Backed Launches bIB01: A Tokenized Security Tracking US Treasury Bonds on the Blockchain
Swiss-based real-world asset tokenizer Backed has introduced its latest tokenized security product, bIB01, on the Base blockchain, Coinbase's Layer 2 (L2) network.
The new tokenized security closely mirrors the performance of a short-term US treasury bond exchange-traded fund (ETF), offering investors a digital way to engage with traditional financial assets, Backed said in an announcement.
Backed operates under the Swiss Distributed Ledger Technology (DLT) Act, issuing what it calls bTokens.
bTokens are Ethereum-based ERC-20 tokens that represent the value of various real-world assets, including treasury ETFs, corporate bond ETFs, and publicly traded stocks.
The firm has previously issued tokens on the Ethereum base layer as well as on the Gnosis blockchain, on-chain data from Dune Analytics shows.
According to Backed, the tokens are fully collateralized by the corresponding underlying assets, which – in the same way as traditional stablecoins – ensures that their value always reflects the real-world assets they represent.
The introduction of the bIB01 token on the Base blockchain is a significant expansion of Backed's tokenized security offerings.
Additionally, Backed said that the Base blockchain, known for its developer-friendly environment and cost-effectiveness, provides an ideal platform for Backed to experiment with and launch innovative tokenized securities products.
“We are constantly seeing fascinating new use cases developed for our product, and we are certain Base will provide an excellent platform for further experimentation,” Giorgio Giuliani, Backed’s Head of Product, said in a comment.
Base was developed by an internal team at Coinbase, and opened for the public in February this year.
Backed's tokenized assets
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