TheMonsoon Ledger

Pilot Scorecard

FundBridge Capital

Libeara, Wellington Management and FundBridge Capital said they would launch the Delta Wellington Ultra Short Treasury On-Chain Fund, a Singapore unit trust whose units are issued as tokens on Ethereum for accredited and institutional investors, with Arbitrum, Avalanche and Solana to follow.

Status
Live
Announced
(announcement)
Stage
Production (was Pilot)
Chain or network
Ethereum mainnet, Arbitrum One and Avalanche C-Chain
Participants
Wellington Management, Libeara, Standard Chartered
Next review

Scorecard

As of the review on . Changes since the previous review are marked. How pilots are scored

LedgerPermissioned tokens on a public chain
SettlementOff-ledger cash
AccessWhitelisted institutions or investors
Legal standingMirrors an off-ledger record
ScaleRepeat (was Single transaction)

What they said they would do

Decisions

  1. Expanded

    Theo announced a collaboration with Libeara and FundBridge Capital to provide infrastructure and distribution for ULTRA, through its thBILL product.

    Source: fundbridge.sg

  2. Expanded

    FundBridge Capital and Libeara launched INCOM, a second tokenised fund in the Delta Master Trust sub-advised by Wellington Management, investing in multi-sector income.

    Source: libeara.com

Review history

  1. Live Pilot

    The fund was set up in FundBridge's Delta Master Trust, with Wellington as sub-adviser and Standard Chartered as custodian, and its units issued as tokens on Ethereum for accredited and institutional investors. The release does not say whether the token is the legal unit register, so legal takes the less open value, twin.

    Evidence: libeara.com

  2. Live Pilot

    Wellington and FundBridge launched a second tokenised fund on the same platform and called ULTRA a successful launch with an AAAf rating. The release gives no ULTRA volumes, so scale stays single.

    Evidence: libeara.com

  3. Live Production

    ULTRA contracts exist on Ethereum, Arbitrum and Avalanche; none was found on Solana, so claim 0 stays open. The Ethereum contract shows mints in February, April, May, June and September 2026 and regular redemptions, with about 797,543 units across five holders. Scale moves to repeat and, as an open-ended fund with no end date, stage moves to production.

    Evidence: etherscan.io, arbiscan.io, snowtrace.io, fundbridge.sg

Contracts

What was announced

Libeara, a tokenisation platform backed by SC Ventures, Standard Chartered’s venture arm, announced with Wellington Management and FundBridge Capital the Delta Wellington Ultra Short Treasury On-Chain Fund, known as ULTRA. The fund invests in short-dated US Treasuries. It sits in the Delta Master Trust, an umbrella unit trust set up by FundBridge, a Singapore fund manager holding a Capital Markets Services licence from the Monetary Authority of Singapore. Wellington is sub-adviser and Standard Chartered Bank is custodian. The units were deployed first on Ethereum mainnet for accredited and institutional investors, with subscriptions in USDC or fiat. The release said the units would “soon” be available on Arbitrum, Avalanche and Solana. Libeara’s page carries a publication date of 22 October 2024; press coverage of the launch is dated 30 October.

How it works

Libeara’s Delta platform handles subscription, issuance, transfer and redemption of the tokenised units. FundBridge’s application to the Arbitrum Foundation, dated March 2025, says investors complete onboarding with the manager before their wallets are whitelisted, that the minimum investment is US$200,000, and that the administrator keeps an offchain copy of the unitholder register. That points to the token as the register, but the trust deed is not public, so the rubric records the less open twin. Whitelisted wallets on public chains give public-permissioned and whitelisted. USDC subscriptions pass through an on- and off-ramp provider, so the fund’s cash leg is in dollars and settlement is offchain.

Record so far

In July 2025 Theo announced a collaboration with Libeara and FundBridge to provide infrastructure and distribution for ULTRA through its thBILL product. On 4 August 2026 FundBridge and Libeara launched INCOM, a second Delta Master Trust fund sub-advised by Wellington; the release calls ULTRA AAAf-rated.

On 26 October 2026 the token contracts were live on Ethereum, Arbitrum One and Avalanche. No Solana deployment was found, so the claim stays open. On Ethereum, about 797,543 units sat with five holders, with mints in five months of 2026 and redemptions throughout, including a mint of 25 million units on 4 September 2026 and a redemption of about the same size on 9 September. Regular flow moves scale to repeat, and an open-ended fund with no end date moves the stage to production.

For Ethereum

ULTRA’s units are ERC-20 tokens behind an upgradeable proxy on Ethereum mainnet, with copies on Arbitrum One and Avalanche, and transfers limited to whitelisted wallets. Unlike the DigiFT funds, the tokens are the fund’s own units issued by its manager, and the administrator keeps an offchain copy of the register. Redemptions are requested and completed in the contract itself (requestRedemption, then completeRedemptions).

What to watch

The trust deed or a FundBridge statement on which record is legally binding would settle legal. A Solana deployment would meet claim 0.