Theo launched thBill, connecting on-chain capital with U.S. Treasury bonds through technical integration with institutions like Fundbridge and Libeara.

The institutional investment platform Theo has announced the official launch of its Beta version and the introduction of its core product thBill. Through technical integration with Libeara, asset management giant Wellington Management, and Singapore's fund service institution FundBridge Capital, Theo has successfully opened up channels for on-chain capital to invest in tokenized U.S. Treasury bond funds. This initiative marks an important step for Theo in achieving its strategic goal of connecting on-chain capital with the TradFi market.

ULTRA is a token-native fund regulated by FundBridge Capital in Singapore, with Wellington Management as the sub-manager, utilizing Libeara's asset tokenization technology stack. Through Theo's platform, investors will be able to access the fund more efficiently through multiple on-chain channels, enjoying a more streamlined entry process.

Currently, although the stablecoin market has exceeded $250 billion and is expected to continue expanding at a compound annual growth rate of about 17.5% by 2030, efficient deployment methods for on-chain capital remain relatively scarce. To address this pain point, Theo launched the thBill product. thBill aims to provide institutional investors with a reliable, efficient, and user-friendly on-chain asset management tool. It significantly lowers the investment threshold, accelerates fund redemption speed, and comprehensively optimizes the user experience by providing a unified access point, allowing on-chain capital to seamlessly connect with TradFi assets.

Abhi Pingle, co-founder of Theo, stated: "Connecting global markets with on-chain capital requires reliable infrastructure and partners with deep market expertise. We are honored to collaborate with Libeara, Wellington Management, and FundBridge Capital to jointly advance the future development of compliant on-chain finance."

Aaron Gwak, founder and CEO of Libeara, stated: "Asset tokenization is redefining the way financial assets are issued and acquired. We are excited to collaborate with the Theo team to provide the critical infrastructure that enables compliance, security, and scalability, thereby truly reconstructing the on-chain access for capital allocators to the TradFi market."

Mark Garabedian, Director of Digital Assets and Asset Tokenization at Wellington Management, pointed out: "We have always built our short-duration fixed income strategies on strict risk management and deep liquidity expertise. This collaboration allows us to extend this framework on-chain, ensuring that modern asset allocators can seamlessly access traditional investment strategies and integrate with new digital asset infrastructures."

The collaboration initiated by Theo, Libeara, Wellington Management Company, and FundBridge Capital marks the official launch of the thBill product and lays the foundation for Theo to build institutional-grade on-chain capital deployment capabilities. In order to reduce counterparty risk and ensure that investors receive complete and undiluted returns, this collaboration introduces institutional-grade safeguards across multiple dimensions, including counterparty risk, structural design, and legal compliance, aimed at reducing structural risk and protecting investor assets. Additionally, the Theo platform allows investors to access the aforementioned strategies through a unified interface, eliminating the need for specialized knowledge in algorithmic trading or managing multiple trading platforms.

Theo

Theo is a platform aimed at institutional investors, dedicated to connecting on-chain capital with global markets. Team members come from leading market-making and hedge fund backgrounds, with a focus on security, resilience, and performance in the platform's architecture, aiming to provide users with access to high-quality financial products. Theo was founded by former traders from Optiver and IMC Trading, and completed a $20 million financing round in April 2025, led by Hack VC and Anthos Capital, with participation from traditional finance giants like Citadel, Jane Street, and JP Morgan.

Libeara

Libeara is an asset tokenization platform incubated by Standard Chartered SC Ventures, aimed at creating a more accessible, transparent, and secure financial market. The name Libeara is derived from "Liberty" and "Aerarium" (the ancient Roman treasury and the first retail US Treasury bond issuance agency). As a proven asset tokenization platform, Libeara is driving new investment methods through technology and innovation. The team was a finalist in the global retail central bank digital currency challenge held by the Monetary Authority of Singapore (MAS) and has provided digital platform prototypes for governments in Hong Kong, Ghana, the Philippines, and more.

Standard Chartered SC Ventures

SC Ventures is an innovation platform under Standard Chartered Bank that promotes innovation, invests in disruptive financial technology, and explores new business models.

Wellington Management

Wellington Management is one of the largest independent investment management companies in the world, serving over 2,500 clients across more than 60 countries. As of December 31, 2024, Wellington managed a total of over $1.3 trillion in assets, with clients including pension funds, endowments, insurance companies, family offices, fund sponsors, and global wealth management institutions. Wellington is committed to providing exceptional service to its clients through its independent private partnership structure, multi-asset investment platform, and collaborative culture.

FundBridge Capital

FundBridge Capital is dedicated to connecting capital with investment opportunities and is a trusted partner in the financial sector. Established in 2017 and regulated by the Monetary Authority of Singapore, the company focuses on launching and managing compliant funds for high net worth individuals and institutions. FundBridge has rich experience in investment banking, wealth management, and private wealth, and is committed to providing fund managers with an efficient and cost-effective platform, leveraging its extensive network in the Asia-Pacific region to offer robust compliance support.