Tether-A Tokens
Tether-A Tokens provide investors with economic exposure to Tether Global Investments Fund, SICAF, S.A., which includes in its portfolio Tether International, S.A. de C.V., the world’s largest stablecoin issuer.
Overview
Tether-A Tokens provide investors with economic exposure to Tether Global Investments Fund, SICAF, S.A. ("Tether Fund"), which holds in its portfolio Tether International S.A. de C.V., the world's largest stablecoin issuer. The tokens, issued by T-Anchor, S.A. de C.V. (the "Issuer"), entitle investors to a pass-through right to economic distributions (including dividends) received by the Issuer in respect of designated Reference Shares of Tether Fund. The issuance enables eligible investors the opportunity to obtain economic exposure to a company uniquely positioned within the digital asset industry, while also providing the ability to trade Tether-A Tokens on the secondary market through Bitfinex Securities.
T-Anchor's entitlement to those economic returns is grounded in a formal, multi-layer contractual structure: eligible shareholders of Tether Fund have assigned the economic rights associated with designated Reference Shares to T-Anchor pursuant to a Custody Agreement. This assignment — without transferring legal ownership of the shares — gives T-Anchor an exclusive contractual right to receive distributions from those Reference Shares. As a dedicated special purpose vehicle with no unrelated activities, T-Anchor is then obligated, under the terms of the Relevant Information Document ("RID"), to pass those distributions through to Token Holders on a pro-rata basis. The link between Tether Fund's economic performance and Token Holder returns is therefore secured at every step: by the assignment agreement, by the Custody Agreement governing the Reference Shares, and by T-Anchor's structure as a pure pass-through entity.
The Tether-A Tokens provide economic participation only and do not confer ownership, governance, voting, or control rights in the Issuer, the Tether Fund, or any of their affiliates. Pursuant to the contractual arrangements entered into with the relevant stakeholders of the Tether Fund ecosystem, T-Anchor has been granted exclusive rights in connection with the tokenization, issuance, administration, and commercialization of digital asset products linked to shares, economic rights, distributions, or other interests associated with Tether Fund.
Availability subject to applicable laws, regulations, and jurisdictional restrictions.
What are Tether-A Tokens?
What are the Tether-A Tokens?
The Tether-A Tokens are digital assets issued by T-Anchor that provide holders with economic exposure to the returns generated by designated Reference Shares of Tether Fund — shares set aside exclusively for this issuance under the contractual and custody framework described in the RID.
The Tokens are structured as Digital Assets of Income (Oferta Pública de Ingresos) under Article 5(n) of El Salvador's Digital Asset Issuance Law, meaning they are designed to deliver periodic economic distributions to holders — not ownership, governance, or control rights.
What rights do token holders receive?
Subject to the terms of the RID and applicable law, Token Holders may be entitled to receive:
Dividends and other economic distributions declared in respect of the Reference Shares.
Distributions that are allocated proportionally to the number of Tether-A Tokens held at the time of distribution
Access to secondary market trading through approved trading venues.
Distributions, if any, are dependent upon distributions received by the Issuer in connection with the Reference Shares and remain subject to applicable expenses, operational requirements, and the terms of the issuance.
What rights do token holders not receive?
Tether-A Tokens are purpose-built for economic participation. They are not designed to — and do not — confer:
- Ownership of shares in Tether Fund;
- Voting or governance rights in Tether Fund or the Issuer;
- Management or control rights;
- Guaranteed returns or guaranteed liquidity;
- Rights against Tether Fund, Tether International, or any portfolio company.
Secondary market
Following issuance, Tether-A Tokens are expected to be available for trading through Bitfinex Securities (PSAD-0001), a Digital Asset Service Provider licensed and registered before the Comisión Nacional de Activos Digitales ("CNAD")— providing Token Holders with access to a regulated secondary market within El Salvador.
Additional trading mechanisms may be made available in accordance with applicable law. As with any market-traded instrument, liquidity will depend on market conditions and cannot be guaranteed.
