Particula

Particula assigns an AA rating* to the issuance of the $USTBL token by Spiko SICAV as of January 22, 2025. The USTBL token represents ownership in the Spiko U.S. T-Bills Money Market Fund, a UCITS-compliant vehicle that invests exclusively in short-term U.S. Treasury bills. The rating reflects positively on the USTBL token’s well-structured product design, robust technical infrastructure, and adherence to regulatory requirements. Operating within a bankruptcy-remote structure, the tokenized shares provide direct ownership rights, ensuring clear legal entitlements, governance, and asset protection. However the rating also considers several challenges, including Spiko’s limited operational history, potential governance risks, and minor technical concerns. Liquidity and concentration risks are notable, as the wallet holder structure is concentrated among a small number of large holders, increasing the potential for liquidity constraints during periods of elevated redemption activity. These concerns are exacerbated by the nascent stage of the secondary market, which may constrains market depth and transaction efficiency. ➤ Our goal is to provide the next generation of ratings for the next generation of assets in order to give investors instant security, clarity and better market access. #Tokenization #DigitalAssets #RiskAssessment _______________________ *𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳: 𝘛𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢𝘯𝘢𝘭𝘺𝘴𝘦𝘴 𝘳𝘦𝘭𝘢𝘵𝘦𝘥 𝘵𝘰 𝘤𝘳𝘺𝘱𝘵𝘰 𝘷𝘢𝘭𝘶𝘦𝘴, 𝘤𝘳𝘺𝘱𝘵𝘰 𝘵𝘰𝘬𝘦𝘯𝘴, 𝘢𝘯𝘥 𝘰𝘵𝘩𝘦𝘳 𝘥𝘪𝘨𝘪𝘵𝘢𝘭 𝘢𝘴𝘴𝘦𝘵𝘴 (“𝘋𝘪𝘨𝘪𝘵𝘢𝘭 𝘈𝘴𝘴𝘦𝘵𝘴“) 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘣𝘺 𝘗𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢 𝘎𝘮𝘣𝘏 (“𝘗𝘢𝘳𝘵𝘪𝘤𝘶𝘭𝘢“) 𝘢𝘳𝘦 𝘦𝘹𝘤𝘭𝘶𝘴𝘪𝘷𝘦𝘭𝘺 𝘮𝘢𝘥𝘦 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘵𝘰 𝘦𝘯𝘵𝘳𝘦𝘱𝘳𝘦𝘯𝘦𝘶𝘳𝘴 𝘸𝘪𝘵𝘩𝘪𝘯 𝘵𝘩𝘦 𝘮𝘦𝘢𝘯𝘪𝘯𝘨 𝘰𝘧 § 14 𝘉𝘎𝘉 𝘢𝘯𝘥 𝘢𝘳𝘦 𝘪𝘯𝘵𝘦𝘯𝘥𝘦𝘥 𝘴𝘰𝘭𝘦𝘭𝘺 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴. 𝘛𝘩𝘦 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘥 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘢𝘯𝘢𝘭𝘺𝘴𝘦𝘴 𝘥𝘰 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘢 𝘳𝘢𝘵𝘪𝘯𝘨 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵. 3 𝘱𝘢𝘳𝘢. 1 𝘭𝘪𝘵. 𝘢) 𝘰𝘧 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯 𝘌𝘎/1060/2009 (“𝘙𝘢𝘵𝘪𝘯𝘨 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯“). 𝘈 𝘤𝘳𝘦𝘥𝘪𝘵𝘸𝘰𝘳𝘵𝘩𝘪𝘯𝘦𝘴𝘴 𝘢𝘴𝘴𝘦𝘴𝘴𝘮𝘦𝘯𝘵 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵. 3 𝘱𝘢𝘳𝘢. 1 𝘭𝘪𝘵. 𝘢) 𝘰𝘧 𝘵𝘩𝘦 𝘙𝘢𝘵𝘪𝘯𝘨 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯, 𝘦𝘷𝘢𝘭𝘶𝘢𝘵𝘪𝘯𝘨 𝘵𝘩𝘦 𝘪𝘴𝘴𝘶𝘦𝘳’𝘴 𝘤𝘳𝘦𝘥𝘪𝘵𝘸𝘰𝘳𝘵𝘩𝘪𝘯𝘦𝘴𝘴, 𝘪𝘴 𝘦𝘹𝘱𝘳𝘦𝘴𝘴𝘭𝘺 𝘯𝘰𝘵 𝘱𝘢𝘳𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘯𝘢𝘭𝘺𝘴𝘪𝘴.

