This $110 Trillion Market Will Replace Banks | Jeremy Ng

Open Eden, led by former Goldman Sachs executive Jeremy Ng, is building a regulated bridge between traditional finance and DeFi by tokenizing real-world assets like US Treasuries, enabling greater capital efficiency and reducing counterparty risk.

• Traditional finance is viewed as stagnant, driving innovation towards on-chain solutions.

• Open Eden creates a regulated, two-way bridge for tokenizing real-world assets between TradFi and DeFi.

• Strategic partnerships with BNY Mellon and Binance facilitate institutional adoption of tokenized assets and reduce counterparty risk.

Traditional finance is seen as stagnant and restrictive, prompting Jeremy Ng to transition into crypto and co-found Open Eden in 2022. The company aims to create a two-way bridge between TradFi and DeFi by tokenizing real-world assets, starting with US Treasury bills, to unlock liquidity and offer regulated, yield-bearing on-chain products. Open Eden's platform prioritizes regulatory compliance and robust risk management, securing partnerships with major institutions like BNY Mellon and Binance to drive wider institutional adoption of on-chain finance.

Jeremy Ng's Leap to Crypto

• 00:01:28 Jeremy Ng, with 20 years in traditional banking at firms like Goldman Sachs and Morgan Stanley, left in 2020 to enter the crypto space, driven by a desire for innovation beyond the stagnant products offered post-global financial crisis. He views crypto as 'the new future' and an opportunity to create 'open finance', despite making the move during a bear market, starting his journey by joining Gemini to establish their Asia business.

Open Eden's Core Approach

• 00:04:14 Open Eden was founded in early 2022 to be a two-directional bridge between traditional finance and DeFi, focusing on tokenization to bring traditional products on-chain. The company has developed a regulatory-compliant, end-to-end tokenization platform with licenses in Bermuda and BVI, a proprietary tech stack, and a vast distribution channel, onboarding nearly 250 institutional investors, allowing them to bring less risky products like US Treasury bills to the blockchain.

USDO and Its Unique Structure

• 00:09:10 Open Eden's USDO (Open Dollar) stablecoin is distinguished by its fully regulated issuer, licensed by the Bermuda Monetary Authority, and its structure as a bankruptcy-remote segregated account company (SAC). This SAC ring-fences assets and liabilities, ensuring the underlying collateral truly backs only the stablecoin holders. The collateral, regulated tokenized money market funds managed by BNY Mellon with Moody's and S&P ratings, is fully on-chain and offers real-time public verifiability via Chainlink, providing unprecedented transparency and trust.

Strategic Institutional Partnerships

• 00:12:28 Open Eden has forged significant partnerships with BNY Mellon, the world's largest custodian, and Binance. BNY Mellon serves as the custodian and investment manager for Open Eden's T-bill products, and Open Eden will also act as BNY Mellon's tokenization partner for bringing their own products on-chain. Additionally, USDO is the first yield-bearing collateral accepted by Binance for 'off-exchange collateral' solutions, allowing institutional clients to reduce counterparty risk and earn yield while trading, replicating traditional finance's risk management for crypto exchanges.