Particula Rating Abstract: $QXMP Stablecoin

Particula assigns a pre-issuance A- rating to the $QXMP token as of October 21, 2026.
‍
$QXMP is a U.S. dollar-referenced payment token issued by BitGo Bank & Trust, N.A. through its Stablecoin-as-a-Service offering, with Quantum Enhanced Ledger Technology LLC (QELT LLC) acting as the program partner and contractual client. The token is intended to be backed on a one-to-one basis by segregated reserves comprising U.S.-dollar deposits, short-dated U.S. Treasury securities, and government money market funds.

The rating* reflects the established issuance framework, including formal regulatory oversight, the one-to-one backing by high-quality, short-dated reserves, as well as BitGo’s operational, compliance, and technical control framework, supported by independent reserve verification. However, the rating* also captures residual risks, including execution risk around liquidity formation and peg stability, limited onchain safeguards and loss absorption beyond reserve coverage, and reliance on BitGo’s integrated offchain controls for critical token functions.

<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.

Copyright ©2026 Particula. All rights reserved.</sub>