Decoding RWA Tokenized U.S. Treasuries: Functional Dissection and Address Role Inference

Junliang Luo, Katrin Tinn, Samuel Ferreira Duran, Di Wu and Xue Liu

Papers from arXiv.org

Abstract: Tokenized U.S. Treasuries have emerged as a prominent subclass of real-world assets (RWAs), offering cryptographically secured, yield-bearing instruments issued across multi-chain Web3 infrastructures, with growing significance for transparency, accessibility, and financial inclusion. While the market has expanded rapidly, empirical analyses of transaction-level behaviours remain limited. This paper conducts a quantitative, function-level dissection of U.S. Treasury-backed RWA tokens, including BUIDL, BENJI, and USDY across multi-chain: mostly Ethereum and Layer-2s. Decoded contract calls expose core financial primitives such as issuance, redemption, transfer, and bridging, revealing patterns that distinguish institutional participants from smaller or retail users for the extent and limits of inclusivity in current RWA adoption. To infer address-level economic roles, we introduce a curvature-aware representation learning model. Our method outperforms baseline models in role inference on our collected U.S. Treasury transaction dataset and generalizes to address classification across broader public blockchain transaction datasets. The decoded transaction-level patterns in tokenized U.S. Treasuries across chains surface the degree of retail participation, and the role inference model enables the distinction between institutional treasuries, arbitrage bots, and retail traders based on behavioral patterns, facilitating future more transparent, inclusive, and accountable Web3 finance.

Date: 2025-07, Revised 2026-04
New Economics Papers: this item is included in nep-mac and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://arxiv.org/pdf/2507.14808 Latest version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2507.14808

Access Statistics for this paper

More papers in Papers from arXiv.org
Bibliographic data for series maintained by arXiv administrators ().