Gate Ventures Announces Strategic Partnership with OpenEden: Pioneering the Future of Tokenized Real-World Yields

Gate Ventures, the venture capital arm of Gate.com, is pleased to announce a strategic partnership with OpenEden, a leading innovator in the tokenization of U.S. Treasuries. This collaboration reflects the shared conviction that real-world assets (RWAs) represent the next major growth theme in digital finance, creating a bridge between traditional markets and the efficiency of blockchain infrastructure.

OpenEden has rapidly built a reputation as a category leader in Treasury tokenization, delivering compliant, yield-bearing products designed to scale across both decentralized and centralized ecosystems. Gate Ventures believes OpenEden is uniquely positioned to capture this opportunity, and that together the two organizations can accelerate the adoption of RWAs globally.

1. Thesis on OpenEden

1.1. Why RWA Tokenization is the Next Trillion-Dollar Category

Over the past decade, DeFi has proven the demand for stablecoins, lending markets, and synthetic yield. Yet one of its most enduring criticisms has been its lack of connection to real-world cash flows. That gap is now closing at speed.

• The stablecoin market stands at ~$294B today and is projected to reach $2–3T within 3–5 years, implying a ~45–55% CAGR with yield-bearing formats capturing up to half the market.
• Macro Tailwinds: Global liquidity remains uneven post-rate hikes, yet U.S. T-bills continue to yield around 4.0–5.0% annually reflecting a safe, predictable return unmatched by most DeFi protocols. Investors are reallocating from speculative yield farms to risk-free yield instruments backed by sovereign credit.
• Institutional Validation: BlackRock, Franklin Templeton, and WisdomTree have launched tokenized fund products. The entrance of asset management giants validates that RWAs are not a niche experiment, but a mainstream thesis.

As a result, RWAs are emerging as the infrastructure layer for on-chain finance, providing the collateral base for lending, liquidity pools, structured products, and stablecoins.

2. What is OpenEden Building

2.1. OpenEden’s Architecture

OpenEden operates a regulated platform for tokenized RWAs including stablecoins and tokenized U.S. Treasuries, enabling primary-market, real-time minting and redemption of a yield-bearing dollar. Its architecture is built around several core components:

• Stablecoin Rail (USDO / cUSDO)
  Issued by a Bermuda-licensed entity and fully backed by short-dated U.S. Treasuries and reserve assets held in a BVI Professional Fund (TBILL).

— USDO is a rebasing stablecoin that stays pegged at ~$1 while passing through the portfolio’s yield.

— cUSDO is a non-rebasing format that accrues value via a steadily rising exchange rate.

— Both can be minted and redeemed at par by permissioned clients, with fees of 3 bps for minting and 10 bps for redemption, supported by on-chain Proof-of-Reserves, NAV reporting, and transparent mint/burn logs.

• Reserves (TBILL)
  TBILL, OpenEden’s tokenised U.S. Treasuries Fund is a BVI-registered professional fund fully managed by BNY Investments and custodied with The Bank of New York (BNY). The fund has a 0.30% total expense ratio plus 5 bps fund mechanics.
• Liquidity & Execution
  The Instant Liquidity Manager (ILM) coordinates issuance and redemption activity through Coinbase Prime, with execution handled by StoneX (U.S. Treasuries), State Street (money market funds), and Securitize/BlackRock BUIDL.
• Tokenized Products
  Beyond USDO, OpenEden is expanding into white-label MMFs, fixed-income funds, BNY tokenized funds, and roadmap delta-neutral strategies — each governed by the same transparency framework and fee model.
• Integration & Utility
  USDO and cUSDO are already embedded across DeFi protocols (Morpho, Euler, Pendle, Curve), serve as CEX collateral through tri-party arrangements, and are being integrated into fintech/payment ecosystems such as LINE, Kaia AEON, and LightNet. Together, these integrations convert OpenEden’s stablecoin rail into a widely usable, composable yield currency.

2.2. USDO in DeFi, FinTech, and Payments

DeFi Integrations

USDO has rapidly scaled in decentralized finance, reaching $200M in TVL within just two months of launch. It is already embedded across leading lending and borrowing protocols such as Morpho, Euler, ZeroLend, and Term Structure, while also gaining traction in secondary markets via Curve, SynFutures, Aerodrome, Balancer, and BSX. On the yield side, USDO underpins structured strategies in Pendle, Upshift, Napier, and Spectra, while serving as a reserve asset in protocols such as Jigsaw, Pi Protocol, Resolv, Solayer, and WSPN. These integrations validate USDO’s utility as both collateral and a yield-bearing currency within DeFi’s core primitives.

FinTech Distribution

Beyond DeFi, USDO is being deployed into mass-market retail channels through Kaia & LINE integration, where it will power LINE’s SuperEarn mini-app. This partnership enables ~250 million users worldwide to access USDO’s on-chain yield directly through the LINE messenger platform, positioning USDO as one of the first stablecoins to deliver regulated, yield-bearing dollars seamlessly to everyday consumers.