𝙈𝙪𝙣𝙞𝙘𝙝, 𝙁𝙚𝙗𝙧𝙪𝙖𝙧𝙮 2025 – 𝙋𝙖𝙧𝙩𝙞𝙘𝙪𝙡𝙖 𝙞𝙨 𝙥𝙡𝙚𝙖𝙨𝙚𝙙 𝙩𝙤 𝙖𝙣𝙣𝙤𝙪𝙣𝙘𝙚 𝙩𝙝𝙖𝙩 𝙬𝙚 𝙝𝙖𝙫𝙚 𝙗𝙚𝙚𝙣 𝙢𝙖𝙣𝙙𝙖𝙩𝙚𝙙 𝙗𝙮 Denario 𝙩𝙤 𝙘𝙤𝙣𝙙𝙪𝙘𝙩 𝙖 𝙥𝙪𝙗𝙡𝙞𝙘 𝙞𝙣-𝙙𝙚𝙥𝙩𝙝 𝙚𝙫𝙖𝙡𝙪𝙖𝙩𝙞𝙤𝙣 𝙤𝙛 𝙩𝙝𝙚 𝘿𝙚𝙣𝙖𝙧𝙞𝙤 𝙎𝙞𝙡𝙫𝙚𝙧 𝘾𝙤𝙞𝙣 (𝘿𝙎𝘾) & 𝙩𝙝𝙚 𝘿𝙚𝙣𝙖𝙧𝙞𝙤 𝙂𝙤𝙡𝙙 𝘾𝙤𝙞𝙣 (𝘿𝙂𝘾) Founded in Switzerland, Denario provides digital precious metal investments through asset-backed tokens. Their Denario Silver Coin (DSC) and Denario Gold Coin (DGC) are fully backed by 999.9 purity silver and gold granules, stored in high-security Swiss warehouses. Semi-annual audits ensure transparency, while compliance with Swiss financial regulations guarantees security. Each token represents one ounce of insured precious metal, offering a modern investment solution. Through seamless DeFi integration, investors can collateralize their holdings, access liquidity, and generate passive income, bridging the stability of precious metals with the opportunities of Web3. Denario’s platform streamlines access for both institutional and retail investors. 𝗢𝘂𝗿 𝗰𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗮𝗻𝗮𝗹𝘆𝘀𝗶𝘀 𝗼𝗳 each 𝘁𝗼𝗸𝗲𝗻 𝘄𝗶𝗹𝗹 𝗶𝗻𝗰𝗹𝘂𝗱𝗲: 1️⃣ Company Overview & Assessment Summary 2️⃣ Recent Company Developments 3️⃣ Key Strengths & Challenges 4️⃣ Comparative Analysis of DSC, DGC & Its Market Counterparts The decision to publicly disclose the assessment reflects Denario's commitment to transparency, providing investors with enhanced clarity regarding the investment opportunity.

𝐃𝐞𝐧𝐚𝐫𝐢𝐨 𝐱 𝐏𝐚𝐫𝐭𝐢𝐜𝐮𝐥𝐚: 𝐑𝐚𝐢𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐁𝐚𝐫 𝐟𝐨𝐫 𝐓𝐫𝐮𝐬𝐭 & 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐢𝐧 𝐓𝐨𝐤𝐞𝐧𝐢𝐳𝐞𝐝 𝐀𝐬𝐬𝐞𝐭𝐬 Transparency fuels trust - and trust drives adoption. That’s why Denario has engaged Particula to conduct an independent public deep dive into our Denario Silver Coin (DSC) & Denario Gold Coin (DGC). 🔍 What This Means for Investors: •⁠ ⁠Fully backed, Swiss-regulated gold & silver tokens •⁠ ⁠⁠Regular audits & independent assessments for absolute clarity •⁠ ⁠⁠Real-world utility—bridging TradFi & Web3 with liquidity, collateralization & passive income This evaluation isn’t just about compliance—it’s about setting a new standard for tokenized precious metals. By making this report public, we’re ensuring investors get full visibility into the security and value of our assets. Denario is redefining tokenized precious metals with trust and transparency at its core. If you’re looking for a secure, compliant way to invest in digital gold and silver, get in touch today 👉 office@denario.swiss Never miss an update, follow Denario #Denario #Tokenization #PreciousMetals #Gold #Silver #Blockchain #DigitalAssets #Rating #Web3 Yonghan Lee Thomas Winkler Nadine Wilke Timm Reinsdorf

