thBILL is a tokenized index of institutional-grade U.S. Treasury bill products — short-duration Treasury yield in a single composable ERC-20 token.
What Backs It
thBILL holds tULTRA, a Theo wrapper backed 1:1 by shares of the ULTRA fund. ULTRA is a Singapore-registered unit trust investing in short-duration Treasuries, repos, and cash reserves. Managed by FundBridge Capital and Wellington Management, custodied by Standard Chartered, regulated by the Monetary Authority of Singapore. The ULTRA fund is rated AAA/S1+.
thBILL is an index token (iToken) — designed to expand as new tokenized Treasury products are added, with composition enforced at the contract level.
How to Access
Secondary market (no whitelisting needed): Buy and sell on DeFi venues including Morpho, Pendle, and Hyperliquid.
Minting and redemption (whitelisting required): Accepts USDC or USDT via Zodia Markets¹. Settlement ~4 business days. To request access, contact the Theo sales team via "Get in Touch" on theo.xyz.
NAV vs Market Price
On secondary markets, thBILL's trading price may differ slightly from net asset value. This is standard for all tokenized Treasury products — same as ETFs trading at a small premium or discount. Authorized Participants arbitrage meaningful spreads to keep the price anchored to NAV. A small deviation on a DEX does not indicate a problem with the product.
Chains
Ethereum (primary), Arbitrum, Base, HyperEVM — via LayerZero OFT.
¹ Zodia Markets is the trading name of Zodia Markets (Jersey) Limited.