Institutional execution, now with broader stablecoin access and reduced friction.

Today we're announcing a partnership with Zodia Markets, the institutional digital asset exchange backed by Standard Chartered, as the execution partner for trades into and out of ULTRA, the underlying fund powering thBILL.

This integration addresses two of the most common friction points we hear from institutional users: stablecoin flexibility and transaction costs.

What's Changing

USDT Minting and Redemption

Until now, thBILL minting and redemption has been limited to USDC, but USDT is the largest stablecoin by market cap. Supporting only one rail meant constraining the pool of capital that could access the product.

With Zodia Markets handling execution, thBILL now supports both USDC and USDT. No wrappers, no extra conversion steps. Institutional users can mint and redeem using whichever stablecoin fits their existing workflows.

Lower Execution Costs

By routing execution through Zodia Markets, we expect to reduce transaction costs by approximately 30–50%. For institutions operating at meaningful scale, this is a material improvement; especially for those actively managing allocations and rebalancing positions.

Lower execution costs also make thBILL more competitive as a treasury management tool, reducing the drag on short-duration yield strategies.

Why Zodia Markets

Zodia Markets is purpose-built for institutional digital asset trading. Backed by Standard Chartered, they bring the compliance framework, liquidity infrastructure, and operational reliability that institutional participants require.

This partnership extends our existing relationship with Standard Chartered's ecosystem. Libeara, Standard Chartered's digital asset tokenization platform, continues to serve as a key infrastructure partner, supporting the issuance and tokenization layer underlying thBILL.

thBILL Today

thBILL has grown into one of the leading tokenized Treasury products in market:

• $100M+ in total value locked

• $1B+ in cumulative trading volume

• AAA/S1+ rated underlying fund (ULTRA)

• 15+ integrations across DeFi: including Morpho, Pendle, and Hyperliquid

• Available globally

  
  

The Zodia partnership is the latest step in making thBILL the most accessible, cost-efficient tokenized Treasury product available for both crypto-native and traditional institutional participants.

What's Next

We're continuing to invest in reducing friction at every layer of the stack, from tokenization to execution to distribution. More stablecoin rails, more integrations, more markets.

If you're an institution looking to access tokenized Treasuries with institutional-grade execution, reach out at theo.xyz or contact our team directly.