Executive Summary

This case study demonstrates how blockchain infrastructure is transforming microfinance funding into a scalable and compliant digital asset ecosystem.

In markets with limited access to finance, Mikro Kapital finances underserved micro-entrepreneurs and small businesses, about 40% of which are led by women. Their tokenized bond program, Alternative, provides a reliable and transparent funding source that supports job creation and local economic resilience.

The first tranche of the tokenized bond program was issued in December 2023 by Alternative, the securitization entity of Mikro Kapital. The capital raise and secondary market listing for all tranches took place on Bitfinex Securities under its license in the Astana International Financial Centre (AIFC). Since then, the program has continued through the issuance of a series of additional tranches. The listing on Bitfinex Securities broadened investor access and streamlined operations, connecting Mikro Kapital with global investors and digital-asset-focused participants who would otherwise have had limited access to private credit opportunities. Investors were able to withdraw and self-custody their holdings, transact in USDT for integration with the global digital asset ecosystem, and access a regulated secondary market for trading through Bitfinex Securities.

The technology to enable the listing was provided by Hadron by Tether.

Hadron by Tether: Platform Overview

Hadron by Tether is a real-world-asset (RWA) tokenization platform that allows institutions to tokenize equities, bonds, commodities and other alternative assets. Its core features include:

• Modular issuance tools with issuer-configurable metadata, permissions and fractionalization.
• Built-in compliance architecture: KYC, KYB, KYT, Chainalysis monitoring, whitelisting and configurable multi-signature wallets.
• Cross-chain deployment and high throughput, with primary usage on Bitcoin’s Liquid Network as well as multiple leading blockchains.
  

Bitfinex Securities: Platform Overview

Bitfinex Securities operates a regulated platform for the primary issuance and trading of tokenized securities and RWAs, holding the first licenses for these activities in both the Astana International Financial Centre (AIFC) in Kazakhstan and El Salvador. The platform enables issuers to raise capital through tokenized asset issuances, providing investors worldwide with access to high-quality assets, 24/7 trading, real-time settlement, and the ability to withdraw, self-custody, or transfer tokenized assets, as well as integration with digital asset markets through Bitcoin and Tether.

The role of Bitfinex Securities in these issuances includes:

• Supporting capital raises and secondary market trading
• KYC/AML of the issuer and all investors
• Providing the licensing framework to facilitate the issuance
• Executing dividend and principal payments

Key Technical Capabilities

This section outlines the core features that support regulated tokenized securities.

Confidential & secure issuance

The family of Alternative bonds is designated ALT2612, ALT11M2507, ALT11M250830, and ALT11M251029. Using confidential transactions, ensuring both privacy of financial details and compliance with regulated frameworks. These were issued on the Liquid Network by Bitfinex Securities. Hadron by Tether interoperates with Liquid and provides parallel services.

Coupons and token fractionalization

Each tranche was structured as digital tokens with $100 denominations, enabling broader accredited investor participation. The issuer deposited USDT to their BFXS capital raise account. It was then deducted from that account and credited to the investor accounts.

Compliance and smart-rail whitelisting

Transfer restrictions enforce that only verified wallets may hold or trade tokens. The whitelist is maintained by Bitfinex Securities and the issuer via Blockstream AMP metadata.

API-driven lifecycle management

Whitelisting and redemption processes are automated through Hadron by Tether’s APIs and the Liquid protocol.

Workflow: From Issuance to Maturity

This workflow shows the full lifecycle—from onboarding and token setup through coupon payments and redemption—managed end-to-end on-chain. 

Alternative Tokenized Bond Issuance Overview

The family of Alternative tokenized bond issuances includes ALT2612, ALT11M2507, ALT11M250830, and ALT11M251029. Alternative provides a tangible example of Hadron by Tether’s capabilities in action. 

• ALT2612, launched in December 2023, carried a 10% annual coupon with a 36-month maturity and raised about $5.2 million.
• The 11-month series (ALT11M2507, ALT11M250830, ALT11M251029) have coupon rates between 9% and 9.5% and are each structured for up to 10 million USDT.
• All issuances share core features: programmatic coupon execution, fractional token denominations, and whitelist-enforced trading under regulated frameworks.
• Tokens are issued in USDT-denominated units, structured via the Blockstream AMP compliance framework, with metadata specifying investor permissions and transfer restrictions.
• These bonds successfully completed their full life cycle, maturing and returning principal to investors. 

