# Theo Short Duration US Treasury Fund (thBILL)

<https://galactic.inc/analytics/thbill/>

Data block: 26,238,003 (2026-10-21 02:32 UTC)

[Theo](https://www.theo.xyz/) · Treasuries · Ethereum
- Price: $1.0406
- Market cap: $31.15M
- Supply: 29,932,239.01
- Holder addresses: 281
- Top 10 share: 99.9%
- Transfer volume (30d): $6.82M

Theo Short Duration US Treasury Fund (thBILL) is a tokenized basket of institutional-grade U.S. Treasury bills sourced from regulated issuers and optimized for consistent performance. On Ethereum it has a supply of 29,932,239.01 tokens held by 281 addresses, for a market cap of $31.15M at block 26,238,003.

## Price sources

| Source | Value | Type | Estimated | Link | As of |
|---|---|---|---|---|---|
| thBILL vault rate (ERC-4626) | $1.0401 | On-chain read | No | [etherscan.io](https://etherscan.io/address/0x5fa487bca6158c64046b2813623e20755091da0b) | 2026-10-21 |
| RWA.xyz | $1.0163 | Third party | No | [app.rwa.xyz](https://app.rwa.xyz/assets/thBILL) | 2026-10-21 |

## Backing

Report date: 2026-10-16

### Token supply vs reported

| Comparison | Token supply | Reported | Gap | Ratio |
|---|---|---|---|---|
| Ethereum supply vs Ethereum supply reported by RWA.xyz | 29,932,239.012 | 29,932,237.545 | +1.467 | 1.0000 |
| Ethereum market cap vs total asset value reported by RWA.xyz (all chains) | $31.15M | $32.46M | −$1.31M | 0.9596 |

### Token supply

| Ethereum, block 26,238,003 | thBILL |
|---|---|
| Tokens outstanding | 29,932,239.01 |
| Market cap (Ethereum) | $31.15M |

### Reported assets

| [RWA.xyz](https://app.rwa.xyz/assets/thBILL) | Reported |
|---|---|
| Total asset value (all chains) | [$32.46M](https://app.rwa.xyz/assets/thBILL) |
| Tokens outstanding (all chains) | [31,215,119.44 thBILL](https://app.rwa.xyz/assets/thBILL) |
| Ethereum supply | [29,932,237.55 thBILL](https://app.rwa.xyz/assets/thBILL) |
| NAV per token | [$1.0398](https://app.rwa.xyz/assets/thBILL) |
| Networks | [2](https://app.rwa.xyz/assets/thBILL) |

## Key facts

- **Issuer:** [Theo](https://www.theo.xyz/)
- **Category:** Treasuries
- **Chains:** Ethereum
- **Deployed:** 2025-07-22
- **Transfers (30d):** 58
- **Transfer volume (30d):** $6.82M
- **Data block:** [26,238,003](https://etherscan.io/block/26238003)

## Contract control

| Holder | Roles | Type | Key use | Last rotated |
|---|---|---|---|---|
| **Ethereum** |  |  |  |  |
| [0x2bb4…ca02](https://etherscan.io/address/0x2bb4b7e6e83fa6b77d0143dad631843cb73dca02) | Upgrade admin, Admin | Timelock 48h | Dedicated | [2026-05-14](https://etherscan.io/tx/0xe39d22a007ddd68a6d1e7f351652e83e14edab8169f89f5f1bff0730322dc1de) (159 days ago)Rotations in past 24 months: 2 · Within 12 months: Yes |
| [0x9487…1295](https://etherscan.io/address/0x94877640dd9e6f1e3cb56bf7b5665b7152601295) | Timelock proposer | Multisig 4/6 | Dedicated | Signers last changed: 2026-05-08 |

