

TBILL is an EIP-20-compliant token deployed on Ethereum, Arbitrum, and BNB Smart Chain [S2][S11]. Investors subscribe by depositing USDC, with tokens minted at the oracle exchange rate; the first deposit minimum is 100,000 USDC [S7]. Redemptions settle in USDC on a First-In-First-Out basis, typically the next 1 U.S. business day, with tokens burned [S12]. A price oracle contract publishes the NAV-based token price [S5].

<Sources
  retrievedAt="2026-06-22"
  items={[
    { id: "S1", url: "https://docs.openeden.com/tbill/introduction" },
    { id: "S2", url: "https://docs.openeden.com/tbill/product-structuring.md" },
    { id: "S3", url: "https://docs.openeden.com/tbill/faq" },
    { id: "S4", url: "https://openeden.com/news/openeden-bny-tokenized-us-treasury-fund/" },
    { id: "S5", url: "https://docs.openeden.com/tbill/token-price.md" },
    { id: "S6", url: "https://docs.openeden.com/tbill/fees.md" },
    { id: "S7", url: "https://docs.openeden.com/tbill/subscriptions.md" },
    { id: "S8", url: "https://docs.openeden.com/tbill/legal/user-agreement.md" },
    { id: "S9", url: "https://docs.openeden.com/tbill/investor-onboarding.md" },
    { id: "S10", url: "https://openeden.com/news/introducing-tokenized-us-treasuries-from-openeden/" },
    { id: "S11", url: "https://docs.openeden.com/tbill/smart-contract-addresses.md" },
    { id: "S12", url: "https://docs.openeden.com/tbill/redemptions.md" },
  ]}
/>


# Asset senders (daily) methodology

## 1. Overview

Asset senders (daily) is calculated as the number of unique addresses that initiate asset transfers within a fixed 24-hour window. Daily activity is measured from 00:00 UTC to 23:59 UTC for each tracked asset. Active transactors are isolated from passive recipients by identifying only the sending addresses of transactions. This metric is utilized to evaluate the daily active user base and transaction utility of tokenized assets across multiple blockchain networks.

## 2. Data sources

- **EVM chain events**: ERC-20 `Transfer` events, covering EVM-compatible chains (Ethereum, Arbitrum, Base, Polygon, Optimism, and others)
- **Solana instructions**: Token transfer instructions, covering Solana
- **Aptos, Cardano, Stellar Classic, and Sui events**: Token withdraw events, covering Aptos, Cardano, Stellar, and Sui
- **Near, Algorand, Injective, Ripple, and Stellar Soroban events**: Token transfer events, covering Near, Algorand, Injective, Ripple, and Stellar
- **Polkadot Asset Hub events**: `Transferred` events from the `assets` pallet, covering Polkadot Asset Hub
- **Asset metadata**: Token addresses and chain configurations

## 3. Step-by-step calculation

### Component A: Extract sender addresses

- **Purpose**: Identify and extract the unique sending addresses for each asset transfer across all supported chains.
- **Logic**: On EVM-compatible chains, sending addresses are extracted from the `from` field of ERC-20 `Transfer` events, excluding the zero address to filter out mint transactions. On Solana, sending addresses are extracted from the authority address field of token transfer instructions. On Aptos, Cardano, Stellar Classic, and Sui, sending addresses are identified from the account address field of token withdraw events. On Near, Algorand, Injective, and Stellar Soroban, sending addresses are extracted from the sender address field of token transfer events, with null addresses excluded. On Ripple, sending addresses are extracted from token transfer events where the transfer value is negative. On Polkadot Asset Hub, sending addresses are extracted from the event data of `Transferred` events emitted by the `assets` pallet.
- **Key fields**: `timestamp` (block timestamp truncated to daily grain), `token_address` (the contract or asset identifier), `sender_address` (the address initiating the transfer)

### Component B: Consolidate and deduplicate sender data

- **Purpose**: Aggregate sender addresses across all chains and prepare the dataset for daily unique counting.
- **Logic**: Sender records from all individual chains are consolidated into a unified dataset. For each asset on each chain, the sending addresses are grouped by day. To prevent double-counting, duplicate sender addresses for the same asset on the same chain within the same 24-hour window are removed.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `sender_address` (unique sending address)

### Component C: Final aggregation

- **Purpose**: Calculate the final daily active sender count per asset and per chain.
- **Logic**: The consolidated dataset is aggregated to compute the daily active senders. Unique sending addresses are counted for each asset on a daily basis, both at the individual chain level and aggregated across all chains for multi-chain assets. If no transfer activity is recorded for a tracked asset on a given day, the daily sender count is filled with zero values.
- **Key fields**: `timestamp` (daily timestamp), `chain_id` (blockchain identifier), `token_address` (asset address), `asset_dau` (daily active senders count)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Unique asset senders over a fixed 24-hour window.

Asset senders (daily)

Tokenized funds

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Real-world asset (RWA) issuers

OpenEden

OpenEden TBILL (TBILL) is a tokenized fund share issued by OpenEden through Treasury Bills Institutional Liquidity Limited and managed by BNY Mellon Investment Management Singapore Pte. Limited.

The fund is open-ended, invests in U.S. government debt, keeps its assets in accounts segregated from the issuer's own funds, and charges a 0.35% annual management fee.

Its assets sit with BNY, administered by Protege Fund Services, with TJ Assurance Partners PAC and Ernst & Young as auditor.

Professional investors can subscribe and redeem in USDC, with a USDC 100,000 minimum after completing KYC, and holders have a right to redeem at net asset value with same- or next-business-day settlement.

Treasury Bills Institutional Liquidity Limited is incorporated in the British Virgin Islands, is regulated under the British Virgin Islands securities regime, and is supervised by the BVI Financial Services Commission.

TBILL has been issued on public blockchains since October 2023 and is native to Ethereum, Arbitrum One, Solana, BNB Chain, and XRP Ledger.

OpenEden TBILLTBILL