USTB, issued by TNFT Limited, is a rebasing tokenized cash-management product that represents a wrapped, dollar-pegged claim on USDM, a U.S. Treasury-backed stablecoin issued by Mountain Protocol [S1][S2].

Holders gain economic exposure to short-duration U.S. Treasury (USD) yield sourced through USDM, which is backed by Mountain Protocol reserves of U.S. Treasury bills with an average duration under 3 months, held in custody by JPMorgan, with 99.5% of backing in U.S. Treasury bills, cash, Treasury obligations, and repos [S1][S2][S3]. T-Bill yield flows to USDM holders, and USTB captures the increase in its USDM backing and passes it to holders via daily rebases, with current yield shown around 5% [S1][S4].

TNFT Limited, trading as Tangible Labs, is formed in the British Virgin Islands and mints and sells Tangible tokens [S5]. USTB is an ERC-20 rebasing stablecoin representing a 1:1 claim on USDM, always redeemable 1:1 for USDM; if primary USDC liquidity is depleted, redemption defaults to T+2 business-day settlement [S1][S2]. Access is restricted to residents of authorized countries, with all U.S.-based IPs blocked from the Tangible front end, and onboarding requires KYC via Fractal ID with Chainalysis screening [S5]. USDM reserves are over-collateralized against interest-rate risk and verified by monthly attestations from a licensed accounting firm [S3].

USTB is an ERC-20 rebasing token operating across re.al, an Arbitrum Orbit L2, alongside Optimism, Base, and Ethereum, with bridging via LayerZero [S1][S2]. Primary minting occurs on Ethereum and primary liquidity is on re.al via Pearl Exchange [S2]. Redemption settles 1:1 for USDM, defaulting to T+2 if primary liquidity is exhausted [S1][S2].

<Sources
  retrievedAt="2026-06-23"
  items={[
    { id: "S1", url: "https://docs.tangible.store/ustb/ustb-token" },
    { id: "S2", url: "https://www.tangible.store/ustb" },
    { id: "S3", url: "https://docs.tangible.store/ustb/backing-asset-usdm/usdm-reserves.md" },
    { id: "S4", url: "https://docs.tangible.store/ustb/ustb-yield" },
    { id: "S5", url: "https://docs.tangible.store/protocol-overview/legal.md" },
  ]}
/>


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Tangible

USDM-pegged USTB (USTB) is a token providing exposure to a tokenized fund issued by Tangible.

Each token is a collateral-backed contractual exposure rather than a direct claim on the issuer.

The fund is open-ended and invests in U.S. government debt and money market instruments.

Its assets sit with JPMorgan, with Nephos Group as auditor.

Retail investors, professional investors, accredited investors, qualified investors, qualified purchasers, and institutions can mint and redeem directly with Tangible in USDM, and holders have a right to redeem at net asset value with instant settlement.

USTB has been issued on public blockchains since May 2024 and is native to Ethereum, OP Mainnet, and Base.

Tangible USDM-pegged USTBUSTB

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