Stable, a blockchain explicitly built for stablecoins, and Theo, a full-stack platform linking onchain capital to global markets, jointly committed more than $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 tokenization platform Libeara.
The fund carries a rare AAA rating from Particula, a digital assets rating and risk monitoring firm, and represents one of the first major institutional-grade Treasury strategies made available in tokenized form on Stable’s USDT-powered stablechain.
The capital infusion provides ULTRA with immediate liquidity to serve institutional investors seeking to access short-duration U.S. Treasury bills on-chain.
It shows that institutional interest in tokenization, or bringing traditional assets onchain, remains sticky and extends beyond short-term market volatility. The tokenization of real-world assets is forecast to grow to $10 trillion by 2030 in a base-case scenario, according to some estimates.
Theo’s thBILL token, which provides onchain access to yield-bearing assets, grants investors seamless exposure to ULTRA’s underlying Treasury strategy. At the same time, Libeara ensures the fund’s compliance with regulatory standards through its native tokenization infrastructure.
Backing this arrangement are Wellington Management’s investment leadership, FundBridge Capital’s fund expertise and Standard Chartered’s (STAN) secure custody services. Libeara is backed by SC Ventures, the investment and innovation arm of Standard Chartered Bank.
Brian Mehler, CEO of Stable, emphasized this partnership’s significance: “We designed Stable to serve as the foundational financial infrastructure that institutions can confidently build upon and scale with.”
“Teaming up with Libeara, Wellington Management, and Theo at launch shows that we are opening doors to institutional financial products that were once out of reach on-chain. Stable is focused on connecting stablecoin networks with real-world financial systems,” Mehler added.
Theo’s co-founder, TK Kwon, noted the technical advantages, stating that Stable’s architecture, with USDT as native gas and sub-second finality, resolves many barriers to tokenized asset adoption, powering rapid growth for products like thBILL.
Theo’s thBILL has grown rapidly, surpassing $200 million in assets under management after becoming the third-fastest tokenized Treasury product to reach $100 million. Meanwhile, Libeara’s digital infrastructure already supports more than $1 billion in compliant tokenized assets
globally.
“Tokenization redefines access, but institutional adoption requires compliance-first, battle-tested infrastructure. Libeara provides the native, secure, and compliant technology layer that bridges products like ULTRA onto public blockchains, ensuring regulatory credibility and seamless operational flow from day one,” said Aaron Gwak, Founder & CEO of Libeara.
