Securitize-issued VBILL enables onchain collateral borrowing
VanEck’s tokenized U.S. Treasury fund, issued by Securitize, is now live on Euler, a DeFi lending platform, allowing investors to post tokenized Treasuries as onchain collateral for loans. The integration marks a shift in how DeFi protocols accommodate regulated institutional products.
Euler integrated Securitize’s DS Protocol earlier in 2026 to enable tokenized securities to function within lending markets while preserving investor eligibility requirements and transfer restrictions. Pricing data for the VanEck fund, known as VBILL, flows through RedStone oracles.
The move reflects broader institutional appetite for blockchain-based Treasury products. Tokenized U.S. Treasuries have swelled to $15 billion in assets, a 150% increase over the prior year, according to RWA.xyz data. BlackRock, Franklin Templeton, and Janus Henderson have all launched blockchain-based Treasury and money-market products.
Graham Ferguson, head of ecosystem at Securitize, framed the Euler integration as a structural shift. “The really exciting thing is that there are protocols now that are excited to integrate permissioned assets. This is something that previously had not been the case,” Ferguson said.
Euler originally operated as a fully permissionless lending protocol. The pivot toward institutional use cases reflects demand from serious investors who require protections familiar from traditional finance. “As more serious institutional investors are exploring the space, they need to have certain protections and permissions that they’re used to in traditional finance,” Ferguson said.
The integration underscores competitive pressure on DeFi platforms to accommodate regulated assets. Aave launched Horizon, its real-world asset platform focused on institutional borrowers and tokenized collateral. Ferguson noted the broader industry realignment: “DeFi Protocols are finally waking up to the fact that if they want to welcome in this capital, they’re going to have to change their ways.”
Market forecasts suggest significant growth ahead. Standard Chartered projects the tokenized asset market will reach $2 trillion by 2028. BCG and Ripple forecast the tokenized asset market will grow to $18.9 trillion by 2033. Euler currently hosts $320 million in assets.
The Euler integration demonstrates how DeFi infrastructure is adapting to serve institutional capital. Tokenized Treasuries offer yield and liquidity onchain while preserving the compliance and permission layers required by regulated investors and issuers.
