VanEck RWA Fund Debuts With $100K Entry, Joins BlackRock and Franklin in Tokenized Treasury Race

By: coinchapter|2025/05/14 06:30:08

VanEck has launched its first real-world asset (RWA) tokenization fund. The VBILL token fund, introduced on May 13, offers institutional investors access to tokenized US Treasury bills. The launch is part of a partnership with Securitize tokenization platform. According to VanEck’s official statement, the VBILL token fund will run on Ethereum, Solana , BNB Chain, and Avalanche. On three of those blockchains—Avalanche, Solana, and BNB Chain—minimum subscriptions start at $100,000. For Ethereum, the minimum investment is $1 million. The VanEck RWA fund targets institutions looking to allocate funds into short-term US government debt through blockchain infrastructure. The fund offers exposure to one of the largest traditional asset classes currently being tokenized. VBILL Token Fund to Compete With BlackRock and Apollo The VanEck RWA fund enters a market already led by firms such as BlackRock and Franklin Templeton, both operating RWA funds named BUIDL and BENJI, respectively. In January 2025, Apollo launched a private credit tokenized fund, entering the same category. Tokenized US Treasurys have a market capitalization of $6.9 billion, based on RWA.xyz data. This makes them the second-largest group within the RWA space, behind private credit. The VBILL token fund aims to offer institutional access to Treasury exposure using smart contract systems and digital compliance tools. The new fund expands the presence of traditional financial institutions in blockchain-based markets. Other recent entrants include Franklin’s BENJI and Apollo’s credit offerings, both tailored for large clients. Securitize Tokenization Platform Supports VBILL Infrastructure The Securitize tokenization platform powers the entire operation of VanEck’s VBILL token fund. As of May 2024, Securitize has tokenized over $3.9 billion in assets across various structures. In that same month, the company secured $47 million in funding in a round led by BlackRock. Securitize enables regulated issuance and tracking of digital securities. It helps VanEck operate the VBILL token fund across all four blockchain networks. The platform ensures digital compliance and record-keeping for institutional-grade financial instruments. The strategic partnership gives VanEck access to Securitize’s full-stack infrastructure for managing tokenized assets. This includes smart contract deployment, digital identity checks, and blockchain-based reporting. SEC’s Paul Atkins Compares Tokenization to Digital Music Shift At a U.S. Securities and Exchange Commission roundtable on May 12, Paul Atkins, former SEC Chair, commented on the impact of RWA tokenization. He said the process resembles the digital transition seen in the music industry. He noted that blockchain infrastructure could reshape how securities function, adding that many existing SEC rules do not address new market structures supported by tokenized assets. The roundtable focused on legal and technical changes as more firms adopt onchain models for securities. Paul Atkins SEC emphasized that digital systems may soon introduce new ways to manage securities beyond the framework of current regulations.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.

The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.

Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.

Simplified Trading Experience: No KYC Required, Opening a Position in Five Steps

Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.

The trading process has been streamlined into five steps:

· Choose the trading asset

· Select long or short

· Input position size and leverage

· Confirm order details

· Confirm and open the position

The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.

Social-Native Trading: Strategy and Execution Completed in the Same Context

Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:

· End-to-end encrypted private groups supporting up to 1024 members

· End-to-end encrypted voice communication

· One-click position sharing

· One-click trade copying

On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.

By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.

Referral Mechanism: Non-institutional users can receive up to 60% fee split

Mixin has also introduced a referral incentive system based on trading behavior:

· Users can join with an invite code

· Up to 60% of trading fees as referral rewards

· Incentive mechanism designed for long-term, sustainable earnings

This model aims to drive user-driven network expansion and organic growth.

Self-Custody Architecture and Built-in Privacy Mechanism

Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:

· Separation of transaction account and asset storage

· User full control over assets

· Platform does not custody user funds

· Built-in privacy mechanisms to reduce data exposure

The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.

A New Path for On-Chain Derivatives

Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.

The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.

Regulatory Background

Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.

This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."

The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.

About Mixin

Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.

Its core capabilities include:

· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations

· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets

· Decentralization: achieving full user control over assets without relying on custodial intermediaries

· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication

Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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