Ethereum
STBT maintains a $1.00 peg and distributes yield through daily positive rebases, backed by US Treasury bills with six months or less to maturity and reverse repos. Issued by Matrixdock (Matrixport Group) for accredited non-US investors, with reserves attested by independent accountants and mirrored via Chainlink proof-of-reserve.
Dollar-pegged rebasing token distributing daily T-bill yield.
Prism analyst note
STBT was among the first rebasing treasury tokens and remains a clean implementation: $1 peg, daily rebase, Chainlink-verifiable reserves. Its Curve pool liquidity thinned versus 2023 peaks as competitors scaled, making it more a hold-to-earn instrument than a trading asset today. The offshore SPV structure is weaker than the regulated-fund wrappers of larger rivals, priced in via a modestly higher risk score.
Generated from issuer disclosures and reviewed against the sources listed below. Not investment advice.
Structure & compliance
- Underlying
- US T-bills (≤6 months), overnight reverse repo
- Legal structure
- SPV notes (Seychelles), token = beneficial interest
- Jurisdiction
- Seychelles / Singapore
- Custodian
- US-regulated broker custody for T-bills
- Administrator
- Matrixdock; independent accountant attestations
- Oracle / NAV source
- Chainlink proof-of-reserve
- Reserve information
- Daily reserve reports with Chainlink PoR; monthly third-party attestations.
- Transfer restrictions
- Whitelisted addresses only; accredited non-US investors.
- Investor eligibility
- Non-US persons (Reg S)
- KYC required
- Yes
Reserve verification
Contracts & on-chain data
Addresses shown only where independently confirmed against explorers and issuer documentation. Holder and transfer analytics are available via the linked explorers. 200+
Documents & disclosures
Frequently asked
How do rebases work?+
Token balances increase daily to distribute accrued yield while the price stays at $1.00.
