Stable and Theo Anchor $100M+ in Tokenized U.S. Treasury Fund ULTRA

Stable and Theo have jointly committed over $100 million to the Delta Wellington Ultra Short Treasury On-Chain Fund (ULTRA), a tokenized U.S. Treasury fund managed by FundBridge Capital and Wellington Management, powered by tokenization platform Libeara.

Stable, a blockchain purpose-built for stablecoins, and Theo, a full-stack platform linking on-chain capital to global markets, are bringing significant institutional capital to one of the first AAA-rated tokenized Treasury strategies. The fund carries a rare AAA rating from Particula, a digital assets rating and risk monitoring firm, and represents a milestone in making institutional-grade U.S. Treasury strategies accessible on-chain via Stable’s USDT-powered stablechain.

The capital infusion provides ULTRA with immediate liquidity, enabling institutional investors to access short-duration U.S. Treasury bills in tokenized form. This move highlights sustained institutional interest in tokenizing traditional assets—a trend projected to grow to $10 trillion by 2030 under base-case scenarios.

Theo’s thBILL token gives investors seamless on-chain exposure to ULTRA’s Treasury strategy, while Libeara ensures regulatory compliance through its tokenization infrastructure. The fund also benefits from Wellington Management’s investment leadership, FundBridge Capital’s fund expertise, and secure custody services provided by Standard Chartered (STAN), whose SC Ventures backs Libeara’s platform.

Brian Mehler, CEO of Stable, emphasized the significance of the partnership:
“We designed Stable to serve as foundational financial infrastructure that institutions can confidently build upon and scale. Launching with Libeara, Wellington Management, and Theo opens doors to institutional products that were previously out of reach on-chain, connecting stablecoin networks with real-world financial systems.”

Theo co-founder TK Kwon noted the technical advantages of the collaboration:
“Stable’s architecture, with USDT as native gas and sub-second finality, removes key barriers to tokenized asset adoption, fueling rapid growth for products like thBILL.”

Theo’s thBILL has grown quickly, surpassing $200 million in assets under management after becoming the third-fastest tokenized Treasury product to reach $100 million. Meanwhile, Libeara’s infrastructure already supports over $1 billion in compliant tokenized assets globally.

Aaron Gwak, Founder & CEO of Libeara, highlighted the importance of compliance-first infrastructure for institutional adoption:
“Tokenization redefines access, but institutional adoption requires secure, battle-tested technology. Libeara provides a compliant, native layer that bridges products like ULTRA onto public blockchains, ensuring regulatory credibility and seamless operations from day one.”