VanEck’s tokenized U.S. Treasury fund, VBILL, can now be used as collateral on decentralized lending protocol Euler, expanding the utility of the onchain U.S. Treasuries investment vehicle.
According to an announcement on Thursday, Securitize launched VBILL live on a Euler lending market curated by KPK. Users can now deposit their VBILL tokens to borrow other crypto assets against them and participate in DeFi strategies while still earning the fund’s Treasury yield.
"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 said.
The move builds on Securitize’s DS Protocol, which was previously integrated with Euler. The protocol offers a blockchain-based framework designed to issue, manage, and transfer security tokens using a system where compliance needs are enforced onchain.
VBILL, launched in May 2025, is a $61 million fund as of Thursday, across approximately 30 onchain wallet addresses. The fund is returning a 3.38% seven-day APY and charges a 0.20% management fee, according to RWA.xyz.
