Theo Short Duration US Treasury Fund

thBILL is an asset issued by Theo that bundles institutional-grade tokenized US Treasury bill products into a single token. According to Theo, thBILL is backed by a wrapper called tULTRA, which is backed one-to-one by units of a fund called ULTRA. ULTRA is a Singapore-registered investment fund (unit trust) that invests in short-term Treasury bills, repo transactions and cash reserves; it is managed by FundBridge Capital and Wellington Management, held in custody by Standard Chartered and subject to regulation by the Monetary Authority of Singapore.

The token launched in 2025. Its main version is on Ethereum; it can be moved to Arbitrum, Base and HyperEVM using LayerZero infrastructure, and its CoinGecko listing also includes an address on the Stable network. thBILL is designed to be usable on DeFi platforms such as Morpho, Pendle and Hyperliquid. The yield depends on the Treasury bill interest earned by the underlying fund and is reflected in the value of the token.

thBILL is not a stablecoin but a tokenized product based on fund units; its secondary market price can deviate from the unit value of the underlying fund, and the wrapper structure carries additional smart contract risk. On Lzzo.com it is tracked using DefiLlama's US dollar reference price.