Archax's GOVY token brings US Treasury bills on-chain without a fund wrapper

Archax launches GOVY as a perpetual Treasury token

Archax, the United Kingdom and European Union regulated digital asset platform, launched GOVY on 17 June 2026. GOVY is a tokenised, perpetual United States Treasury Bill (T-Bill) product built to align with high-quality liquid assets (HQLA) Level 1 principles. It gives professional and institutional investors exposure to continuously rolling, short-dated US government securities. The token carries embedded on-chain settlement, custody and delivery rights, and needs no active management from the investor. The product combines blockchain smart contracts, which give instant settlement and 24/7 availability, with institutional requirements such as legal enforceability and regulated custody. Archax describes GOVY as the first 24/7, perpetual T-Bill token aligned with these principles.

GOVY gives holders direct legal ownership of the bills

Each GOVY token represents direct legal ownership of the underlying short-dated T-Bills, which Archax holds 1:1 in regulated custody. Legal title sits in an insolvency-remote nominee vehicle under UK trust law, not in a fund or special purpose vehicle (SPV). Title sits with the nominee, not the issuer, which gives clients structural protection if Archax fails. US Treasuries count as Level 1 HQLA, while money market fund shares do not. For banks and regulated financial institutions, that gap can affect liquidity treatment, collateral eligibility, balance-sheet efficiency and regulatory capital. GOVY aims to preserve the treatment of direct Treasury ownership, while adding round-the-clock settlement and transferability.

"$GOVY brings together the safety and familiarity of US T-Bills with the operational advantages of tokenisation.", 17 June 2026. — Graham Rodford, CEO and co-founder, Archax

GOVY inverts the typical tokenised fund structure

Most tokenised Treasury products place a fund wrapper between the investor and the asset, so holders own fund shares. GOVY inverts that model and makes the token the ownership and transfer layer over the bills themselves. Rather than owning shares in a fund, investors keep a beneficial entitlement to the underlying Treasury Bills. The design uses Archax's patent-pending 'pool token' technology, which provides single-token access to rolling T-Bills. Holders can 'open' the token to take delivery of the specific bills they own at any time.

Auto-rolling structure replaces maturing bills automatically

As each T-Bill matures, GOVY automatically replaces it with the next equivalent short-dated instrument. This gives perpetual exposure and removes the operational complexity of managing maturing T-Bill positions. Investors subscribe through an Archax brokerage account or from whitelisted wallets using eligible stablecoins. They can redeem GOVY for stablecoins or take delivery of the underlying T-Bill at any time.

GOVY issues on three blockchains under FCA rules

GOVY is initially available to non-US investors and issues on Ethereum, Hedera and Stellar, with support for further blockchains planned. Northern Trust provides custody of the underlying US T-Bills, while Archax acts as the regulated digital asset custodian for the tokens. Archax is authorised by the UK Financial Conduct Authority (FCA) to custody both traditional and tokenised securities. Although the product follows FCA regulations, it is available outside the United Kingdom. The firm plans to follow the launch with GBP and EUR versions across other tenors.

Stablecoins settle GOVY subscriptions and redemptions

Investors fund and exit GOVY positions with stablecoins rather than traditional banking rails. USDC traded at $1.00 at the time of publication, with a market capitalisation near $74.9 billion (NewsFlash, 19 June 2026). Stablecoin settlement lets the token transfer and settle around the clock, outside standard T-Bill settlement cycles.

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