## Role history

| Role | Key | Type | Added | Days held | Granted by | Other assets |
|---|---|---|---|---|---|---|
| **Ethereum** |  |  |  |  |  |  |
| Admin | [0x2bb4…ca02](https://etherscan.io/address/0x2bb4b7e6e83fa6b77d0143dad631843cb73dca02) | Timelock | [2026-05-12](https://etherscan.io/tx/0xaee837cec659a2728c83297782e2fa2c4992679445f430d4634d3848e7deff35) | 161 | [0x9487…1295](https://etherscan.io/address/0x94877640dd9e6f1e3cb56bf7b5665b7152601295) | — |
| Multisig signer 0x9487…1295 | [0x97f6…8a82](https://etherscan.io/address/0x97f60fb70003fcf9ede0a7648f56fb44b19f8a82) | Single key | [2026-05-08](https://etherscan.io/tx/0xf84f880951fa2fd0021d8650ad832badb2970317cdc6730137529873eaeca794) | 165 | [0x9487…1295](https://etherscan.io/address/0x94877640dd9e6f1e3cb56bf7b5665b7152601295) | — |
| Multisig signer 0x9487…1295 | [0x12eb…9396](https://etherscan.io/address/0x12eb20b24dafaa2c832e414540256a192dad9396) | Single key | [2026-03-31](https://etherscan.io/tx/0x0b8b17a45c13aff55898ca1bcf66829df9a04c8ef8f33871cfd50dc805bc8930) | 203 | [0x9487…1295](https://etherscan.io/address/0x94877640dd9e6f1e3cb56bf7b5665b7152601295) | — |
| Multisig signer 0x9487…1295 | [0x895f…b470](https://etherscan.io/address/0x895f7c37067f361f995cea9a8282a97bcea0b470) | Single key | [2025-07-22](https://etherscan.io/tx/0x7f398d67b93f79ec6a227aac997598faedf677e8fc53811dfd06c169eebd08cc) | 455 | [0x4e1d…ec67](https://etherscan.io/address/0x4e1dcf7ad4e460cfd30791ccc4f9c8a4f820ec67) | — |
| Multisig signer 0x9487…1295 | [0x7afb…d94a](https://etherscan.io/address/0x7afb1d3308d22639f1ce698a2985cbf22f96d94a) | Single key | [2025-07-22](https://etherscan.io/tx/0x7f398d67b93f79ec6a227aac997598faedf677e8fc53811dfd06c169eebd08cc) | 455 | [0x4e1d…ec67](https://etherscan.io/address/0x4e1dcf7ad4e460cfd30791ccc4f9c8a4f820ec67) | — |
| Multisig signer 0x9487…1295 | [0x5c1e…150b](https://etherscan.io/address/0x5c1ea222e881d8073e0f7f7e8eb7d87e540f150b) | Single key | [2025-07-22](https://etherscan.io/tx/0x7f398d67b93f79ec6a227aac997598faedf677e8fc53811dfd06c169eebd08cc) | 455 | [0x4e1d…ec67](https://etherscan.io/address/0x4e1dcf7ad4e460cfd30791ccc4f9c8a4f820ec67) | — |
| Multisig signer 0x9487…1295 | [0xb7cc…2179](https://etherscan.io/address/0xb7cc305117fc27fb28f8dec84f1eae51c9572179) | Single key | [2025-07-22](https://etherscan.io/tx/0x7f398d67b93f79ec6a227aac997598faedf677e8fc53811dfd06c169eebd08cc) | 455 | [0x4e1d…ec67](https://etherscan.io/address/0x4e1dcf7ad4e460cfd30791ccc4f9c8a4f820ec67) | — |
| Signing threshold 0x9487…1295 | Threshold: 4 | — | [2026-05-08](https://etherscan.io/tx/0xf84f880951fa2fd0021d8650ad832badb2970317cdc6730137529873eaeca794) | 165 | — | — |
| Timelock proposer 0x2bb4…ca02 | [0x9487…1295](https://etherscan.io/address/0x94877640dd9e6f1e3cb56bf7b5665b7152601295) | Multisig | [2026-05-07](https://etherscan.io/tx/0xddc817a6322e53d2553a46ff4071c50d61a1e9720d54ee3d7a745d376f354928) | 166 | [0x89f3…0071](https://etherscan.io/address/0x89f3344cc1139b9582b84b461a4af15868d40071) | — |
| Timelock executor 0x2bb4…ca02 | [0x9487…1295](https://etherscan.io/address/0x94877640dd9e6f1e3cb56bf7b5665b7152601295) | Multisig | [2026-05-07](https://etherscan.io/tx/0xddc817a6322e53d2553a46ff4071c50d61a1e9720d54ee3d7a745d376f354928) | 166 | [0x89f3…0071](https://etherscan.io/address/0x89f3344cc1139b9582b84b461a4af15868d40071) | — |

