ULTRA Fund
thBILL's primary underlying. A tokenized money market fund investing in short-duration U.S. Treasuries, repos, and cash.
Rating: AAA/S1+
Fund manager: FundBridge Capital
Investment manager: Wellington Management
Custodian: Standard Chartered Bank
Regulator: Monetary Authority of Singapore
Structure: Singapore-registered unit trust
Tokenization: Libeara (Standard Chartered's SC Ventures)
Each tULTRA token (Theo's wrapper) is backed 1:1 by a share of ULTRA.
Index Token Design
thBILL is an iToken — a basket of tokenized Treasury products, not a single fund. At launch, the basket holds only tULTRA. Additional tokenized Treasury products can be added over time, with composition ratios enforced on-chain via oracles calculating weighted NAV.
Every unit of thBILL is always fully collateralized by the appropriate quantities of each underlying token.
Execution
Zodia Markets¹ handles execution for minting and redemption, supporting USDC and USDT. This integration reduces transaction costs by ~30–50% versus previous routes.
¹ Zodia Markets is the trading name of Zodia Markets (Jersey) Limited.