Particula Rating Abstract: Backed ($bIB01), September 2024
Particula assigns an A rating* to the issuance of the bIB01 $ Treasury Bond 0-1 yr token by Backed as of September 18, 2024. The bIB01 token is a tracker certificate issued as an ERC-20 token tracking the price of the iShares $ Treasury Bond 0-1yr UCITS ETF.
The rating reflects the issuer’s notable market presence, robust product structure supported by regulatory oversight and the secure, transparent technical infrastructure, along with the increasing utility of the bIB01
token. However, the rating also highlights several challenges associated with the bIB01 token issuance, including potential counterparty risks and liquidity constraints, technical vulnerabilities related to the smart contract as well as discretionary termination conditions.
Rating: A rating* assigned by Particula in September 2024 for the bIB01 $ Treasury Bond 0-1 yr token..
Licenses & Permits: Issuance of Tokenized Securities in Jersey (COBO & CGPO Consents)/Distribution in Jersey.
Market Cap(As of Sep 18, 2024): $18,647,133.4
Blockchain Ecosystem: Integrated across multiple blockchains including Ethereum, Polygon, Arbitrum, Avalanche, BNB SmartChain,Fantom, Gnosis and Base.
Key Strengths: Notable market presence and reputation, standardized product with strong regulatory oversight, robust technical infrastructure backed by regular smart contract audits, expanding utility of bIB01 token through lending and stablecoin protocols.
Challenges: Counterparty risks and issuer call options, potential technical and centralization risks, market constraints and liquidity risks.
Target Investors: The token is primarily available to professional investors.
Token Holder Rights: Relative Rights Token.
Future Sensitivities: Potential rating changes may arise from shifts in regulatory requirements or market sentiment.
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Download our abstract now for a comprehensive analysis of the risks and opportunities associated with the $bIB01 token by Backed.
Analytical Approach: Particula’s Methodology in Action
Particula’s digital asset risk rating methodology employs a comprehensive analytical approach that combines traditional asset evaluation principles with advanced technology. This methodology diligently assesses each issuance on the categories of compliance, economic viability, technological resilience, ESG performance, and operational security, offering investors a deep understanding of the risks and opportunities associated with the issuer, token, and underlying asset.
Particula’s principles acknowledge the difference between digital and analog assets and integrate direct data from issuers, conduct thorough security checks, and incorporate real-time blockchain data as well as market trends to provide timely and accurate assessments for navigating the landscape of digital assets.
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