Bitfinex Securities said on Monday that it will resume the issuance of tokenized bonds for the Luxembourg-based securitization fund ALTERNATIVE, with future sales expected to exceed $10 million.
USDt-denominated bonds are fully implemented on the Liquid Network, a Bitcoin sidechain with fundraising, coupon payments, and principal payments.
The move follows four previous issuances of tokenized bonds from 2023 totaling $6.2 million, three of which were completed and fully repaid, returning approximately $1 million of principal to investors.
According to the companies, after the completion of the first full term of their tokenized bonds in 2025, investors received 20 onchain coupon payments worth more than $1.1 million. The bonds provide investors with access to private debt in emerging markets, including financing for small and medium-sized businesses and women-led enterprises.
Bitfinex Securities operates under license in the Astana International Financial Center in Kazakhstan and El Salvador and manages the issuance, listing and secondary trading, while the Hadron Tether platform supports token management. The platform says it currently lists about $250 million in regulated securities.
Jesse Knutson, head of operations at Bitfinex, told Cointelegraph that buyers were mainly high-net-worth crypto investors and crypto-focused institutions from Europe and Asia looking for income from USDt (USDT) assets.
Tokenized bonds run alongside the issuer’s regular monthly bond program and typically last 11 months. Transactions are recorded on the Liquid Network, although key settlement details are protected by its confidential transaction features.
He added, “This year there has been a lot of discussion around generative stablecoins. This product offers a solution with an easy, configurable and fixed way to generate income from dollar balances.”
related to: Bitcoin exposes structural weaknesses that banks fail to recognize
The debate about productivity and non-productivity continues
The reset comes amid debate over whether stablecoins should be allowed to offer yields and how these products should be regulated in the United States.
With the passage of the US GENIUS Act in July 2025, stablecoin issuers were prohibited from paying returns, but the law did not expressly prohibit third parties from offering returns through separate products. “Funding” allowed exchanges or other third-party platforms to arrange securities or debt instruments that generate fixed income, without having to distribute interest to the issuer itself.
Banks have warned that the lucrative stablecoin product could drive depositors away from the traditional financial system. In January, Bank of America CEO Brian Moynihan said interest-bearing stablecoins could remove up to $6 trillion in deposits from US banks, arguing that a widespread migration to digital dollar products could reduce lending capacity and raise funding costs.
The debate has become one of the most contentious issues surrounding the CLARITY Act, proposed US legislation aimed at creating a broader regulatory framework for digital assets. On January 14, Coinbase CEO Brian Armstrong withdrew his support for the bill, citing the coin’s fixed yield as one of the main sticking points.
However, some lawmakers are optimistic. On February 18, US Senator Bernie Moreno said he hopes Congress can pass market structure legislation by April, speaking to CNBC at US President Donald Trump’s property in Florida. Armstrong, who joined Moreno in the interview, also said he believes the path forward is “where we can have a win-win outcome.”
Market forecast data from Polymarket currently assigns a 70% chance of the Clarity Act being signed in 2026.
Magazine: A crypto lawyer warns that the Transparency Act risks repeating Europe’s mistakes
