Yesterday we talked about a special report on RWA, and found many projects in it, so we have to study these projects next, because RWA has seen a good increase this time, especially in yesterday’s report, which said that it would increase 7.8 times from 2023 to 2024, so if there is a big bull market next year, another 7.8 times increase is very normal, so let’s continue to study these projects. First, let’s look at the tokenized U.S. Treasury bond special session, where there are many Treasury bond projects, but we only talked about Ondo, and Ondo is indeed very eye-catching. When we talked about it, it has doubled by 5-6 times (we talked about it before, it was about 0.2. RWA upstart-OndoFinance 100-fold potential analysis). Then the first one, Franklin Templeton, is a traditional fund. It currently has not issued tokens. Let’s not talk about this for now, because there are a lot of things in traditional fund companies. If you are interested, you can search for it yourself.
1. Matrixdock
Matrixdock is a digital asset platform that provides transparent access to RWAs for institutional and accredited investors, with immutable ownership records, daily asset certification, and bankruptcy remoteness.
The first product launched on the platform is $STBT (Short-Term Treasury Bill Token), which provides a risk-free rate based on short-term US Treasury bonds. The underlying assets of $STBT are composed of 6-month US Treasury bonds and repurchase agreements collateralized by US Treasury bonds. 1 $STBT is traded at 1 $USDC.
$STBT is an Ethereum-based token that complies with the ERC-1400 standard and represents ownership of a company, debt, or other financial asset. The issuance and redemption of these tokens are managed by Matrixdock, and the contract whitelist mechanism ensures that transfers and transactions are limited to authorized account holders on the Matrixdock platform.
Leading security firms BlockSec and Zellic.io have both released security audit reports on the STBT smart contract.
Currently, more than 40 million $STBT have been minted, with a total value of 42 million US dollars, and a cumulative dividend of 5.1 million US dollars. The annualized yield in the last 7 days is 5.1%.
2.wSTBT
The second product currently is wSTBT. As the name suggests, this is a packaged STBT that can be used for mortgage lending and cross-chain transfers on the DEFI platform. It promotes the wSTBT bridge between Ethereum and Arbitrum through the Lock-And-Mint mechanism of Chainlink CCIP, and also has a whitelist mechanism.
STBT Minting and Redemption
The issuance (minting) and redemption process can be found in the ‘Minting, Redemption and Yield Process’ tab on the STBT homepage.
During the STBT minting process, Matrixdock will convert the deposited stablecoins into US dollars for the purchase of US Treasuries and reverse repurchase agreements. Then an equal amount of STBT will be issued and transferred to the user's wallet.
During the redemption of STBT, Matrixdock will credit the user's account with the equivalent digital asset pegged to the US dollar after deducting any fees that may be incurred. In the event that the redemption of STBT results in the sale of the Treasury bond before maturity, the settlement price may be lower than the market price of the previous day. Numerical examples of the redemption process can be found in the documentation FAQ. The careful combination of underlying assets is designed to avoid this situation by increasing the asset maturity frequency and having a sufficient number of reverse repurchases.
Issuance may take up to T+4 New York banking days and redemption may take up to T+5 New York banking days. However, daily fast settlement quotas for T+1 mints and redemptions are available and can be viewed in the Mint/Redemption widget.
Transparency Committee
The project’s funds and reserve assets are subject to third-party verification, and committee members have direct access to source information, including:
Short-term Treasury bills and cash reserves: View bank accounts to monitor balances and transactions in real time;
Reverse Repurchase Agreements (Repo): Regular email notifications directly from your broker, along with original repo asset statements.
The members of the committee are Verifiled USD foundation, layerzero, and michael Egorov.
二．Backed Finance
Backed brings real-world assets to the chain. It supports the issuance of permissionless tokens that track the value of real-world assets and are fully collateralized by them, such as stocks or ETFs. Tokens are issued under approved EU prospectuses. Backed provides tokenization services for institutional clients, bridging the gap between TradFi and DeFi.
It supports chains such as eth, polygon, avax, arb, fantom, bnb, bnb, etc. The current total TVL is 52 million US dollars.
bCSPX is a product of the Backing Asset (JE). Neither S&P Global nor any of its affiliates (“S&P”), BlackRock Inc., BlackRock Fund Advisors Inc., and any of its affiliates (“BlackRock”) are responsible for bCSPX.
Backed Assets bIB01 (ticker: bIB01) is a tracking certificate issued as an ERC-20 token that tracks the price of the iShares $ Treasury Bond 0-1yr UCITS ETF.
Backed Assets bC3M (ticker: bC3M) is a tracking certificate issued as an ERC-20 token that tracks the price of the Amundi GOVIES 0-6 Month Euro Investment Grade UCITS ETF.
Backed Assets bCOIN (ticker: bCOIN) is a tracking certificate issued as an ERC-20 token that tracks the price of Coinbase Global shares.
Backed Assets bNVDA (ticker: bNVDA) is a tracking certificate issued as an ERC-20 token that tracks the price of NVIDIA stock.
Features:
1. 24-hour trading
2.ERC20 tokens, compatible with Ethereum wallets and Defi
3. Fragmentation Trading
4. Each token is backed by the underlying asset at a 1:1 ratio
5. The underlying assets are held by a third-party licensed custodian
6. Convertible into cash value of underlying assets
Finally, let me summarize these two projects. The first one is short-term US Treasury bonds, which are very similar to Ondo. Because there is no endorsement from BlackRock, it is an order of magnitude different from Ondo. Then I feel that it is very much like a project run by Chinese people. The team has no real name, so this is the reason for its small size. Although it has a third-party audit, this third party is actually quite general. The second project is RWA of the United States or US ETFs, which is still good, because the recent increase in US stocks is really good, and you can buy Nvidia and other things, which is also very profitable, because it is actually still not available in China, but there are KYC restrictions, but it is better than the restrictions of US stocks. However, the current size is not very large. As long as the KYC restrictions are opened, there is still a lot of room for imagination, because for the whole world, US stocks are still very imaginative.