FinanceShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailVanEck's tokenized fund lands on Euler as DeFi courts Wall Street institutions

Decentralized finance (DeFi) platforms are increasingly modifying their systems to support regulated, tokenized assets, with projections suggesting that tokenization could lead to trillions of dollars being brought onchain.

By Krisztian Sandor|Edited by Stephen Alpher May 28, 2026, 11:58 a.m. 2 min readMake preferred on

VanEck (VanEck)

Key Details:

  • VanEck's tokenized fund, launched by Securitize, is now operational on the DeFi lending platform Euler, enabling investors to leverage tokenized U.S. Treasuries as collateral in onchain transactions.
  • This development illustrates how DeFi protocols are adapting to serve institutional investors and regulated assets, according to Graham Ferguson, head of ecosystem at Securitize.
  • Research from Standard Chartered, BCG, and Ripple indicates that the tokenized asset market could grow to trillions of dollars within the next decade, compelling DeFi to reconcile its open-access model with the regulatory requirements of traditional finance.

Decentralized finance (DeFi) systems that were once solely focused on cryptocurrency are increasingly targeting institutional interests, with VanEck's tokenized Treasury fund marking a significant step in that direction as it launches on Euler.

Securitize, the issuer and tokenization expert behind VanEck's VBILL Treasury fund, announced on Thursday that the product is now active within the Euler lending ecosystem.

This initiative allows investors to use tokenized U.S. Treasuries as collateral for borrowing and deploying liquidity onchain, all while adhering to compliance stipulations associated with these assets.

The shift underscores the evolution of DeFi protocols as they cater to institutional players delving into tokenized finance. Platforms that previously focused on unrestricted cryptocurrency are now reconfiguring their frameworks to accommodate regulated products, including tokenized money market funds and private credit.

Tokenized U.S. Treasuries have quickly become a burgeoning segment in crypto, surpassing $15 billion in assets and experiencing a growth of 150% within a year, as reported by RWA.xyz. Major global asset managers like BlackRock, Franklin Templeton, and Janus Henderson have introduced blockchain-enabled Treasury and money-market solutions aimed at institutional clients looking for yield-bearing onchain collateral.

Nonetheless, this represents only a small portion of the potential market for asset tokenization. Standard Chartered has projected a market of $2 trillion in tokenized assets by 2028, while BCG and Ripple anticipate a market size of $18.9 trillion by 2033.

For more insights: Tokenization push could pull trillions of dollars into DeFi, StanChart says

Graham Ferguson from Securitize remarked to CoinDesk, "What’s truly exciting is that there are now protocols eager to integrate permissioned assets. This is something that wasn’t the case before."

Earlier this year, Euler, which currently manages over $320 million in assets, shifted its focus towards institutional applications after initially functioning as a fully permissionless lending platform. Competitor Aave also launched Horizon, a platform dedicated to real-world assets aimed at institutional borrowers and tokenized collateral.

Euler has incorporated Securitize’s DS Protocol, enabling tokenized securities to engage with lending markets while maintaining investor eligibility and transfer restrictions. Pricing information for VBILL is provided through RedStone oracles.

According to Ferguson, the challenge for DeFi protocols lies in reconciling the open nature of crypto with the compliance standards expected by traditional financial institutions. He stated, "As institutional investors become more serious about exploring this space, they require protections and permissions that align with their experiences in traditional finance." He added, "DeFi protocols are becoming aware that to attract this capital, they must adapt their methods."

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