PANews reported on December 4 that according to Cointelegraph, El Salvador's platform NextBridge has completed a $30 million token sale backed by U.S. Treasuries. The issuance was completed in November, and the first subscription of USTBL tokens was conducted through Bitfinex Securities, a sister company of stablecoin issuer Tether. According to NextBridge, each token will correspond to a proportional share of managed assets, with a total target issuance of $200 million worth of U.S. Treasuries.
The USTBL token is built on the Bitcoin blockchain and runs through the Layer2 protocol Liquid Network. According to NexBridge founder Michele Crivelli, the token can be traded on the secondary market, but it cannot be redeemed until March 2025. The USTBL token is governed by the securities laws of El Salvador and is regulated by the country's digital asset agency, the National Digital Asset Commission.