Payments Infrastructure

OpenEden has entered a strategic joint venture with LightNet (backed by the Charoen Pokphand Group) and Velo to develop next-generation settlement and payment rails in Asia. This partnership is designed to support FX, global remittances, and hedging solutions powered by local currency stablecoins, with USDO positioned as a potential core stablecoin within this framework. Complementary integrations with Mastercard, Alchemy Pay, AEON Pay, and other fintech gateways further strengthen USDO’s role as a regional stablecoin standard bridging traditional payments with on-chain infrastructure.

With deep integrations across DeFi, centralized and retail fintech ecosystems, and institutional payment networks, USDO demonstrates strong product–market fit as a regulated, yield-bearing stablecoin rail capable of scaling across both Web3 and traditional finance.

2.3. Why OpenEden Stands Out

While several players are competing to tokenize Treasuries and money-market funds, OpenEden has carved out a distinct advantage across scale, credibility, and DeFi utility.

Scale & Growth

• TVL Leadership:
• USDO (yield-bearing stablecoin): US$277M+ TVL.
• TBILL (tokenized U.S. Treasuries): US$286M+ TVL.
• Combined, OpenEden now exceeds US$563M, representing a 10x YoY growth rate.
• This puts OpenEden among the top three RWA issuers globally, rivaling Ondo Finance and surpassing early entrants like Matrixdock.

Institutional Trust

• Credit Ratings: First tokenized U.S Treasuries Fund to secure a Moody’s “A” rating, which is a watershed moment for the RWA sector. The fund is also rated “AA+” by S&P Global.
• Investor Base: Over 200 institutional clients onboarded, spanning crypto treasuries, hedge funds, family offices, and fintechs.
• Regulatory Guardrails: Operates under Bermuda’s Digital Asset Business Act (DABA) along with regulated fund entities, setting the bar for compliant adoption.

DeFi Utility

• Pendle Finance Integration:

— OpenEden’s cUSDO markets on Pendle trade with strong demand, consistently delivering 4.0–5.0% base annualized yields, with 10–15% implied yields.

— On-chain liquidity allows investors to separate principal (PT) and yield (YT), unlocking structured strategies (fixed income vs. yield trading).

• Composability Roadmap: Beyond Pendle, USDO is also being integrated into lending markets, DEX liquidity pools, and derivatives protocols, embedding OpenEden products’ yields as a base layer across DeFi.

Transparency & Risk Controls

• Proof-of-Reserves: Real-time verification of underlying T-bills, independently audited.
• KYC Flexibility: Tiered frameworks allow both permissionless access (DeFi users) and permissioned adoption (institutions), balancing compliance with accessibility.

3. Benchmarking vs. Competitors

OpenEden is the only RWA issuer with both institutional-grade credit rating and deep DeFi composability, making it uniquely positioned to become the de facto yield layer for Web3.

4. Areas of Collaboration

As part of the strategic partnership, Gate and OpenEden are exploring opportunities across several areas. This includes the listing of EDEN, and the potential listing of USDO on Gate’s markets, with consideration for future derivatives products and joint community initiatives to broaden user engagement. The parties are may also design liquidity programs and assess ways to connect activity between centralized and decentralized venues, enhancing market depth and efficiency.

Beyond trading, the collaboration considers the integration of USDO into Gate’s ecosystem, including Earn and other yield-focused offerings, with OpenEden positioned as a preferred partner for RWA-backed initiatives. The teams are also discussing use cases in payments and real-world utility, where USDO could serve across Gate’s products, merchant network, and peer-to-peer services, linking yield-bearing assets with everyday financial activity.

At the institutional level, Gate and OpenEden may work with leading custodians to evaluate collateral solutions powered by USDO, providing pathways for greater security and capital efficiency. Collectively, these efforts reflect a shared vision that tokenized Treasuries and real-world assets are emerging as a foundational layer for digital finance, bridging traditional markets with Web3 infrastructure.

5. Conclusion

OpenEden, positioned as the ‘Shopify of RWA’, has quickly established itself as one of the most credible and scalable platforms in the RWA sector, combining institutional-grade safeguards with DeFi-native composability. With over $563M in TVL, the first Moody’s-rated, as well as S&P Global-rated tokenized Treasury product, and integrations spanning DeFi, CEX collateral, and retail fintech payments, OpenEden demonstrates a clear product–market fit at the intersection of traditional and decentralized finance. As stablecoins evolve from non-yielding instruments to regulated, yield-bearing digital dollars, we believe OpenEden is positioned to become a core yield layer for Web3 and a category leader in the multi-trillion-dollar RWA market opportunity.

About Gate Ventures

Gate Ventures, the venture capital arm of Gate, is focused on investments in decentralized infrastructure, middleware, and applications that will reshape the world in the Web 3.0 age. Working with industry leaders across the globe, Gate Ventures helps promising teams and startups that possess the ideas and capabilities needed to redefine social and financial interactions.
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