- Bitfinex Securities has teamed up with NexBridge to bring tokenized U.S. Treasury bills to El Salvador.
- USTBL leverages Bitcoin’s Liquid Network and Blockstream AMP technologies.
- Proceeds from the initial offering of $30 million will be allocated to the iShares Treasury 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 U.S. Treasury bond in El Salvador.
USTBL, a tokenized T-bill, leverages Bitcoin technology. In particular, the issuer is leveraging Liquid Network for its flagship digital asset and Blockstream AMP, an asset management platform that allows users to issue and manage cryptocurrency assets on the Liquid Network.
USTBL subscription opens on November 19th
According to a press release, the product’s initial offering will be soft capped at $30 million, and investors will receive U.S. Treasury returns in USD. USTBL is backed by the iShares Treasury Bond 0-1yr UCITS ETF, a short-term Treasury bond ETF from asset management giant BlackRock.
Initial subscription opens on November 19, 2024 and ends on November 29, 2024. However, investors can also access it through an additional subscription window. Subscriptions will initially be available for the stablecoin Tether (USDT), and the issuer has plans to add support for Bitcoin (BTC).
“Including the USTBL token in an investment portfolio allows investors to balance digital asset exposure with the stability of traditional finance, providing a new level of diversification that can help reduce overall portfolio risk,” said Jesse Knutson, Head of Operations at Bitfinex Securities. “We can provide it,” he said. From the statement.
Michele 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 U.S. Treasury securities to investors around the world while maintaining full regulatory compliance.”
This launch comes amid tremendous interest in tokenizing real-world assets. The RWA on-chain market has grown rapidly with products such as funds, bonds, and credit.
According to rwa.xyz, the global RWA market is currently worth over $13 billion, with tokenized U.S. Treasuries, bonds and cash equivalents reaching $2.4 billion.