BitGo Bank & Trust has received a pre-issuance A- rating for its QXMP payment token from the digital asset risk firm Particula. The rating was assigned on September 21, 2026, and publicly announced on October 22, 2026. The token is designed for enterprise use, specifically for payroll, cross-border payments, and settlement.
The QXMP token is pegged to the US dollar and issued through BitGo's Stablecoin-as-a-Service platform in partnership with QELT LLC. It utilizes a dual-reserve model consisting of tokenized real-world assets and liquid reserves compliant with the GENIUS Act. The project reports over $1.17 trillion in assets slated for tokenization.
Particula’s assessment is based on its PDARF methodology, which evaluates 129 attributes. The A- grade reflects the 1:1 backing by segregated assets, including US dollar deposits and short-duration US Treasuries, alongside a robust compliance framework. The offering also includes up to $250 million in Lloyd’s insurance.
Despite the rating, Particula identified residual risks related to liquidity, peg stability, and reliance on off-chain controls. The rollout of QXMP has been gradual, starting with a public test mint in June 2026, followed by availability for accredited accounts on the BitGo platform in July 2026.
