PANews reported on November 19 that according to Cointelegraph, the digital stock exchange Bitfinex Securities is issuing tokenized U.S. Treasury bonds (T-bills) for the first time under the legal framework of El Salvador. As part of this issuance, NexBridge Digital Financial Solutions, a digital asset issuer based in El Salvador, will issue a new token with the trading code USTBL. The token is designed to provide investors with investment opportunities in short-term U.S. Treasury bonds denominated in U.S. dollars (USD).
Bitfinex Securities' first offering aims to raise at least $30 million to continue issuing tokens, with the initial subscription period starting on November 19, 2024 and ending on November 29. According to Bitfinex Securities, the offering is the "first regulated" U.S. Treasury bond tokenization product based on Bitcoin technology. The new token is issued on the Bitcoin Layer2 network Liquid Network and is expected to provide an annualized yield to maturity of 5.02%. The proceeds from the offering will be allocated to the iShares $ Treasury Bond 0-1yr UCITS ETF, a publicly traded ETF that seeks to track the investment results of an index composed of U.S. dollar-denominated government bonds issued by the U.S. Treasury.
