Obligate Partners with Particula to Bring Independent Risk Ratings to On-Chain Debt Capital Markets

Zurich / New York – April 23rd, 2026 – Obligate, a leading platform for on-chain bonds and structured products, today announced a strategic partnership with Particula, the prime rating provider for digital assets. The collaboration will integrate Particula's comprehensive risk ratings directly into Obligate's issuance and distribution infrastructure, providing investors with independent, multi-dimensional risk assessments for on-chain debt instruments.

Bridging the Trust Gap in On-Chain Fixed Income

The tokenized fixed income market has expanded rapidly, evolving from early experiments with tokenized U.S. Treasury Bills into a broad spectrum of debt capital markets activity encompassing corporate bonds, commercial paper, structured credit, and private lending facilities. Outstanding volumes of tokenized private credit have exploded within 12 months, approximately $700M to over $6B (according to rwa.xyz).

Tokenization has introduced meaningful structural advantages: programmable lifecycle management, automated coupon distribution, real-time portfolio transparency, and broader investor accessibility through reduced minimum ticket sizes. Yet these benefits also introduce new risk dimensions: smart contract vulnerabilities, blockchain infrastructure dependencies, cross-chain interoperability risks, and questions of on-chain legal enforceability - that fall outside the scope of traditional credit analysis. As the pace of issuance accelerates, the gap between capital deployment and the availability of rigorous, independent risk assessment creates a structural vulnerability that could undermine institutional confidence at a critical moment of market maturation.

Bridging the Trust Gap at the Point of Decision

Obligate enables corporates to issue bonds and structured products directly on-chain, leveraging Switzerland's progressive DLT legislation to provide legally enforceable, blockchain-native debt instruments. Particula complements this with a multi-dimensional risk rating framework that goes beyond the underlying asset, assessing economic viability, legal structure, operational resilience, and technical infrastructure to deliver a holistic, continuously updated view of tokenized asset risk built for institutional decision-making.

By embedding these ratings directly into Obligate's regulated issuance workflow, the partnership ensures that independent analytical rigor is a foundational component of the on-chain debt issuance process - not an afterthought.
‍

Timm Reinsdorf, CEO of Particula, said: "As on-chain debt markets mature, institutional participants need the same transparency and comparability they rely on in traditional fixed income. By integrating our ratings and ongoing monitoring solutions into Obligate's platform, we are providing a consistent, structured lens through which investors can evaluate and compare on-chain instruments - building the trust infrastructure that this market needs to scale."‍

Matthias Wyss, CEO of Obligate, said: "Independent risk ratings are a cornerstone of institutional fixed income markets, and on-chain debt should be no different. Our partnership with Particula ensures that every instrument issued through Obligate’s platform comes with a holistic token risk assessment that sophisticated investors expect. This is how we build the credibility and trust that will define the next chapter of on-chain capital markets."

‍
‍*Disclaimer
_{Particula maintains full independence in its assessment processes. This partnership pertains exclusively to technical infrastructure integration and does not influence Particula's analytical independence, methodologies, assessment criteria, or risk rating determinations. All instruments utilizing Obligate’s infrastructure are subject to Particula's standard rules-based assessment criteria and methodologies, applied consistently without modification, preferential treatment, or commercial consideration. Particula maintains internal policies to identify, manage, and disclose actual and potential conflicts of interest in accordance with industry best practices.}