- Bitfinex Securities partners with NexBridge to bring the US Treasury bill token to El Salvador.
- USTBL leverages Liquid Network's Bitcoin technology and Blockstream AMP.
- Proceeds from the initial $30 million raise will be allocated to the iShares Treasure Bond 0-1yr UCITS ETF, according to the announcement.
Bitfinex Securities and NexBridge, a digital asset issuer focused on tokenizing financial assets, have teamed up to launch the first tokenized US Treasury bonds in El Salvador.
The T-billed bill, USTBL, leverages Bitcoin technology. Specifically, issuers leverage the leading digital assets Liquid Network and Blockstream AMP, an asset management platform that allows users to issue and manage crypto assets on the Liquid Network.
Signups for the USTBL open on November 19
According to A press releaseThe product will have a soft initial offering of a maximum of $30 million, and will provide investors with access to US Treasury yields in US dollars. USTBL is backed by the iShares Treasure Bond 0-1yr UCITS ETF, a short-term Treasury bond ETF of asset management giant BlackRock.
Initial subscriptions will open on November 19, 2024, and close on November 29. However, investors will also have access via additional subscription windows. Subscriptions are initially available for the stablecoin Tether (USDT), while issuers plan to add support for Bitcoin (BTC).
“The inclusion of USTBL tokens in investment portfolios will enable investors to balance exposure to digital assets with the stability of traditional finance, providing a new level of diversification that can help reduce overall portfolio risk,” said Jesse Knutson, COO of Bitfinex Securities. In a statement.
Michel Crivelli, founder of NexBridge, added:
“By leveraging Bitcoin’s technology and infrastructure, we are laying the foundation for a globally accessible financial ecosystem, offering tokenized US Treasuries to investors around the world while maintaining full regulatory compliance.”
This launch comes amid massive traction across real-world asset tokenization. The cross-chain RWA market has grown rapidly with products such as funds, bonds and credit.
according to rwa.xyzThe global RWA market currently has a market size of more than $13 billion, with US Treasuries, bonds and cash equivalents worth $2.4 billion.