🎤 Market Access & Trading - Navigating the RWA Landscape with Blockchain 📅 13 Feb 12:40 pm -13:10 pm 🇫🇷 Our CEO Stephan Lutz will join a panel alongside Timm Reinsdorf, (Co-founder & CEO of Particula), Ramzi Laieb (Co-founder of Carbonable), and Oscar Wendel  (Editor-at-Large of MEA Finance Magazine). 🌟Don't miss this groundbreaking panel exploring how blockchain is revolutionizing RWA trading and market accessibility.

Tune in to this episode of the Security Token Show where this week Herwig “Happy” Konings 🌴 covers the industry leading headlines and market movements, including how more private equity enters tokenization and Securitize continues to be a top choice! This week Jason Barraza 🌴 had the opportunity to host Yuval Rooz from Digital Asset/ Canton Network. They talk about Etherealize, on-chain privacy and his take on zero knowledge proofs, Canton Network Developments, and a whole lot more! Join the RWA Foundation and Read the Whitepaper: RWAF.xyz Read STM’s Global Tokenized Real Estate Market Guide 2024: https://lnkd.in/g9Zh2j26 Read the December 2024 RWA Securities Market Update: https://lnkd.in/gT94mNVN Company of the Week - Herwig: Apollo Global Management, Inc. The Market Movements 1. $ACRED by Apollo on Securitize and 6 Chains Through Wormhole: https://lnkd.in/eCcebXme 2. Superstate Announces Plans to Go Multi-Chain with $USTB, $USCC: https://lnkd.in/eJFDAz4C 3. Ondo Finance Announces Plans to Create OUSG:RLUSD Pair on #XRP Ledger (Ripple): https://lnkd.in/ebgEF8TR 4. Ethereum Foundation Gets Legit On Tokenization; Launches Etherealize: https://lnkd.in/eKWcR72D 5. Licensed RWA Broker Texture Capital Joins Canton Network: https://lnkd.in/eRNxx87S 6. Particula Assigns an AA Rating to the Issuance of the $USTBL Token by Spiko SICAV: https://lnkd.in/e3rBj9KZ ⏰ TABLE OF CONTENTS ⏰ 0:16 Introduction 0:45 STS Interviews: Digital Asset/ Canton Network 20:58 Market Movements 27:15 RWA Foundation Weekly Update 29:54 Companies of The Week: Apollo

I will be in London next Monday to attend Digital Assets Forum. 🗓️ Reach out to me, if you want to do an experience share about risk management in digital assets and a cup of coffee. ☕

Our Co-founder and CEO, Timm Reinsdorf, will be a panelist on “Market Access & Trading: Navigating the RWA Landscape with Blockchain” at the RWA Paris Summit (NFT Paris) on February 13-14th. 🗓️ 𝗦𝗽𝗲𝗮𝗸𝗲𝗿𝘀: Oscar Wendel from MEA Finance Magazine Timm Reinsdorf from Particula Stephan Lutz from BitMEX Ramzi Laieb from Carbonable 𝗧𝗵𝗲𝘆 𝘄𝗶𝗹𝗹 𝗱𝗶𝘀𝗰𝘂𝘀𝘀: 🔵 Opportunities in the RWA Landscape 🔵 Challenges and Risks in Implementation 🔵 The Future of RWA Trading with Blockchain #DigitalAssets #Trading #Tokenization

