- Bitfinex Securities is teaming up with NexBridge to bring a tokenized US Treasury bill to El Salvador.
- USTBL leverages Bitcoin’s technology of Liquid Network and Blockstream AMP.
- Proceeds of the $30 million initial raise are to be allocated in iShares Treasury Bond 0-1yr UCITS ETF, per the announcement.
Bitfinex Securities and NexBridge, a digital asset issuer focused on tokenization of financial assets, have teamed up to launch the first tokenized US Treasury bill in El Salvador.
The tokenized T-bill, USTBL, leverages Bitcoin technology. Specifically, the issuers are leveraging the flagship digital asset’s Liquid Network and Blockstream AMP, an asset management platform that allows users to issue and manage crypto assets on the Liquid Network.
Subscriptions for the USTBL open on Nov. 19
According to a press release, the product will have an initial offering soft capped at $30 million, and will offer investors access to US Treasury returns in USD. USTBL is backed by iShares Treasury Bond 0-1yr UCITS ETF, the short-term Treasury bond ETF of asset management giant BlackRock.
Initial subscriptions open on November 19, 2024, and closes on November 29. However, investors will also get access via further subscription windows. Subscriptions are initially available in the stablecoin Tether (USDT), while the issuers have plans to add support for Bitcoin (BTC).
“The inclusion of USTBL tokens in investment portfolios will enable investors to balance digital asset exposure with the stability of traditional finance, offering a new level of diversification that can help reduce overall portfolio risk,” Jesse Knutson, head of operations at Bitfinex Securities, said in a statement.
Michele Crivelli, founder of NexBridge, added:
“By leveraging Bitcoin’s technology and infrastructure, we’re laying the foundation for a globally accessible financial ecosystem, bringing tokenized U.S. Treasuries to investors worldwide while maintaining full regulatory compliance.”
This launch comes amid massive traction across real-world assets tokenization. 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 over $13 billion, with tokenized US treasuries, bonds and cash equivalents at $2.4 billion.