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Particula Rating Abstract: Blockstream Mining (BMN2)
Issuers, Ratings

Particula Rating Abstract: Blockstream Mining Note (BMN2), March 2025

March 18, 2025

Particula assigns an AA- rating to the issuance of the Blockstream Mining Note (BMN2) token by Blockstream Mining as of March 5, 2025. BMN2 token represents an unsecured note facilitating a revolving loan facility for Bitcoin mining.

Particula Rating Report: Wellington $ULTRA
Issuers, Ratings

Particula Rating Report: Wellington ($ULTRA), February 2025

February 17, 2025

Particula assigns an AA+ rating to the issuance of the Delta Wellington Ultra Short Treasury On-Chain Fund token ($ULTRA) by Delta Master Trust as of February 17, 2024.

SPIKO ($USTBL) Rating Abstract
Issuers, Ratings

Particula Rating Abstract: SPIKO ($USTBL), January 2025

January 27, 2025

Particula assigns an AA rating to the issuance of the USTBL token by Spiko SICAV as of January 22, 2025.

Article Series: Private credit tokenization
General, Risk Mangement, Tokenization

Private Credit: The Emerging Trend of 2025

January 12, 2025

At Particula, we view private credit as the next major frontier in the digital asset space, following the successful tokenization of funds and bonds. Real-world assets (RWAs), excluding stablecoins, now account for 15% of total on-chain value locked (TVL), having expanded by over 60% in 2024 to reach $13.7 billion.

Article Series: Navigating Risks of Tokenized Assets
General, Risk Mangement

Navigating Risks of Tokenized Assets: Challenges, Solutions, and the Role of Ratings & Analytics

November 26, 2024

The financial industry is witnessing a transformation with the rise of tokenized assets, marking a pivotal moment in 2024. Heavyweights like BlackRock have entered the space, driving significant growth in Total Value Locked (TVL) and signaling increasing investor confidence and interest.

General, Partnerships, Standardization

Leading Tokenization Brands Unite To Create The Real World Asset (RWA) Foundation To Strengthen The Web3 Community And Its Voice

November 19, 2024

The asset tokenization and Real World Asset (RWA) industry have reached a significant milestone today with the introduction of the RWA Foundation featuring founding member partners across different service practices, blockchain solutions, and asset tokenization leaders.

Online Panel with Moodys and Particula: Risks in tokenized assets
Ratings, Tokenization

Evaluating Risks Of Tokenized Financial Assets

October 30, 2024

In a recent webinar hosted by Security Token Prime, Industry leaders from Particula and Moody’s are exploring critical elements of risk management, asset classification, and the evolving role of credit ratings in this expanding digital asset market.

Ratings, Tokenization

How to Increase Transparency and Activity in the Digital Asset Space

June 7, 2024

In an era of evolving financial paradigms, our recent online panel, “How To Increase Transparency in the Digital Asset Space” brought together leading industry voices to explore critical issues shaping the future of finance.

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Recent posts

  • Particula has upgraded the rating of the Delta Wellington Ultra Short Treasury On-Chain Fund ($ULTRA) token from AA+ to AAA as of September 14, 2025.
    Particula Rating Action: Wellington ($ULTRA), September 2025
  • Particula Joins Stablecoin Standard
    Particula Joins Stablecoin Standard to Strenghten the Global Network
  • Digital Asset Ratings: Particula's Approach for Blockchain Risks Assessment
    Digital Asset Ratings: Particula’s Approach for Blockchain Risks Assessment

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