Particula Rating Report: Nexbridge ($USTBL), April 2025
Particula assigns an A rating* to the issuance of the $USTBL token by NexBridge as of April 2, 2025. The $USTBL token reflects a proportional share of the Assets Under Management (AUM) which consists of iShares $ Treasury Bond 0-1yr UCITS ETF, net of operational costs.
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The rating reflects the $USTBL token’s product structure under regulatory oversight, highlighting its institutional-grade transparency and strong compliance standards. The issuance is backed by an experienced team and linked to a high-quality underlying asset, positioning it favorably in the market.
However, the rating also identifies challenges, notably the limited operational history, counterparty exposure, and the competitive landscape within the tokenized treasuries market. Additionally, considerations around liquidity provision and secondary market viability are noted as areas requiring close monitoring.
Rating:
A rating* assigned by Particula in April 2025 for the $USTBL Token by NexBridge
Licenses & Permits:
Licensed as Digital Product Issuer in El Salvador
Market Cap (As of Mar. 31, 2025):
USD 30,476,044.49
Blockchain Ecosystem:
Liquid Network
Target Investors:
Qualified Retail & Institutional Investors
Token Holder Rights:
Absolute Rights Tokens
Strengths:
- Well-structured product with strong regulatory oversight
- Exposure to a high-quality underlying asset
- Institutional-grade transparency & strong adherence to compliance standards
- Experienced leadership with proven track record
Challenges:
- Operational history & counterparty exposure
- Competitive positioning within the tokenized treasuries market
- Technical & economical constraints of Liquid Network
- Liquidity provision & secondary market viability
Future Sensitivities:
Potential rating changes may arise from shifts in regulatory requirements or market sentiment.
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. Our methodology diligently assesses each issuance on the categories compliance, economic viability, technological resilience, ESG performance and operational security, offering investors a deep understanding of risks and opportunities on issuer, token and underlying asset.
Our principles acknowledge the difference between digital assets 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. A complete overview of our analytical approach and the rating methodology is available on request.
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*Disclaimer
The information and analyses related to crypto values, crypto tokens, and other digital assets (“Digital Assets“) provided by Particula GmbH (“Particula“) are exclusively made available to entrepreneurs within the meaning of § 14 BGB and are intended solely for informational purposes. The provided information and analyses do not constitute a rating as defined in Art. 3 para. 1 lit. a) of Regulation EG/1060/2009 (“Rating Regulation“). A creditworthiness assessment as defined in Art. 3 para. 1 lit. a) of the Rating Regulation, evaluating the issuer’s creditworthiness, is expressly not part of the analysis.
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