PANews December 4 news, according to Cointelegraph, El Salvador's platform NextBridge has completed a token sale worth $30 million backed by U.S. Treasury bonds. This issuance was completed in November, with the initial subscription of USTBL tokens conducted through Bitfinex Securities, a sister company of the stablecoin issuer Tether. According to NextBridge, each token will correspond to a proportional share of managed assets, with a target total issuance of $200 million in U.S. Treasury bonds.
The USTBL token is built on the Bitcoin blockchain and operates through the Layer 2 protocol Liquid Network. According to NexBridge founder Michele Crivelli, the token can be traded on the secondary market but cannot be redeemed until March 2025. USTBL tokens are governed by El Salvador's securities law and regulated by the country's digital assets agency, the National Digital Assets Commission.