Problem
Research questions and friction points this paper is trying to address.
Proof of Reserves
Tokenized Assets
U.S. Treasury Products
Liquidity
Backing Adequacy
RWA-PoB: A Credential-Based Proof-of-Backing Framework for Tokenized U.S. Treasury Products
🤖 AI Summary
为解决token化美国国债产品的背书证明问题，提出基于凭证的RWA-PoB框架，通过五种授权机构角色验证资产、负债、流动性和政策信息，评估背书充足性和赎回流动性。
📝 Abstract
Proof of reserves (PoR) can improve transparency for tokenized assets, but aggregate reserve coverage does not establish whether off-chain assets are legally eligible, unencumbered, consistently valued, or sufficiently liquid for redemptions. We propose RWA-PoB, a credential-based proof-of-backing framework for tokenized U.S. Treasury products. Five authorised institutional roles approve a canonical EIP-712 snapshot containing reserve, liability, liquidity, and policy information. The framework evaluates backing adequacy through the Backing Coverage Ratio (BCR) and short-term redemption capacity through the Redemption Liquidity Coverage (RLC). The Solidity prototype couples the policy controller to an ERC-20 token. Successful issuance atomically increases token supply and recorded liabilities by the corresponding USD-denominated liability. A redemption request burns tokens while reclassifying the corresponding obligation as pending. The obligation is reduced only after an authorised settlement-role account confirms payment. We evaluate the framework against a simplified aggregate PoR baseline using USDY-calibrated liabilities and deterministic synthetic reserve scenarios. Both approaches permit issuance in the valid state, but RWA-PoB rejects an encumbered-assets state with a BCR of 96.3408%, below the experimental 105% threshold. Under liquidity stress, it classifies the proposed redemption as queued because the post-request RLC falls to 39.9999%. RWA-PoB authenticates the attribution and integrity of institutional claims but does not independently prove the existence, ownership, or condition of off-chain assets. The prototype, test suite, datasets, and replication scripts are available at https://github.com/rischanlab/PoB.
Innovation
Methods, ideas, or system contributions that make the work stand out.
credential-based proof-of-backing
Backing Coverage Ratio (BCR)
Redemption Liquidity Coverage (RLC)
tokenized U.S. Treasury products
EIP-712 snapshot
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