NextBridge’s new tokenized US Treasury bills offering is part of a wider trend in the financial industry, with competitors including BlackRock and Franklin Templeton.
El Salvador’s platform NextBridge has closed a $30 million token sale backed by United States Treasury bills.
The offering was completed in November with the initial subscription of USTBL tokens through Bitfinex Securities — the 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 $200 million worth of US Treasury securities.
The USTBL token was built on the Bitcoin blockchain and runs through the layer-2 protocol Liquid Network. According to NexBridge’s founder Michele Crivelli, the token can be traded on the secondary market, though redemptions will be available only in March 2025.
