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.

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.

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

<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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