VanEck Treasury Fund

VanEck Treasury Fund (VBILL) is a tokenized money-market-style fund that targets a stable value of one US dollar per token and is designed for investors who want to hold short-duration US government exposure directly on a blockchain. The fund invests in cash, US Treasury bills with maturities of 397 days or less, and repurchase agreements collateralized by those same instruments. It addresses the problem of keeping idle capital in a yield-bearing, dollar-stable instrument without leaving the on-chain environment.

VBILL operates across multiple blockchain networks, including Ethereum, Solana, Avalanche, and BNB Chain, meaning the token can be held and transferred on any of those networks. Each day, accrued income from the underlying Treasury holdings is distributed to investors' wallets in the form of new tokens rather than a cash payment, so balances grow through token accumulation rather than price appreciation. No consensus algorithm is recorded for the token itself because it is a fund wrapper rather than a native blockchain protocol; settlement and custody of the underlying assets occur at the fund level, off-chain.

The fund generates yield from its underlying portfolio of US Treasury obligations and repurchase agreements, and that yield is passed to token holders daily as newly minted tokens. The data provided does not include a fee rate, protocol revenue figure, or fee-recipient breakdown, so no fee-based ratios can be reported here. The fully diluted value equals the market cap at this point in time, and 100 percent of the supply is recorded as circulating with zero dilution overhang, meaning no tokens are held back pending future issuance according to the stored metrics.