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 distributes daily accrued yield directly to investors' wallets in the form of newly minted tokens. It is designed for investors who want exposure to short-duration US government obligations — specifically Treasury bills, cash, and repurchase agreements collateralized by Treasury securities — while keeping their position on a blockchain. The fund addresses the friction of accessing traditional money-market instruments from an on-chain environment.

VBILL tokens exist across multiple blockchain networks, including Ethereum, Solana, BNB Chain, and Avalanche, and each token is intended to represent a proportional interest in the fund's underlying holdings. The fund invests only in cash, US Treasury obligations, and repurchase agreements collateralized by those obligations, holding securities with maturities of 397 days or less, a dollar-weighted average portfolio maturity of 60 days or less, and a dollar-weighted average portfolio life of 120 days or less. Yield generated by the underlying assets is passed through daily as additional tokens credited to holders' wallets rather than as a change in the token's price.

The data stored for VBILL does not include a fee stream — there is no protocol fee rate or fee revenue figure recorded — so fee-based measures that this site calculates for other assets are not applicable here. The economic return to token holders comes from the yield on the underlying Treasury instruments and repurchase agreements, distributed as new tokens each day. The fund may also allocate to pooled vehicles managed by the investment manager or affiliates, which could carry their own cost structures, but no such figures are present in the data provided.