USTBL

USTBL is a regulated digital token issued by NexBridge that gives holders exposure to the yield generated by short-term U.S. Treasury Bills, with each token denominated in dollars. It is designed for people who want to hold a dollar-linked asset on a blockchain while receiving Treasury yield automatically, without needing to interact with traditional financial infrastructure. The stated problem it addresses is giving digital-asset users a way to preserve dollar value and earn Treasury returns entirely on-chain.

Each USTBL token is issued and settled on the Liquid Network, a layer built on top of Bitcoin designed for fast and confidential transactions. The tokens are backed one-for-one by real U.S. Treasury securities held in custody and verified monthly by Grant Thornton, an independent audit firm. Yield accrues directly into the token's value over time, meaning the price of one token rises gradually rather than distributing separate payments, and no staking or additional steps are required from the holder.

The data provided does not include a fee stream — there are no protocol fees, revenue figures, or fee recipients recorded for USTBL in this dataset, so fee-based measures common on this site are not applicable here. The economic return for holders comes from the accruing Treasury yield embedded in the token price rather than from fees generated by a protocol. The token's price of 1.066 USD against a circulating supply of 30,125,040 tokens gives a market capitalisation of approximately 32,126,461 USD at the point in time captured, and the fully diluted valuation equals that market capitalisation exactly, reflecting that no supply remains unreleased.