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Bitfinex Securities and NexBridge, a digital asset issuer focused on the tokenization of financial assets, have collaborated to offer the first tokenized US Treasury bill in El Salvador.
“NexBridge, a digital asset issuer specializing in the tokenization of financial assets, today announced the launch of USTBL, the first regulated offering of tokenized U.S. Treasury exposure built on Bitcoin technology. The initial offering has a soft cap of $30 million, providing investors with efficient access to U.S. Treasury returns through a regulated digital asset structure,” the press release stated.
The offering enables investors to purchase digital tokens linked to short-term U.S. Treasury Bills, combining traditional financial instruments with blockchain technology,
Opening for business on Tuesday, the new offering aims to give access to T-Bill investments for individuals and organizations who were previously unable to invest in these products. The product’s goal is to raise at least $30 million of deposits, Bitfinex Securities.
The token’s initial subscription period begins on November 19, 2024, and runs until November 29, targeting a minimum raise of $30 million. Investors can participate in the offering using Tether, a popular blockchain-based stablecoin, with Bitcoin payments set to follow.
After the subscription period, the token will trade on the Bitfinex Securities secondary market under the ticker USTBL, priced in USDt. The token’s value is backed by BlackRock’s short-term Treasury bond ETF (iShares Treasury Bond 0-1yr UCITS)
“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.
The new offering is enabled by the rapid adoption of digital asset regulations in El Salvador. In January 2023, the country introduced a new securities law, granting Bitfinex Securities the first Digital Asset License.
In August, El Salvador’s government cold wallet reportedly added 162 Bitcoin since March 16, purchasing one Bitcoin daily.