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.

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.

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<sub>*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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