TL;DR:
- Bitfinex Securities offers two tokenized fixed-income products, ALTERNATIVE and USTBL, with settlement on the Liquid Network.
- ALTERNATIVE has accumulated four issuances totaling $6.2 million since 2023, three fully repaid bonds, and over 20 coupon payments in USDt.
- USTBL offers exposure to U.S. Treasury debt through BlackRock’s ETF with a minimum investment of just $1.
Bitfinex Securities offers its tokenized fixed-income products as an alternative with terms defined at issuance and identifiable cash flows, in contrast to higher-complexity strategies whose return depends on funding rates, volatility, and price movements over the holding period.
Yield compression across major proof-of-stake assets has redirected investor attention toward structures with greater legibility. The base staking yield on Ethereum currently sits between 2% and 3% annually, with more than 35 million ETH staked across over one million validators.
Bitfinex: Two Products, Two Risk Profiles
The two Bitfinex fixed-income instruments serve distinct investor profiles. ALTERNATIVE is a securitization fund based in Luxembourg and managed by MK Global Kapital Sàrl. It operates as a monthly issuance program of tokenized bonds that channel capital into loans to SMEs and companies led by women in Central Asia and Eastern Europe.
Since 2023, it has accumulated four issuances totaling $6.2 million, with three maturities fully repaid and more than $1.1 million in coupon payments processed on-chain in USDt. The minimum participation threshold in the primary market is 125,000 USDt, although the secondary market within the platform allows positions to be traded in smaller sizes between issuance windows.
USTBL, in turn, is a token issued by NexBridge Digital Financial Solutions under El Salvador’s regulatory framework. It offers exposure to BlackRock’s iShares $ Treasury Bond 0–1yr UCITS ETF, meaning short-duration U.S. sovereign debt.
Unlike ALTERNATIVE, it does not distribute coupons: the underlying ETF reinvests the yields, so the token’s value appreciates as Treasury returns accumulate in the NAV. The minimum entry that Bitfinex offers for USTBL is $1, setting it apart from most comparable products that require thousands or tens of thousands of dollars.
Access and Settlement on the Liquid Network
Both instruments settle on the Liquid Network within Blockstream AMP’s whitelisting infrastructure, meaning that only verified wallets can hold or transfer the tokens. To gain access, users must complete the securities verification on their Bitfinex account, fund in USDt, BTC, or fiat, and explore the available offerings. The platform operates under AIFC regulation in Kazakhstan and El Salvador, and has issued more than $250 million in investable tokens on the Liquid Network since its launch.