**Past holders (3)**

| Role | Key | Type | Added | Removed | Days held | Granted by | Other assets |
|---|---|---|---|---|---|---|---|
| **Ethereum** |  |  |  |  |  |  |  |
| Admin | [0x64de…f49c](https://etherscan.io/address/0x64defac2fc320c8194af86e4987bba26f0c2f49c) | Single key | [2025-07-22](https://etherscan.io/tx/0x403da6aa0a40440e114e1da08e3396beffd0dfadb47ad9beeb6fa93c23c5189f) | [2025-07-23](https://etherscan.io/tx/0x9219ca4203ced26436d1ba578af7f30c4a2dc093c24928fbb6484bdef2e78e0f) | 1 | [0x64de…f49c](https://etherscan.io/address/0x64defac2fc320c8194af86e4987bba26f0c2f49c) | — |
| Admin | [0x9487…1295](https://etherscan.io/address/0x94877640dd9e6f1e3cb56bf7b5665b7152601295) | Multisig | [2025-07-22](https://etherscan.io/tx/0x337fab4c027d3d640d98dfd8ac8be030970de7ab14112dfacb8991f84390c46e) | [2026-05-14](https://etherscan.io/tx/0xe39d22a007ddd68a6d1e7f351652e83e14edab8169f89f5f1bff0730322dc1de) | 296 | [0x64de…f49c](https://etherscan.io/address/0x64defac2fc320c8194af86e4987bba26f0c2f49c) | — |
| Signing threshold 0x9487…1295 | Threshold: 3 | — | [2025-07-22](https://etherscan.io/tx/0x7f398d67b93f79ec6a227aac997598faedf677e8fc53811dfd06c169eebd08cc) | [2026-05-08](https://etherscan.io/tx/0xf84f880951fa2fd0021d8650ad832badb2970317cdc6730137529873eaeca794) | 290 | [0x4e1d…ec67](https://etherscan.io/address/0x4e1dcf7ad4e460cfd30791ccc4f9c8a4f820ec67) | — |

