El Salvadoran platform NextBridge raises $30 million by issuing tokenized U.S. Treasury bonds
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2024-12-04 22:32 6,323
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Golden Finance reports that El Salvador-based platform NextBridge has completed a $30 million token sale backed by U.S. Treasury bonds. The offering was completed in November, and the first subscription for USTBL tokens was made through Bitfinex Securities, a sister company of stablecoin issuer Tether. of. According to NextBridge, each token will correspond to a proportional share of the assets under management, with the target total issuance being $200 million worth of U.S. Treasuries.
USTBL tokens are built on the Bitcoin blockchain and run through the Layer 2 protocol Liquid Network. According to NexBridge founder Michele Crivelli, the token can be traded on the secondary market but will not be redeemable until March 2025. USTBL tokens are governed by El Salvador’s securities laws and regulated by the country’s digital assets agency, the National Commission for Digital Assets.