This year is starting strong for digital assets, especially with all the regulatory developments in the US. Do you think that we will have regulatory clarity in 180 days ? And what does this mean for the overall market ? » ProvLabs to target $25B in tok, assets on Provenance by 2025, leveraging tok. home loans & a yield-generating stablecoin following a funding round led by Morgan Creek Digital & GateCap Ventures. » USDC stablecoin reaches $1T in monthly transactions, with Circle’s report highlighting $18T in cumulative transfers, 45% growth in wallet holders, & major partnerships with Standard Chartered & Mastercard. » Hamilton Lane tokenized funds to become accessible to retail investors via Republic, opening private markets to individual investors in 2025. » Swarm Markets & MetaStreet launch first gold NFT lending pool on BASE, enabling xGold holders to borrow USDC with a 70% LTV ratio & a 10% borrowing rate. » Tradable Financial tok. $1.7B in private credit positions on ZKsync, making it the 3rd-largest RWA platform. Partners include ParaFi Capital & Victory Park Capital. » Plume Network & Elixir to launch institutional gateway for tok. RWAs, allowing institutions to mint deUSD stablecoins backed by BlackRock’s BUIDL & Hamilton Lane’s SCOPE. » Spark Protocol to integrate Ethena Labs USDe & sUSDe into its $6.2B liquidity layer, allocating up to $1.1B to generate 27% APY. » Hong Kong Monetary Authority (HKMA)to launch blockchain incubator for banks, focusing on scaling tokenization initiatives & risk management from pilot stages to production. » Zhuhai Huafa Group Finance Co., Ltd. to issue $190M digital bond using HSBC Orion, connecting mainland & global investors. The BBB-rated bond is part of China’s push to internationalize the RMB. » Hamilton raises $1.7M to tokenize real assets on Bitcoin, with backing from DisrupTech Venture, CMS, DeSpread, & others. » Fasanara Capital to launch tok. MMF on Polygon, developed with Apex Group Ltd, Tokeny, Chainlink Labs, Fireblocks, & XBTO, offering real-time settlement & open distribution. » Circle to acquire Hashnote, issuer of the $1.3B USYC tokenized fund, expanding its yield-bearing collateral options & partnering with Cumberland DRW for settlements. » Oxbridge to launch 2 new tok. reinsurance securities, targeting 20% & 42% returns through blockchain-based yield strategies. » US to draft regulatory framework for digital assets within 180 days under a new executive order, banning CBDCs, & promoting open blockchain innovation. » Larry Fink calls for tok. stocks & bonds, urging the SEC to approve tok. financial products. Senator Cynthia Lummis' appointment may accelerate regulation. » Pioneer Asset Management AG & Tykhe Capital to launch Hong Kong’s first tokenized USD MMF, compliant with SFC guidelines & tradeable on their exchange. » Particula assigns AA rating to Spiko’s $USTBL, a UCITS-compliant tok. U.S. Treasury fund, citing strong design, infrastructure, & regulatory adherence.

🎓 Thrilled to share that Particula, the leading ratings and analytics platform for tokenized securities and digital assets, has assigned our USD money market fund (”Spiko Dollar”) an 𝐀𝐀 𝐫𝐚𝐭𝐢𝐧𝐠. Particula’s assessment underscores the strength of our product design, the robustness of our technical infrastructure, and our commitment to regulatory compliance. For context, 𝐀𝐀 represents the highest rating ever assigned to a tokenized money market fund to date. Check out the link to the report in the comments 👇

📢 𝗦𝗶𝗻𝗴𝗮𝗽𝗼𝗿𝗲 𝗟𝗮𝘂𝗻𝗰𝗵𝗲𝘀 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗕𝗼𝗻𝗱 𝗚𝗿𝗮𝗻𝘁 𝗦𝗰𝗵𝗲𝗺𝗲 𝘁𝗼 𝗖𝗼𝗺𝗽𝗲𝘁𝗲 𝘄𝗶𝘁𝗵 𝗛𝗼𝗻𝗴 𝗞𝗼𝗻𝗴 Singapore has launched a new digital bond grant scheme to support the issuance and trading of digital bonds in the country. This initiative aims to enhance Singapore's position as a leading center for digital asset issuance and trading in Asia. The grant scheme offers co-funding for issuers' expenses related to legal, advisory, and technology costs associated with digital bond issuance. Additionally, it provides subsidies for listing fees on digital securities exchanges in Singapore. ➤ This move comes amidst similar efforts by Hong Kong to establish itself as a regional hub for digital assets. By introducing this grant scheme, Singapore is strategically positioning itself to capture a larger share of the digital bond market in Asia. #DigitalAssets #Tokenization #CapitalMarkets #Singapore #HongKong #FixedIncome