Stable, a blockchain built explicitly for stablecoins, and Theo, a full-stack platform that links on-chain capital to global markets, have jointly committed over $100 million to the Delta Wellington Ultra Short Treasury On-Chain Fund (ULTRA), a tokenized U.S. Treasury fund managed by FundBridge Capital and Wellington Management and powered by the tokenization platform Libera.
The fund has received a rare AAA rating from Particula, a digital asset rating and risk monitoring firm, and represents one of the first major institutional-grade Treasury strategies to be made available in tokenized form on a stablechain powered by Stable’s USDT.
With this capital injection, ULTRA will provide instant liquidity to serve institutional investors who want on-chain access to short-term U.S. Treasury bills.
This shows that institutional interest in tokenization, or bringing traditional assets on-chain, remains strong and extends beyond short-term market volatility. According to some estimates, the tokenization of real-world assets is projected to increase to $10 trillion by 2030 in a base case scenario.
Theo’s thBILL token provides on-chain access to high-yielding assets, giving investors seamless exposure to ULTRA’s underlying financial strategy. At the same time, Libera ensures compliance with regulatory standards for funds through its native tokenization infrastructure.
Underpinning the deal is Wellington Management’s investment leadership, Fundbridge Capital’s fund expertise and Standard Chartered’s (STAN) secure custody services. Libera is backed by SC Ventures, the investment and innovation arm of Standard Chartered Bank.
Stable CEO Brian Mehler emphasized the importance of this partnership: “We designed Stable to serve as the foundational financial infrastructure that financial institutions can build and scale with confidence.”
“Partnering with Revealer, Wellington Management, and Theo at launch signals that we are opening the door to institutional financial products that were once out of reach on-chain. Stable is focused on connecting stablecoin networks with real-world financial systems,” added Mailer.
Highlighting the technical advantages, Theo co-founder TK Kwon said Stable’s architecture with USDT as the native gas and sub-second finality solves many barriers to the adoption of tokenized assets and facilitates the rapid growth of products like thBILL.
Theo’s thBILL has grown rapidly, reaching over $200 million in assets under management after becoming the third fastest tokenized treasury product to reach $100 million. Meanwhile, Libera’s digital infrastructure already supports over $1 billion in compliant tokenized assets.
worldwide.
“Tokenization redefines access, but institutional adoption requires compliance-first, battle-tested infrastructure. Libera provides a native, secure, and compliant technology layer that bridges products like ULTRA to public blockchains, ensuring regulatory trust and seamless operational flows from day one,” said Aaron Gwak, founder and CEO of Libera.