## Change log

| Time (UTC) | Network | Event | Details | Transaction |
|---|---|---|---|---|
| 2026-05-14 15:10:59 | Ethereum | Role revoked | DEFAULT_ADMIN_ROLE · 0x9487…1295 | [0xe39d…c1de](https://etherscan.io/tx/0xe39d22a007ddd68a6d1e7f351652e83e14edab8169f89f5f1bff0730322dc1de) |
| 2026-05-14 14:57:59 | Ethereum | Timelock delay changed | 18h → 48h | [0x3d09…d09c](https://etherscan.io/tx/0x3d09d68812a9f82bff666d1bd62bab20e0d510f2c827700933103857566dd09c) |
| 2026-05-14 14:57:59 | Ethereum | Role granted | CANCELLER_ROLE · 0x7afb…d94a | [0x3d09…d09c](https://etherscan.io/tx/0x3d09d68812a9f82bff666d1bd62bab20e0d510f2c827700933103857566dd09c) |
| 2026-05-14 14:57:59 | Ethereum | Role revoked | DEFAULT_ADMIN_ROLE · 0x9487…1295 | [0x3d09…d09c](https://etherscan.io/tx/0x3d09d68812a9f82bff666d1bd62bab20e0d510f2c827700933103857566dd09c) |
| 2026-05-12 19:05:47 | Ethereum | Role granted | DEFAULT_ADMIN_ROLE · 0x2bb4…ca02 | [0xaee8…ff35](https://etherscan.io/tx/0xaee837cec659a2728c83297782e2fa2c4992679445f430d4634d3848e7deff35) |
| 2026-05-08 16:49:35 | Ethereum | Threshold changed | Threshold: 4 | [0xf84f…a794](https://etherscan.io/tx/0xf84f880951fa2fd0021d8650ad832badb2970317cdc6730137529873eaeca794) |
| 2026-05-08 16:49:35 | Ethereum | Signer added | 0x97f6…8a82 | [0xf84f…a794](https://etherscan.io/tx/0xf84f880951fa2fd0021d8650ad832badb2970317cdc6730137529873eaeca794) |
| 2026-05-07 22:37:47 | Ethereum | Timelock delay changed | 0h → 18h | [0xddc8…4928](https://etherscan.io/tx/0xddc817a6322e53d2553a46ff4071c50d61a1e9720d54ee3d7a745d376f354928) |
| 2026-05-07 22:37:47 | Ethereum | Role granted | EXECUTOR_ROLE · 0x9487…1295 | [0xddc8…4928](https://etherscan.io/tx/0xddc817a6322e53d2553a46ff4071c50d61a1e9720d54ee3d7a745d376f354928) |
| 2026-05-07 22:37:47 | Ethereum | Role granted | CANCELLER_ROLE · 0x9487…1295 | [0xddc8…4928](https://etherscan.io/tx/0xddc817a6322e53d2553a46ff4071c50d61a1e9720d54ee3d7a745d376f354928) |

**Show 10 earlier events**

| Time (UTC) | Network | Event | Details | Transaction |
|---|---|---|---|---|
| 2026-05-07 22:37:47 | Ethereum | Role granted | PROPOSER_ROLE · 0x9487…1295 | [0xddc8…4928](https://etherscan.io/tx/0xddc817a6322e53d2553a46ff4071c50d61a1e9720d54ee3d7a745d376f354928) |
| 2026-05-07 22:37:47 | Ethereum | Role granted | DEFAULT_ADMIN_ROLE · 0x9487…1295 | [0xddc8…4928](https://etherscan.io/tx/0xddc817a6322e53d2553a46ff4071c50d61a1e9720d54ee3d7a745d376f354928) |
| 2026-05-07 22:37:47 | Ethereum | Role granted | DEFAULT_ADMIN_ROLE · 0x2bb4…ca02 | [0xddc8…4928](https://etherscan.io/tx/0xddc817a6322e53d2553a46ff4071c50d61a1e9720d54ee3d7a745d376f354928) |
| 2026-03-31 18:19:23 | Ethereum | Signer added | 0x12eb…9396 | [0x0b8b…8930](https://etherscan.io/tx/0x0b8b17a45c13aff55898ca1bcf66829df9a04c8ef8f33871cfd50dc805bc8930) |
| 2025-07-23 15:53:59 | Ethereum | Role granted | 0xbf23…4b26 · 0x7afb…d94a | [0x9219…8e0f](https://etherscan.io/tx/0x9219ca4203ced26436d1ba578af7f30c4a2dc093c24928fbb6484bdef2e78e0f) |
| 2025-07-23 15:53:59 | Ethereum | Role revoked | DEFAULT_ADMIN_ROLE · 0x64de…f49c | [0x9219…8e0f](https://etherscan.io/tx/0x9219ca4203ced26436d1ba578af7f30c4a2dc093c24928fbb6484bdef2e78e0f) |
| 2025-07-22 20:05:35 | Ethereum | Role granted | DEFAULT_ADMIN_ROLE · 0x9487…1295 | [0x337f…c46e](https://etherscan.io/tx/0x337fab4c027d3d640d98dfd8ac8be030970de7ab14112dfacb8991f84390c46e) |
| 2025-07-22 20:05:35 | Ethereum | Role granted | DEFAULT_ADMIN_ROLE · 0x64de…f49c | [0x403d…189f](https://etherscan.io/tx/0x403da6aa0a40440e114e1da08e3396beffd0dfadb47ad9beeb6fa93c23c5189f) |
| 2025-07-22 20:05:35 | Ethereum | Implementation upgraded | 0x3254…a519 | [0x403d…189f](https://etherscan.io/tx/0x403da6aa0a40440e114e1da08e3396beffd0dfadb47ad9beeb6fa93c23c5189f) |
| 2025-07-22 18:21:47 | Ethereum | Multisig set up | Signers: 4 · threshold: 3 | [0x7f39…08cc](https://etherscan.io/tx/0x7f398d67b93f79ec6a227aac997598faedf677e8fc53811dfd06c169eebd08cc) |

