VanEck's VBILL Treasury Fund Launches as Collateral on Euler Protocol

VanEck's tokenized U.S. Treasury fund VBILL became available as collateral on decentralized lending protocol Euler following a Thursday announcement by Securitize. The integration enables holders of the $61 million fund to deposit VBILL tokens and borrow crypto assets while continuing to earn the fund's Treasury yield. The move expands utility for onchain U.S. Treasuries investment vehicles by connecting institutional-grade assets with DeFi infrastructure. "VBILL's availability on Euler is another step in connecting tokenized Treasury exposure to DeFi infrastructure. The integration reflects how institutional-grade assets and decentralized lending markets are beginning to work together onchain," VanEck Product Manager Jon Casterline stated in the announcement.

Integration Details

Securitize launched VBILL live on an Euler lending market curated by KPK. Users can deposit VBILL tokens to borrow other crypto assets and participate in DeFi strategies while maintaining exposure to the fund's Treasury yield. The integration builds on Securitize's DS Protocol, which was previously integrated with Euler. The DS Protocol provides a blockchain-based framework designed to issue, manage, and transfer security tokens with onchain compliance enforcement.

Fund Metrics

VBILL held $61 million in assets as of Thursday, distributed across approximately 30 onchain wallet addresses according to RWA.xyz data. The fund returned a 3.38% seven-day APY and charged a 0.20% management fee at the time of the announcement. VanEck launched VBILL in May 2025 according to a press release from that period.

Existing Infrastructure

Securitize previously launched VBILL on an Aave Horizon market prior to the Euler integration. The fund initially launched across four blockchains: Avalanche, BNB Chain, Ethereum, and Solana. Cross-chain interoperability for VBILL operates through Wormhole's bridging technology.