Bitcoin enters the public bond market, Moody's assigns its first rating to crypto-backed bonds

```htmlJinse Finance reported that on April 1, the New Hampshire Bureau of Banking and Securities plans to issue what appears to be the first-rated Bitcoin-backed bond, with Moody's giving it a preliminary Ba2 rating, marking a new intersection between crypto assets and public finance. These bonds are backed by Bitcoin held in custody at BitGo as supporting assets. This type of security features a limited recourse structure, ensuring that New Hampshire’s public funds are not at risk, indicating the state primarily acts as a conduit issuer. Meanwhile, rating agencies are continuously refining their assessment methods for crypto asset-backed debt.```