NextBridge, a platform in El Salvador, has completed a $30 million token sale supported by US Treasury bonds. The issuance was completed in November and the first subscription for USTBL tokens was made through Bitfinex Securities, a sister company of stablecoin issuer Tether. According to NextBridge, each token will correspond to a proportionate share of managed assets, with a target total issuance of $200 million worth of US Treasury bonds.
USTBL tokens are built on the Bitcoin blockchain and operate through the Layer2 protocol Liquid Network. According to NextBridge founder Michele Crivelli, the token can be traded on secondary markets but cannot be redeemed until March 2025. USTBL tokens are subject to Salvadoran securities law and regulated by the country's digital asset agency, the National Digital Asset Commission.