About
T-anchor
Overview
T-Anchor is a company incorporated under the laws of the Republic of El Salvador and established to operate as a special purpose vehicle for the issuance and administration of the Tether-A Tokens.
The Issuer’s sole material activity is the holding and administration of the Reference Shares and the issuance and operation of the Tether-A Tokens in accordance with the RID, the Custody Agreement, and applicable law.
The Issuer does not engage in unrelated operating or investment activities.
Governance structure
The Issuer operates under a streamlined governance structure appropriate for its nature as a special purpose vehicle.
The Issuer is administered by a Sole Administrator, supported by legal and compliance functions.
Regulatory information
Jurisdiction: Republic of El Salvador
Issuer: T-Anchor, S.A. de C.V.
Digital Asset Issuance governed by the Digital Asset Issuance Law of El Salvador.
CNAD registration information will be published once available.
About
Tether Fund
Overview
Tether Fund is an entity regulated by the Banco Central of El Salvador and supervised by the Superintendencia del Sistema Financiero of El Salvador, respectively.
The Tether-A Tokens are economically linked to specific Reference Shares associated with Tether Fund pursuant to the issuance structure described in the RID.
The financial strength of the structure is grounded in the economic performance associated with the underlying Reference Shares and the broader Tether ecosystem.
Relationship to the tokens
The Tokens do not represent direct ownership interests in Tether Fund. Rather, T-Anchor holds contractual economic rights associated with the Reference Shares and passes economic distributions through to Token Holders in accordance with the RID. Token Holders' rights run against T-Anchor as Issuer — a structure designed to provide a clear, regulated counterparty relationship.
Structure overview
Structure summary
01
Eligible shareholders of Tether Fund have assigned Reference Shares into the issuance structure pursuant to a Custody Agreement.
02
T-Anchor issues Tether-A Tokens representing contractual economic rights associated with those Reference Shares.
03
Any economic distributions received by T-Anchor in respect of the Reference Shares are distributed pro-rata to Token Holders, subject to the terms of the issuance.
04
The issuance structure is intended to facilitate digital asset infrastructure, secondary market participation, and broader access to economic exposure associated with the underlying Reference Shares.
Key participants
T-Anchor
Issuer and administrator of the Tether-A Tokens.
Tether Fund
Entity associated with the underlying Reference Shares.
Bitfinex Securities
Digital Asset Service Provider facilitating trading and digital asset infrastructure.
Token Holders
Investors holding Tether-A Tokens.
Hadron
Technology infrastructure provider powering the issuance, management, and life cycle of the Tether-A Tokens on blockchain.
Regulatory and legal disclosures
Important regulatory notice
The Tether-A Tokens have been structured as Digital Assets of Income under El Salvador’s Digital Asset Issuance Law.
An investment in the Tether-A Tokens involves risk. Prospective acquirers should carefully review the RID in its entirety before making any investment decision.
The Tokens are not bank deposits, are not guaranteed by any governmental authority, and may lose value.
Jurisdiction restrictions
The Tether-A Tokens may only be offered, sold, transferred, or otherwise made available in jurisdictions where such activities are lawful and permitted under applicable law.
The Tokens are not available in jurisdictions where the issuance, offering, acquisition, holding, or transfer of digital assets would violate applicable laws, regulations, sanctions, or restrictions.
Access to the Tokens may be restricted for persons located in, organized in, or ordinarily resident in certain jurisdictions, or otherwise subject to sanctions or regulatory prohibitions.
All transactions in Tether-A Tokens are intended to be conducted exclusively through the Bitfinex Securities platform within the Republic of El Salvador. No action has been taken to permit the offering, distribution, or publication of any related materials in any other jurisdiction.
Investor eligibility
Participation in the issuance is limited to persons who satisfy the, onboarding, compliance, AML/CFT, sanctions screening, and jurisdictional requirements established by Bitfinex Securities and applicable law.
The Issuer and applicable service providers reserve the right to reject, suspend, restrict, or terminate access to the Tokens where necessary to comply with applicable law or operational requirements.
