MatrixDock STBT

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

STBT is MatrixDock’s token backed by short-term US Treasury bills and reverse repos, pegged to the dollar with interest rebased to holders daily. Tokenised Treasury products are memoed individually here, not swept into the off-chain-credit class, because government debt is a different instrument from private credit. On 2026-08-15 MatrixDock reported 24.28M STBT outstanding and $24.45M of total reserves NAV, while DefiLlama reported about $24.0M of tracked TVL. The disclosed full product perimeter, not merely an onchain subset, remains below the $100M materiality floor. Rejected on size; this application does not make a quality or credit finding about the product.

Kill criteria: the events that revoke this verdict
• Independently reproducible STBT supply and reserve NAV or tracked TVL sustain at least $100M for 30 days

The research file

Mechanism applicability

MatrixDock describes each STBT as $1 of NAV exposure to short-term U.S. Treasury bills and reverse-repurchase instruments, with interest distributed by a daily token rebase. The current reserve table was predominantly short-dated Treasury bills, with smaller USTB, BUIDL and cash balances. That establishes the tokenized-Treasury product perimeter and distinguishes it from private-credit instruments; it does not itself validate title, valuation or enforceability.

Current observation and size applicability

The official STBT page read on 2026-08-15 reported total supply of 24,278,141.28 STBT and total reserves NAV of $24,452,453.24. DefiLlama separately reported about $24.0M of tracked STBT TVL on Ethereum. Because MatrixDock’s own total supply and reserve NAV are each far below $100M, the below-materiality rule applies to the disclosed product perimeter rather than relying on a potentially narrow adapter balance.

Control, access and exit applicability

STBT is limited to accredited investors and minting and redemption run through MatrixDock’s controlled workflow. MatrixDock states mints are T+0 and standard redemptions are T+2, with T+0 redemption subject to a $1M global daily limit. A third-party transparency panel receives view-only bank access and broker statements and publishes monthly bulletins, including July 2026. These controls, access restrictions and settlement terms require full review at scale, but they do not override the current size gate.

Why the class rule decides

The shared v1 below-materiality dossier controls while both live supply and reserve NAV remain below $100M. Reopen only after independently reproducible STBT supply and reserve NAV or tracked TVL sustain at least $100M for 30 days. A reopened individual review must test legal claim and bankruptcy remoteness, issuer and reserve controls, accredited-investor access, asset verification and valuation, smart contracts, fees, incidents and assurance, and observed ordinary and stressed redemption performance.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• MatrixDock — STBT product, reserves and redemption terms · primary · accessed 2026-08-15
  Supports: STBT supply, reserve NAV, Treasury and repo backing, daily rebase, accredited investors, T+0 mint, T+2 redemption, $1M fast-redemption limit
• MatrixDock — STBT transparency panel · primary · accessed 2026-08-15
  Supports: third-party verification, view-only bank access, broker statements, monthly bulletins, July 2026
• DefiLlama — MatrixDock STBT survey record · secondary · accessed 2026-08-15
  Supports: current TVL, Ethereum, RWA category, survey perimeter

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.