AAA-rated ULTRA fund launches with Wellington Management and Standard Chartered backingAAA-rated ULTRA fund launches with Wellington Management and Standard Chartered backing

Stable, Theo Commit Over $100 Million to Tokenized Treasury Fund

Stable, Theo Commit Over $100 Million to Tokenized Treasury Fund

Blockchain infrastructure provider Stable and financial platform Theo have jointly committed more than $100 million to a tokenized U.S. Treasury fund, marking one of the largest institutional deployments in the onchain fixed-income market, according to an announcement on Wednesday.

The Delta Wellington Ultra Short Treasury On-Chain Fund, known as ULTRA, carries a AAA rating from Particula and provides exposure to short-duration Treasury bills through blockchain-based infrastructure. The fund launches on Stable's network, which is designed specifically for stablecoin operations.

Wellington Management sub-manages the fund for issuer FundBridge Capital, while Standard Chartered handles custody of the underlying Treasury portfolio. Libeara, Standard Chartered's digital asset subsidiary SC Ventures, provides the tokenization technology layer.

Institutional investors can access ULTRA through Theo's thBILL product, a tokenized Treasury offering that has grown to over $200 million in assets under management. The product became the third-fastest tokenized Treasury to reach $100 million in assets.

The launch represents a convergence of traditional financial institutions and blockchain infrastructure in the tokenized securities market. Stable's network uses Tether's USDT stablecoin as native gas and processes transactions with sub-second finality, technical features the companies say address friction points in tokenized asset adoption.

The collaboration brings together multiple layers of traditional finance infrastructure – asset management, custody, compliance, and tokenization – in a structure designed to meet institutional requirements for regulated digital assets.

“We designed Stable to serve as the foundational financial infrastructure that institutions can confidently build upon and scale with,” Brian Mehler, CEO of Stable, said in the announcement. “Teaming up with Libeara, Wellington Management, and Theo at launch shows that we are opening doors to institutional financial products that were once out of reach on-chain."

Wellington Management emphasized its focus on risk management and institutional-grade execution as it expands fixed-income strategies into blockchain-based distribution channels.

Libeara currently supports over $1 billion in compliant tokenized assets globally and plans to develop native minting capabilities on Stable's blockchain to facilitate compliant issuance for ULTRA and future products.

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