thBILL, issued by Theo Protocol Corporation, is a tokenized money market fund interest that packages economic exposure to a basket of institutional-grade tokenized U.S. Treasury bills sourced from regulated third-party issuers [S1][S2].

thBILL provides yield-bearing exposure reflecting short-duration U.S. Treasury bills [S1][S3]. At launch the basket solely comprises tULTRA, a wrapped representation of Standard Chartered Libeara's tokenized Treasury bill operated with Wellington Management and FundBridge, and Theo states it is backed by a AAA-rated fund affirmed by S&P Global and Particula [S1][S2]. Holders accrue Treasury-linked yield onchain rather than receiving discrete distributions [S1][S2].

thBILL is issued by Theo Protocol Corporation, registered in Panama City, Republic of Panama [S4]. The token is not a Treasury bill itself and conveys no claim to take delivery of underlying government securities; participants have no claims over the underlying assets and hold economic exposure sourced from regulated issuers [S1][S2]. Theo's Terms place compliance obligations on the user under applicable U.S. and Monetary Authority of Singapore (MAS) regimes [S4]. Minting and redemption are restricted to users who have passed KYC [S1][S2]. KYC'd users redeem for the equivalent value in USDC, with underlying collateral settled within 4 business days [S1][S2].

thBILL uses Theo's ERC-20 iToken standard, an index token bundling underlying tTokens with contract-enforced basket composition and onchain oracle pricing [S1]. It is available across Ethereum, Base, Arbitrum and HyperEVM [S3]. Mint orders submit via API to a minting service using an MPC wallet, with optimistic minting reflected as pendingAssets included in NAV until issuer settlement resolves the state [S1].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://docs.theo.xyz/technical-reference/ttokens-and-itokens" },
    { id: "S2", url: "https://docs.theo.xyz/thbill" },
    { id: "S3", url: "https://theo.xyz/articles/thbill-is-live-theo-s-institutional-grade-tokenized-money-market-fund" },
    { id: "S4", url: "https://docs.theo.xyz/legal/terms" },
  ]}
/>


# Theo Short Duration US Treasury Fund Total value locked Methodology

## 1. Overview

Total value locked (TVL) for Theo Short Duration US Treasury Fund measures the total value of tokenized US Treasury-backed assets circulating on-chain. It represents the dollar-denominated market value of all outstanding Theo Short Duration US Treasury Fund tokens. This metric serves as a key indicator of the protocol's scale in the real-world asset (RWA) sector and the total capital deployed by users into the fund.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events from the Theo Short Duration US Treasury Fund token contract, covering Ethereum
- **External data**: End-of-day price feeds for the Theo Short Duration US Treasury Fund asset

## 3. Step-by-step calculation

### Component A: Token mint and burn extraction

- **Purpose**: Identify all changes to the circulating supply of the Theo Short Duration US Treasury Fund token
- **Logic**: ERC-20 `Transfer` events are parsed from the Theo Short Duration US Treasury Fund contract address. Transactions where the sender is the zero address are classified as mints, representing new tokens entering circulation. Transactions where the recipient is the zero address are classified as burns, representing tokens being removed from circulation. Self-transfers and standard transfers between users are excluded to isolate supply changes.
- **Key fields**: `from_address`, `to_address`, `value`

### Component B: Outstanding supply tracking

- **Purpose**: Determine the total amount of the asset in circulation at any given point in time
- **Logic**: Daily mint and burn amounts are aggregated to determine the net change in supply per day. A cumulative sum is calculated across the entire historical event log to determine the total outstanding supply. To maintain a continuous time series, values are filled forward for days where no mint or burn events are recorded on the blockchain.
- **Key fields**: `amount` (normalized by decimal precision)

### Component C: USD normalization and aggregation

- **Purpose**: Convert the on-chain token supply into a standardized USD-denominated metric
- **Logic**: The outstanding token supply is multiplied by end-of-day price feeds for the Theo Short Duration US Treasury Fund asset. All values are normalized by the asset's decimal precision. Final values are aggregated at a daily granularity using UTC day boundaries.
- **Key fields**: `outstanding_supply`, `price_usd`

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

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Total value locked

Tokenized funds

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Real-world asset (RWA) issuers

Theo

Theo Short Duration US Treasury Fund (thBILL) is a token providing exposure to a tokenized fund issued by Theo.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The fund is open-ended and invests in U.S. money market instruments, government debt, and corporate credit.

Its assets sit with Standard Chartered Bank and J.P. Morgan.

Holders can mint and redeem directly with Theo in USDC and USDT after completing KYC, and have a right to redeem at net asset value with same- or next-business-day settlement.

thBILL has been issued on Ethereum as an ERC-20 and ERC-4626 token since August 2025, with bridged versions on four more.

Theo Short Duration US Treasury FundthBILL