MatrixDock STBT

STBT is MatrixDock’s token backed by short-term US Treasury bills and reverse repos. It is pegged to the dollar, and interest is rebased to holders daily. We review tokenised Treasury products one by one rather than placing them in the off-chain-credit class because government debt differs 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 just an onchain subset, remains below the size floor. We do not open the individual review until the product clears that floor. This decision makes no quality or credit finding about the product.

Review triggers: events that reopen the verdict
• Independently reproducible STBT supply and reserve NAV or tracked TVL sustain at least the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

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. It distributes interest through a daily token rebase. The current reserve table consisted mainly of short-dated Treasury bills, with smaller USTB, BUIDL, and cash balances. These facts place STBT within the tokenized-Treasury product perimeter and distinguish it from private-credit instruments. They do not validate title, valuation, or enforceability.

Current observation and size applicability

The official STBT page read on 2026-08-15 reported a 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. MatrixDock’s own total supply and reserve NAV are each far below the size floor. The below-materiality rule therefore applies to the disclosed product perimeter and does not rely on a potentially narrow adapter balance.

Control, access and exit applicability

STBT is limited to accredited investors, and MatrixDock controls the minting and redemption process. MatrixDock states that mints are T+0 and standard redemptions are T+2. T+0 redemption is subject to a $1M global daily limit. A third-party transparency panel receives view-only bank access and broker statements. It publishes monthly bulletins, including July 2026. A full review at scale must cover these controls, access limits, and settlement terms, but the product remains below the current size floor.

Why the class rule decides

The shared v1 below-materiality dossier governs while both live supply and reserve NAV remain below the size floor. Reopen only after independently reproducible STBT supply and reserve NAV or tracked TVL stays at or above the size floor for 30 days. The individual review will not open before then. Once opened, it 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.

Research status

This is a capacity-unproven record for MatrixDock STBT, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

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 research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.