---
title: "Theo thBILL (thBILL) Stablecoin Analytics"
canonical: "https://pharos.watch/stablecoin/thbill-theo/"
description: "Build-time stablecoin profile for Theo thBILL (thBILL). Live price, supply, peg, liquidity, and flow data are served by the Pharos API."
dateModified: "2026-05-15"
---



# Theo thBILL (thBILL)

**Peg:** US Dollar

**Backing:** Real-World Asset Backed

**Governance:** Centralized (CeFi)

**Status:** active

## Overview

a three-entity, two-wrapper path from token to bond, backed by Standard Chartered Libeara's ULTRA fund managed by Wellington. Theo's thBILL is 100% backed by tULTRA, which wraps Standard Chartered Libeara's ULTRA fund, which holds actual U.S. {{term:treasury}}Treasury{{/term}} bills as a tokenized {{term:money-market-fund}}money-market fund{{/term}} managed by Wellington Management — three entities and two wrappers between your token and a government bond. The Panama-incorporated structure with single-entity governance and no published proof of reserves contrasts sharply with the Ankura-{{term:attestation}}attestation{{/term}}-backed mTBILL and E&Y-audited USTB it competes against, though Standard Chartered's {{term:custody}}custody{{/term}} and Wellington's management provide institutional ballast at the bottom of the stack. The {{term:rwa}}RWA{{/term}} collateral quality and institutional-regulated custody classification acknowledge what's actually holding the assets, even if the wrapper depth adds layers of operational risk that the T-bill label might obscure. Deployed across four chains with KYC-gated minting and T+4 settlement on underlying collateral, thBILL has found its niche among institutional investors who want T-bill exposure without caring too much about how many wrappers sit between them and the bonds.

## Collateral

Basket of institutional-grade tokenized U.S. Treasury bills; currently 100% tULTRA, a wrapped representation of Standard Chartered Libeara's ULTRA fund (Delta Wellington Ultra Short Treasury On-Chain Fund), managed by Wellington Management, custodied by Standard Chartered, fund administration by FundBridge Capital

## Peg Mechanism

NAV-accreting token (not pegged to $1); price launched at ~$1.00 and appreciates as T-bill yield accrues; KYC-gated mint/redemption processed instantly in USDC, underlying collateral settled within T+4 business days; restricted to institutional and non-U.S. accredited investors

## Jurisdiction

| Country | Regulator | License |
| --- | --- | --- |
| Panama | N/A | N/A |

## Contracts

| Chain | Address | Decimals |
| --- | --- | --- |
| ethereum | `0x5fa487bca6158c64046b2813623e20755091da0b` | 6 |
| arbitrum | `0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a` | 6 |
| base | `0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a` | 6 |
| hyperevm | `0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a` | 6 |

## Live Data

Real-time price, supply, peg score, liquidity, and flow data live at https://api.pharos.watch/api/stablecoin/thbill-theo.