Stable, a blockchain purpose-built for stablecoins, and Theo, a full-stack platform that connects on-chain capital to global markets, have jointly committed more than $100 million to the Delta Wellington Ultra Short-Term Treasury On-Chain Fund (ULTRA), a tokenized U.S. Treasury bond fund managed by FundBridge Capital and Wellington Management and powered by tokenization platform Libeara.
The fund, which received a rare AAA rating from digital asset ratings and risk monitoring firm Particula, is one of the first major institutional-grade Treasury strategies to be offered in tokenized form on Stable’s USDT-powered stablechain.
The capital injection provides ULTRA with immediate liquidity to serve institutional investors seeking on-chain short-term U.S. Treasury securities.
It shows that institutional interest in tokenizing or bringing traditional assets on-chain remains sticky and extends beyond short-term market fluctuations. According to some estimates, tokenization of real-world assets is expected to grow to $10 trillion by 2030 in a base case.
Theo’s thBILL token provides on-chain access to yield-generating assets, giving investors seamless access to ULTRA’s underlying financial strategies. At the same time, Libeara ensures that funds comply with regulatory standards through its native tokenization infrastructure.
Supporting the arrangement are the investment leadership of Wellington Management, the fund expertise of FundBridge Capital and the secure custody services of Standard Chartered Bank (STAN). Libeara is backed by SC Ventures, the investment and innovation arm of Standard Chartered Bank.
Stable CEO Brian Mehler emphasized the importance of this collaboration: “We designed Stable as fundamental financial infrastructure that institutions can confidently build on and extend.”
“Partnering with Libeara, Wellington Management, and Theo at launch demonstrates 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 Mehler.
TK Kwon, co-founder of Theo, pointed to the technical advantages and said that Stable’s architecture, with USDT as native Gas and sub-second finality, solves many barriers to tokenized asset adoption, driving the rapid growth of products such as thBILL.
Theo’s thBILL has grown rapidly, with assets under management exceeding $200 million, becoming the third fastest tokenized Treasury product to reach $100 million. Meanwhile, Libeara’s digital infrastructure already supports over $1 billion in compliant tokenized assets
worldwide.
Aaron Gwak, founder and CEO of Libeara, said: “Tokenization redefines access, but institutional adoption requires compliance-first, battle-tested infrastructure. Libeara provides a native, secure and compliant technology layer to connect products like ULTRA to public blockchains, ensuring regulatory credibility and seamless operational processes from day one.”