Particula assigned the QXMP token, issued by BitGo Bank & Trust, an A- rating before launch on September 21, 2026, with the announcement following on October 22. Pegged 1:1 to the US dollar, the stablecoin is backed by segregated, high-quality, short-duration assets, including US dollar deposits and short-term US Treasuries, with the holdings independently verified. The assessment, based on Particula’s PDARF methodology covering 129 attributes, also highlights the strength of BitGo’s regulatory compliance framework. Particula nevertheless flagged residual risks related to liquidity, peg stability and reliance on off-chain controls, while the project reports more than $1.17 trillion in assets slated for tokenization, a figure that does not represent reserves already backing circulating tokens.
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