## Leadership

- [Abhi Pingle](https://galactic.inc/analytics/people/abhi-pingle/) · Co-Founder
- [Arijit Pingle](https://galactic.inc/analytics/people/arijit-pingle/) · Co-Founder
- [TK Kwon](https://galactic.inc/analytics/people/tk-kwon/) · Co-Founder

## Contracts

| Address | Asset |  |
|---|---|---|
| [0x5fa487bca6158c64046b2813623e20755091da0b](https://galactic.inc/analytics/thbill/ethereum/0x5fa487bca6158c64046b2813623e20755091da0b/) | Theo Short Duration US Treasury Fund thBILL | [Etherscan](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b) |

## Top 10 holders

| # | Address | Balance |
|---|---|---|
| 1 | [0xec417ccb6dd26868cca993a92f37217b1d4b3c2f](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b?a=0xec417ccb6dd26868cca993a92f37217b1d4b3c2f) | 28,229,997.05 |
| 2 | [0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b?a=0xfdd22ce6d1f66bc0ec89b20bf16ccb6670f55a5a) | 1,645,778.54 |
| 3 | [0x790b3739f777c40136ed9b89d94b83747fdb0d77](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b?a=0x790b3739f777c40136ed9b89d94b83747fdb0d77) | 21,868.00 |
| 4 | [0x224c5b57e2aba4f095734d74472e1ea23d24be6c](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b?a=0x224c5b57e2aba4f095734d74472e1ea23d24be6c) | 3,149.46 |
| 5 | [0x912238f61c46588b1634b6d85a2b8bf2b2615244](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b?a=0x912238f61c46588b1634b6d85a2b8bf2b2615244) | 2,475.91 |
| 6 | [0xbe776a70fe8192dac164e58c47b136ed1b791f13](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b?a=0xbe776a70fe8192dac164e58c47b136ed1b791f13) | 2,425.12 |
| 7 | [0x1c8d29f13966119219eb9ed4601e5e7215b2444c](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b?a=0x1c8d29f13966119219eb9ed4601e5e7215b2444c) | 2,265.30 |
| 8 | [0x240eb7c05e69bc5c6e3c72f11ecdd00659e6597b](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b?a=0x240eb7c05e69bc5c6e3c72f11ecdd00659e6597b) | 2,204.88 |
| 9 | [0xfbf10652318528f661c0484a3a5da57537de253e](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b?a=0xfbf10652318528f661c0484a3a5da57537de253e) | 2,126.29 |
| 10 | [0x030397376176510a191114ea238a9750df904887](https://etherscan.io/token/0x5fa487bca6158c64046b2813623e20755091da0b?a=0x030397376176510a191114ea238a9750df904887) | 1,965.25 |

## Frequently asked questions

**What is thBILL?**

thBILL is a basket of institutional-grade tokenized U.S. Treasury bills sourced from regulated issuers. It functions as a foundational, yield-bearing component within the Theo ecosystem.

**Who issues thBILL?**

The issuer of thBILL is Theo.

**How is the thBILL price on this page determined?**

The price is derived from the thBILL ERC-4626 convertToAssets(1 share) function.

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