ULTRA Fund
A tokenized money market fund investing in short-duration U.S. Treasuries, repos, and cash. Held in thBILL via tULTRA.
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.
FILQ Fund
Fidelity International's tokenized USD liquidity fund, added to thBILL in June 2026. Held alongside tULTRA in the same onchain basket.
Rating: Aaa-mf (Moody's), assessed at launch
Investment manager: Fidelity International
Sourcing / access: Sygnum
Onchain data: NAV and key metrics published via Chainlink
Index Token Design
thBILL is an iToken — a basket of tokenized Treasury products, not a single fund. The basket holds tULTRA and FILQ, with composition ratios enforced onchain via oracles calculating weighted NAV. Additional tokenized Treasury products can be added over time.
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.