thBILL is a tokenized financial product that provides on-chain exposure to a basket of short-duration, institutional-grade U.S. Treasury bills. It is structured as an index-style token, issued on the Theo tokenization platform, designed to offer integrated liquidity, multi-chain accessibility, and composability within the decentralized finance (DeFi) ecosystem. ^[2]

Overview

thBILL is an index-style token designed to provide onchain exposure to short-duration, institutional-grade U.S. Treasury bills through regulated issuers. At launch, the basket consists exclusively of tULTRA, a wrapped representation of Wellington Management’s ULTRA money market fund, which holds short-term U.S. Treasury securities and is operated in collaboration with Standard Chartered’s Libeara platform and FundBridge Capital. The token uses Theo’s iToken standard to enforce the predefined basket composition and maintain accurate onchain valuation. As regulated institutions issue additional tokenized Treasury bill products, they can be added to thBILL, increasing diversification and broadening its exposure to Treasury instruments.

thBILL is designed to address challenges that have historically limited the adoption of tokenized Treasury products. It supports liquidity provision through integrated market-making across multiple venues, multi-chain accessibility on networks including Ethereum, Base, Arbitrum, and HyperEVM, and full onchain composability with lending protocols and derivative markets. Optimistic minting enables users to access the token immediately while the underlying settlement occurs, streamlining user interaction. Minting and redemption are restricted to KYC-verified participants, with redemptions settled in USDC and no direct claims on the underlying assets.

The product is intended for multiple use cases: individual investors can gain institutional Treasury exposure, earn additional yield through lending, or use thBILL as collateral; institutions can access Treasury strategies onchain without operational complexity; and the broader ecosystem benefits from a yield-bearing foundation optimized for integration into more complex financial products. As the first asset launched on Theo’s tokenization platform, thBILL also serves as a template for future tokenized products, providing comprehensive ecosystem support from launch. ^{[1] [4]}

Features

iToken Standard

thBILL follows Theo's iToken Standard. iTokens are index tokens that represent a basket of underlying assets comprising multiple tTokens and, in some cases, other iTokens. They follow the ERC-20 token standard and issue receipt tokens prefixed with “i,” such as iDN. The value of an iToken is based on the combined value of its underlying assets, which is calculated using price data provided by oracles. Asset composition within each index can be configured according to predefined allocation ratios enforced at the smart contract level. This structure allows a single token to represent diversified exposure to multiple tokenized assets while maintaining onchain pricing and accounting. ^[5]