Deployments · platform by Bitfinex Securities

Bitfinex Securities tokenised securities platform (Liquid Network)New

Bitfinex's regulated venue for raising capital through tokenised securities and trading them, live since September 2021 in the Astana International Financial Centre's FintechLab sandbox in Kazakhstan and licensed in El Salvador since April 2023. All of its listings run on Blockstream's Liquid Network, a Bitcoin sidechain, and most settle in Tether's USDT. Listings include Blockstream Mining Notes, the USDT bonds of the Luxembourg securitisation fund ALTERNATIVE (managed by Mikro Kapital, now MK Global Kapital), tokenised US Treasury bills, a UK community bank's subordinated debt and tokenised equity (TITAN). It reported about $250 million of tokenised securities on the platform in 2025-26. Not offered to US persons.

Live (limited) since Sep 2021^[1]i — Live with real issuances and repayments, but run under the AIFC sandbox (with a platform cap, raised to $310m in Dec 2025) and closed to US persons. · Reviewed 22d ago i

Assets

Debt securityOther claimEquity^[6]

USDT-denominated bonds of the ALTERNATIVE securitisation fund

^[5]

Other listings: mining notes, T-bill exposure, bank subordinated debt and equity tokens

Networks

Liquid Network Public, permissioned^[4][6][7]

Bitfinex says all of its listings are underpinned by the Liquid Network.

Use cases i

Primary issuance^[4]Asset servicing^[6]Secondary trading^[6]

Jurisdictions

Astana International Financial Centre (AIFC), El Salvador

Participants

• Bitfinex SecuritiesPlatform provider, Operator, Distributor^[6]El Salvador
• MK Global Kapital (Mikro Kapital)Issuer, Asset manager^[7]Luxembourg
• TetherTechnology provider^[6]El Salvador
• BlockstreamIssuer^[1][2]Global
• NexBridgeIssuer^[3][2]El Salvador
• Ctrl AltIssuer^[1]United Kingdom
• CMCC GlobalIssuer, Asset manager^[13]Hong Kong
• The UK credit union whose subordinated debt TITAN1 funds, and the issuers of other listings in Bitfinex's currency list (CH100, CALCPB, CMSTR and others), are not named in the sources opened.^[1]

Assets

• IssuesAlternative (Mikro Kapital) 10% USDT tokenised bond, ALT2612 (ALT2612)^[7]
• TradesBlockstream Mining Note 2 (BMN2) (BMN2)^[1]Directly listed for secondary trading, Sept 2025. Issued on STOKR since Sept 2024 (see blockstream-mining-note-2).
• IssuesNexBridge USTBL tokenised US Treasury bills (USTBL)^[3]
• IssuesTITAN1 (Ctrl Alt cell investing in UK credit union subordinated debt) (TITAN1)^[1]Directly listed, June 2025.
• IssuesTITAN2 (Ctrl Alt cell financing UK motor finance claims) (TITAN2)^[1]Directly listed, June 2025.
• Settles inTether USDt (USDT)^[6]Capital raises, coupons and principal for the ALTERNATIVE bonds are paid in USDT.

Metrics i

• ~$206mTokenised securities issued in the AIFC sandbox · as of 8 Sep 2025^[4]
• ~$250mTokenised securities on the platform · as of 2 Mar 2026 · on Liquid Network^[6]
  Operator's figure for investable security tokens offered; not broken down by listing.
• ~$6.2mALTERNATIVE bonds issued · as of 2 Mar 2026^[6]
  Four bonds, USD-equivalent of USDT raised.
• over $1.1mALTERNATIVE bond coupons paid · as of 2 Mar 2026^[6]
  20 coupon payments in USDT.

Timeline

1. Happened 2 Mar 2026 · Scope expansion · recorded 15 Oct 2026
   Resumes regular ALTERNATIVE bond issuance on Liquid, with Tether's Hadron platform managing the tokens; the four earlier bonds raised $6.2 million, three have been repaid and 20 coupons paid.^[6]
2. Happened 19 Dec 2025 · Regulatory approval · recorded 15 Oct 2026
   The AIFC regulator raises the platform's sandbox limit by $100 million to $310 million.^[5]
3. Happened 8 Sep 2025 · Volume milestone · recorded 15 Oct 2026
   Bitfinex Securities says it has issued $206 million of tokenised securities in the sandbox, is nearing $250 million on the platform, has fully redeemed Mikro Kapital's first bond (630,000 USDT paid out) and will apply to become a full AIFC investment exchange.^[4]
4. Happened 1 Jul 2024 · Scope expansion · recorded 15 Oct 2026
   ALTERNATIVE starts an ongoing bond programme on the platform, with an 11-month 10% bond and a 36-month 13.5% bond, again issued on Liquid.^[12]
5. Happened Jul 2024 (month only) · Production milestone · recorded 15 Oct 2026
   The first Blockstream Mining Note is redeemed after three years, paying holders more than 1,242 BTC.^[1]
6. Happened 19 Mar 2024 · Production milestone · recorded 15 Oct 2026
   ALT2612 pays its first quarterly coupon, over $130,000 in USDT, to investors' platform wallets.^[10]
7. Happened 20 Dec 2023 · First transaction · recorded 15 Oct 2026
   The first ALTERNATIVE bond closes after raising about 5.2 million USDT.^[8][9]
8. Happened 15 Nov 2023 · Scope expansion · recorded 15 Oct 2026
   Opens the capital raise for Mikro Kapital's first USDT bond (announced as ALT2611, issued as ALT2612), a three-year 10% bond from the Luxembourg fund ALTERNATIVE, issued on Liquid.^[7][11]
9. Happened Apr 2023 (month only) · Regulatory approval · recorded 15 Oct 2026
   Licensed by El Salvador's National Digital Assets Commission, the first international platform licensed under the country's digital asset issuance law.^[4]
10. Happened Sep 2021 (month only) · Launch · recorded 15 Oct 2026
    Bitfinex Securities opens as a venue for tokenised securities, the first global digital asset platform admitted to the AIFC FintechLab sandbox in Kazakhstan; its first listing is the Blockstream Mining Note on Liquid.^[1][5]

Sources i