El Salvador Platform NextBridge Raises $30 Million by Issuing Tokenized U.S. Treasuries

El Salvador’s platform NextBridge has completed a $30 million token sale backed by U.S. Treasuries. The offering was completed in November, with the first subscription of USTBL tokens being made through Bitfinex Securities, a sister company of stablecoin issuer Tether. According to NextBridge, each token will correspond to a proportional share of assets under management, with a target total issuance of $200 million worth of U.S. Treasuries. USTBL tokens are built on the Bitcoin blockchain and run 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. USTBL tokens are governed by El Salvador’s securities laws and regulated by the country’s digital asset agency, the National Digital Asset Commission.