Backed Finance Tokenizes Treasury Bond ETF on Coinbase’s Base Network

Backed Finance, a real-world plus tokenization issuer, announced its palmy issuance of the archetypal tokenized information connected Coinbase’s Base, a furniture 2 (L2) blockchain. The squad introduced bIB01 tokens to the decentralized concern (defi) sector, mirroring the terms dynamics of the Ishares short-term Treasury enslaved ETF.

Tokenizing U.S. Bonds connected Coinbase’s L2

According to Backed Finance’s team, tokenized real-world assets person been successfully issued connected the Base blockchain network. These “b tokens,” oregon Backed Tokens, are ERC20 coins representing ownership of structured merchandise units. Each token corresponds to a portion of a afloat collateralized tracker certificate, which traces the listed worth of a circumstantial traded information and is wholly supported by that underlying security, according to Backed.

“Backed has issued the archetypal tokenized information connected Base – bIB01, a tokenized short-term U.S. treasury enslaved ETF. Base, Coinbase’s L2 network, offers a low-cost, developer-friendly mode to physique onchain,” the squad disclosed connected October 6, 2023.

Backed’s bIB01 tokens are not disposable to U.S. users. However, they supply eligible crypto marketplace participants with a U.S. dollar-denominated, regulatory-compliant authorities enslaved from the U.S. Treasury. Backed says these tokens support the benefits of blockchain technology. “We are incredibly excited to spot however Base follows done connected its committedness to beryllium developer friendly,” Giorgio Giuliani, Backed’s caput of merchandise said.

While U.S. investors can’t entree b tokens, imaginable investors indispensable conscionable rigorous know-your-customer (KYC) and anti-money laundering (AML) standards. Backed isn’t alone successful its endeavor to present Treasury bills to the tokenized realm; Truefi is successful the premix with its tokenized T-bills. As the lines betwixt blockchain and accepted concern blur, Ondo, Flux, and Pendle are besides competitors, bolstering the fusion of real-world assets with defi protocols.

What bash you deliberation astir Backed’s T-bill tokens launching connected Base? Share your thoughts and opinions astir this taxable successful the comments conception below.