According to a recent LinkedIn post from Theo, the underlying fund for its thBILL product, ULTRA (Delta Wellington Ultra Short Treasury On-Chain Fund), has reportedly become the first tokenized fund to receive an AAA rating from S&P Global, upgraded to AAAf/S1+. The post also notes that this development is described as a landmark for the real-world asset, or RWA, segment and cites multiple partners involved in the structure.
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The post suggests that the S&P rating may validate the institutional-grade design of the infrastructure supporting thBILL on Theo and could help position the platform more favorably with risk-sensitive institutional investors. If sustained, such third-party recognition of credit quality and liquidity could support increased adoption of on-chain fixed income products, potentially driving higher assets under management and strengthening Theo’s competitive standing in tokenized treasury and RWA markets.