Stable, the institutional-grade blockchain built for stablecoins; and Theo, a full stack platform connecting on-chain capital to global financial markets, today announced a combined commitment of over $100M to ULTRA, the only tokenized U.S. Treasury strategy rated AAA by Particula. This significant commitment will help drive immediate liquidity for ULTRA.
Institutional users will be able to gain exposure to ULTRA via Theo’s thBILL, which provides on-chain access to institutional-grade, short duration U.S. Treasury bills. ULTRA is supported by Libeara’s native compliant tokenization infrastructure.
This launch brings one of the most comprehensive regulated RWA ecosystems on-chain and enables institutional on-chain access to short-duration U.S. Treasuries. Wellington Management and FundBridge Capital manage the underlying U.S. Treasury strategy; Standard Chartered provides secure custody for ULTRA’s underlying portfolio and Libeara provides the compliant smart-contract infrastructure. Theo provides access to this regulated and transparent structure backed by traditional finance safeguards by delivering integrated access, liquidity, and distribution on-chain.
“We designed Stable to serve as the foundational financial infrastructure that institutions can confidently build upon and scale with,” said Brian Mehler, CEO of Stable. “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.”
thBILL has become one of the fastest-growing tokenized Treasury offerings, surpassing $200 million in assets under management after becoming the third-fastest product to reach $100 million.
“We see tremendous opportunity in providing on-chain access to institutional-grade financial products on infrastructure purpose-built for stablecoins,” said TK Kwon, Co-founder of Theo. “Stable's architecture — with USDT as native gas and sub-second finality — solves critical friction points that have prevented wider adoption of tokenized assets.”
As part of the collaboration, Libeara will explore native minting infrastructure on Stable to ensure compliant issuance and ongoing operations for ULTRA and related products. 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.
“At Standard Chartered, we take immense pride in our role as a trusted custodian for our clients’ assets” said Margaret Harwood-Jones, Global Head of Financing and Securities Services at Standard Chartered. “Currently, the underlying portfolio of the ULTRA fund, sub-managed by Wellington Management, is custodied by Standard Chartered. We’re excited to be at the forefront of the digital asset evolution, helping to bridge traditional finance and blockchain infrastructure — ensuring that institutional-grade assets are securely managed, accessible, and future-ready.”
“Our approach to digital assets centers on disciplined risk management and institutional-grade execution,” said Mark Garabedian, Director, Digital Assets and Tokenization, Wellington Management. “We're supporting FundBridge’s efforts to expand access to fixed income strategies on-chain through Libeara, which prioritizes compliance, operational integrity, and accessibility for modern allocators.”
Stable is a Layer 1 blockchain designed for seamless financial transactions, powered by USDT as the native gas token. Its design prioritizes usability, reducing friction for end users by eliminating the need for volatile tokens for transaction fees, ideal for global digital payments, remittances, and cross-border transactions. Backed by Bitfinex, PayPal Ventures, Franklin Templeton, and other leading investors, Stable is building the financial rails for real-world scale. Learn more at stable.xyz.
For institutions interested in accessing ULTRA or building on Stable, visit stable.xyz or email partnerships@stable.xyz
Theo is an institutional-grade gateway connecting on-chain capital to global markets. Built by a team of ex-traders from industry-leading market makers and hedge funds, Theo prioritizes security, resiliency, and performance in enabling access to high-quality financial products. Theo raised $20 million in Series A funding led by Mirana Ventures, Hack VC and Anthos Capital with participation from leading venture capital firms and angels from Citadel, Jane Street, and J.P. Morgan. Learn more at theo.xyz.
Libeara is rebuilding capital markets on-chain through its compliance-first approach to the tokenisation of real-world assets. The company is backed by the innovation arm of Standard Chartered, SC Ventures, whose mission is to rewire the DNA of banking. To date, Libeara’s infrastructure has supported the tokenisation of more than US$1B in regulated assets —including the world’s highest-rated tokenised U.S. Treasury fund and Asia’s first tokenised retail money market fund. With multi-chain interoperability and institutional-grade security and governance, Libeara is scaling access to real-world assets the right way - transparent, regulated, and on-chain.
For more information, visit libeara.com.
Wellington Management is one of the world's largest independent investment management firms, serving as a trusted adviser to over 2,500 clients in more than 60 countries. The firm manages more than US$1.3 trillion, as of 30 September 2025, for pensions, endowments and foundations, insurers, family offices, fund sponsors, global wealth managers, and other clients. Wellington aspires to provide excellent service to clients through a unique combination of independence enabled by its distinctive private partnership model, diverse perspectives through its unified, multi-asset investment platform, and relentless curiosity and intellectual rigor fostered by its enduring collaborative culture. For more information, visit wellington.com.
Standard Chartered is a leading international banking group, with a presence in 52 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the Hong Kong SAR’s three note-issuing banks. Standard Chartered incorporated its Hong Kong business on 1 July 2004,and now operates as a licensed bank in Hong Kong under the name of Standard Chartered Bank (Hong Kong) Limited, a wholly owned subsidiary of Standard Chartered PLC.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.
FundBridge Capital connects capital sources with investment opportunities, acting as a trusted partner in the financial landscape. Established in 2017 and regulated by the Monetary Authority of Singapore, the firm specializes in launching and managing regulated funds for high-net-worth individuals and institutions. For more information, visit fundbridge.sg.
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2 comments
This is the kind of development that gives the community confidence. Real institutions, real products, real liquidity. Tokenized Treasuries with proper compliance and custody is exactly what the space needs.
Nice one