U.S. Persons: The Tether-A Tokens have not been registered under the U.S. Securities Act of 1933. They may not be offered, sold, or delivered — directly or indirectly — within the United States or to any U.S. person. Access to this website and its contents by U.S. persons is unauthorized.
No guarantee
No representation, warranty, or guarantee is made regarding:
- future distributions;
- future performance;
- liquidity;
- market price;
- appreciation in value; or
- the development or continuation of a secondary market.
Any distributions remain dependent upon the economic performance associated with the Reference Shares and the terms of the issuance.
Documents & resources
Available documents
The following documents will be made available through this website:
- Relevant Information Document;
- Certifier’s Report;
- Corporate announcements;
- Supplements and amendments;
- Legal notices;
- FAQs and investor materials.
Prospective Token Holders are encouraged to review all available documentation carefully.
Access Trading
Trading information
Tether-A Tokens may be made available for trading through Bitfinex Securities, subject to onboarding, eligibility, and compliance requirements.
Trading activities remain subject to applicable law, operational rules, platform requirements, and market conditions.
Ready to get started? Onboard through Bitfinex Securities to access the Tether-A ecosystem.
Trading availability may vary depending on jurisdiction, onboarding status, and applicable restrictions.
FAQ
Tether-A Tokens are digital assets that give you economic exposure to a designated pool of Tether Fund shares — without the barriers typically associated with direct fund investment. Issued by T-Anchor under El Salvador's Digital Asset Issuance Law, they are designed to pass through economic distributions from the underlying Reference Shares to Token Holders on a pro-rata basis, through a transparent, regulated structure.
No — and that's by design. Tether-A Tokens give you the economic exposure of holding Reference Shares without the complexity of direct share ownership. Your rights are contractual: you receive economic distributions passed through by T-Anchor in proportion to your token holdings, as and when the Issuer receives them from the Reference Shares.
Distributions flow through a straightforward structure: when Tether Fund declares dividends or other economic distributions on the Reference Shares, T-Anchor receives those amounts and distributes the net proceeds to Token Holders through Bitfinex Securities, typically in USD₮, on a pro-rata basis. Timing and amount depend on Tether Fund's performance and distribution decisions.
No distributions are guaranteed — returns are linked to the performance and distribution decisions of Tether Fund. That said, the structure is specifically designed so that any distributions received by T-Anchor flow directly through to Token Holders, with no discretion on the Issuer's part to withhold them.
Tether-A Tokens are designed as a market-traded instrument, not a redeemable product. Rather than direct redemption, liquidity is intended to be accessed through the secondary market on Bitfinex Securities. The Issuer has no obligation to repurchase tokens.
You can sell your Tether-A Tokens on the secondary market through Bitfinex Securities. As with any market-traded asset, liquidity and exit price will depend on market conditions at the time of sale. There is no guarantee of a liquid market or a specific price.
Yes — Bitfinex Securities is your gateway to the Tether-A ecosystem. As a licensed Digital Asset Service Provider registered with CNAD, Bitfinex Securities handles custody, trading, and distribution of payments. Onboarding is a one-time process that includes standard KYC/AML verification, consistent with applicable regulatory requirements.
If no dividends or distributions are declared on the Reference Shares, Token Holders will not receive income distributions during that period. In that scenario, any return on your investment would come from appreciation in the market value of your Tether-A Tokens — which is also not guaranteed.
Neither. Tether-A Tokens are classified as Digital Assets of Income (Oferta Pública de Ingresos — Rights of Earnings) under El Salvador's Digital Asset Issuance Law — a purpose-built regulatory category for structured, income-linked digital instruments. They carry no equity ownership rights and no debt obligations.
Token Holders' rights run against T-Anchor, not Tether Fund directly. This is a structural feature of the SPV model: T-Anchor is the contractual counterparty that holds the economic rights and passes distributions through to you. Token Holders have no direct or indirect claim against Tether Fund, Tether International, or any portfolio company.