RWA-PoB：一种针对代币化美国国债产品的基于凭证的储备证明框架
RWA-PoB: A Credential-Based Proof-of-Backing Framework for Tokenized U.S. Treasury Products
中文总结 AI 辅助
该研究针对代币化美国国债产品提出RWA-PoB框架，通过EIP-712快照、BCR和RLC指标等验证储备合规性，可识别有资产负担的状态，相关原型及资源可公开获取。
中文摘要 AI 辅助
储备证明（PoR）可提升代币化资产的透明度，但汇总储备覆盖率无法证明链下资产是否符合法律要求、是否无权利负担、是否估值一致或是否具备足够的赎回流动性。我们提出RWA-PoB，一种针对代币化美国国债产品的基于凭证的储备证明框架。五名授权机构角色会批准一个规范的EIP-712快照，其中包含储备、负债、流动性和政策信息。该框架通过储备覆盖率（BCR）评估储备充足性，通过赎回流动性覆盖率（RLC）评估短期赎回能力。Solidity原型将策略控制器与ERC-20代币耦合，成功发行会原子式增加代币供应量和以美元计价的记录负债；赎回请求会销毁代币，同时将对应义务归类为待处理，仅在授权结算角色账户确认付款后才会减少该义务。我们使用经USDY校准的负债和确定性合成储备场景，以简化的汇总PoB基准对该框架进行评估：两种方法均允许在有效状态下发行，但RWA-PoB会拒绝BCR为96.3408%（低于实验设定的105%阈值）的有资产负担状态；在流动性压力下，它会将拟议赎回归类为排队状态，因为请求后RLC降至39.9999%。RWA-PoB可验证机构声明的归属和完整性，但无法独立证明链下资产的存在、所有权或状况。原型、测试套件、数据集和复现脚本可在该https URL获取。
英文摘要
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.
