Bitfinex Securities, NexBridge launch first tokenized US Treasury Bill offering under El Salvador's legal framework

Bitfinex Securities is launching the first regulated public offering of tokenized U.S. Treasury Bills under El Salvador's newly established securities licensing regime. The USTBL tokens will be issued by the El Salvador-based firm NexBridge.

USTBL offers investors exposure to short-term U.S. Treasury Bills, with issuance proceeds allocated to the iShares USD Treasury Bond 0-1yr UCITS ETF, according to a statement shared with The Block.

Built on the Bitcoin sidechain, the Liquid Network, using Blockstream’s asset management platform, USTBL is designed to ensure compliance across jurisdictions while maintaining Bitcoin's security and transparency guarantees.

The initial offering has a soft cap target of $30 million, with subscriptions open from Nov. 19 to Nov. 29., and more windows to follow. Investments can initially be made in Tether’s USDT stablecoin, with later availability for bitcoin.

NexBridge claims the issuance is expected to boost the total value of real-world assets on the network to over $2 billion, exceeding 15% of the blockchain-based RWA market. The El Salvadorean firm is also set to join the Liquid Federation — a global group of more than 70 Bitcoin companies and exchanges that govern the Liquid Network.

"Bitfinex Securities is proud to collaborate with NexBridge on the first regulated public offering of tokenized U.S. Treasury Bills in El Salvador,” Bitfinex Securities Head of Operations Jesse Knutson said. “This issuance represents a significant step forward in financial technology by merging the security of government-backed securities with the adaptability and efficiency of digital assets.”

Following the initial subscription period, USTBL will trade on Bitfinex Securities' secondary market against USDT, aiming to expand access to Treasury Bill investments to individuals and entities who were previously unable.

“By bringing U.S. Treasury Bills on-chain, we are not only offering a secure, compliant investment opportunity, but we are also laying the groundwork for a new standard in finance,” NexBridge CEO Nicolas Cane said. "The launch of USTBL demonstrates our commitment to building the future of capital markets on Bitcoin technology. Through the Liquid Network, we're creating a unified standard that enables seamless movement of assets between jurisdictions and exchanges."

El Salvador introduced its securities law in January 2023, with Bitfinex Securities becoming the first platform to receive a Digital Asset License under the country’s framework, in addition to its initial Kazakhstan entity. Since then, multiple digital and stablecoin assets have been issued under the legislation. The Latin American country hit the headlines in 2021 by giving Bitcoin legal tender status. It also launched an “Adopting El Salvador Freedom Visa” program in collaboration with stablecoin issuer Tether in December 2023.