This model shows how tokenized bonds can be issued in multiple tranches while maintaining consistent efficiency, compliance, and transparency.

Note: Settlement speed, investor counts and trading volumes were not publicly disclosed. Investor segmentation is limited to accredited categories under Bitfinex Securities’ rules and MiFID-aligned jurisdictions.

Platform Advantages vs. Traditional Issuance

Compliance, Risk & Security Architecture

Inclusion & Investor Impact

Ecosystem Use Cases & Scalability

Mikro Kapital’s Alternative bond issuances demonstrate that tokenized bonds can be structured as a coordinated program under a consistent technical and regulatory framework. This approach proves that regulated digital securities can be scaled efficiently across multiple offerings.

The program also advances Mikro Kapital’s mission by directing capital to underserved micro-enterprises, including many women-led businesses, and supporting economic inclusion in regions with limited access to finance.

From a technical standpoint, the bond structure can be adapted for future instruments such as basket tokens, commodity-backed products, and structured yield offerings. Each issuance leverages the same infrastructure, allowing the program to grow across maturities, volumes, and asset classes while maintaining compliance and efficiency.

Roadmap & Outlook

Mikro Kapital’s Alternative tokenized bond issuances demonstrate that regulated digital securities can scale beyond individual tranches into a repeatable and sustainable financing program. Looking forward, the roadmap combines platform enhancements with broader market adoption to ensure that future issuances expand in scope, efficiency, and reach.

Planned platform enhancements include:

• Multi-currency issuances (EURT, MXNT, and others)
• Dynamic couponing and refinancing capabilities
• Expanded secondary trading interfaces
• Custodian and compliance integrations, with optional DeFi connectivity
  

From a market perspective, further development will focus on cross-jurisdictional expansion, increased institutional participation, and the ability to monitor on-chain trading volumes and investor activity across tranches. These advancements reinforce how tokenized bond issuances can serve as a long-term financing mechanism for impact-focused institutions while broadening investor access to regulated digital assets.

This case study is provided for informational purposes only and does not constitute financial, investment, or legal advice. The content has been prepared in collaboration with a market participant and is intended to illustrate the use of tokenized securities in regulated markets. Readers should consult with their own advisors before making any investment or financial decisions.

References

1. Tether. Hadron by Tether Platform Brings Simplified Asset Tokenization to the Mass Market. Nov. 14, 2024. Available at: https://tether.io/news/hadron-by-tether-platform-brings-simplified-asset-tokenization-to-the-mass-market
2. CoinDesk. Tether Unveils New Platform to Simplify Asset Tokenization for Businesses, Nation-States. Nov. 14, 2024. Available at: https://www.coindesk.com/policy/2024/11/14/tether-unveils-new-platform-to-simplify-asset-tokenization-for-businesses-nation-states
3. Chainalysis. Tokenization Meets Institutional-Grade Compliance: Chainalysis Integrates with Hadron by Tether. May 6, 2025. Available at: https://www.chainalysis.com/blog/chainalysis-tether-hadron-rwa
4. Finance Magnates. Bitfinex Raises $5.2M via Tokenized Bond in Collaboration with Mikro Kapital. Dec. 20, 2023. Available at: https://www.financemagnates.com/cryptocurrency/news/bitfinex-raises-5-2m-via-tokenized-bond-in-collaboration-with-mikro-kapital
5. Blockstream (Liquid Blog). Bitfinex Securities Raises Capital for First Tokenized Bond on Liquid. Nov. 15, 2023. Available at: https://blog.liquid.net/bitfinex-securities-raises-capital-for-first-tokenized-bond-on-liquid
6. Bitfinex. ALT2612 Tokenised Bond Makes First Coupon Payment. Mar. 19, 2024. Available at: https://blog.bitfinex.com/media-releases/alt2612-tokenised-bond-makes-first-coupon-payment