NextBridge, a Salvadoran platform, has completed a $30 million token sale backed by US Treasuries. The offering was completed in November. The initial subscription of USTBL tokens was made through Bitfinex Securities, a sister company of stablecoin issuer Tether. According to NextBridge, each token will correspond to a proportional share of assets under management, with a target total issuance of US Treasuries worth $200 million.
The USTBL token is built on the Bitcoin blockchain and operates through the Layer2 protocol Liquid Network. According to NexBridge founder Michele Crivelli, the token can be traded on the secondary market, but will not be redeemed until March 2025. USTBL tokens are governed by El Salvador's securities laws and regulated by the country's digital asset agency, the National Digital Asset Commission.
Salvadoran platform NextBridge raises $30 million by issuing tokenized U.S. Treasury bonds
2024-12-04 14:05:13
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