Backed Finance vs. Matrixdock: Tokenized Treasury Products

Cross-chain native issuance: Assets like bIB01 are minted natively on Ethereum, Base, and Polygon. This matters for DeFi integration, enabling direct use in protocols like Aave, Uniswap, and Compound without bridging. Their focus on ERC-20 standards ensures broad ecosystem compatibility.

100% verifiable collateral: Each token is backed 1:1 by underlying securities held with a regulated custodian (Bank Frick), with real-time attestations published on-chain by PwC Switzerland. This matters for institutional due diligence and building trust through transparency, not just legal claims.

Pure T-Bill focus: The STBT token provides direct exposure to a portfolio of US Treasury Bills with maturities under 3 months. This matters for capital preservation and low-duration yield seekers, offering a digital alternative to money market funds with daily yield accrual.

Built for institutional scale: Backed by Matrixport, it leverages deep liquidity and distribution channels in Asia. This matters for large-volume investors and regional platforms seeking a turnkey, high-liquidity solution for tokenized real-world assets (RWAs) with established local compliance frameworks.

Deep secondary market integration: Backed's bTokens (e.g., bIB01) are live on major DEXs like Uniswap and Curve, with over $50M in on-chain liquidity pools. This enables 24/7 trading and direct composability with DeFi protocols like Aave for yield strategies. This matters for funds requiring instant rebalancing or arbitrage.

Diverse product suite: Offers tokenized versions of ETFs (like iShares $IBIT), treasuries, and equities across Ethereum, Polygon, and Base. Supports ERC-20, ERC-1400, and ERC-4626 standards for compliance and vault integration. This matters for portfolios needing exposure beyond US Treasuries or operating on specific L2s.

Direct issuer relationship: Matrixdock tokens (e.g., T-Bill Token) are issued by Matrixport, a regulated entity with over $10B in assets under management. This provides a clear legal and custodial framework appealing to large, regulated institutions. This matters for CTOs prioritizing regulatory certainty and counterparty risk over on-chain features.

High-yield, single-asset focus: Specializes in short-term U.S. Treasury bills with real-world yields passed through (e.g., ~5.4% APY). Minimum entry via their platform is often lower than direct treasury purchases. This matters for treasury managers seeking a simple, yield-optimized vehicle without managing multiple ETF tokens.

Complexity overhead: Managing multiple asset standards (ERC-20 vs. 1400) and bridging across chains adds engineering complexity. Yield is not auto-compounded; holders must manually stake or lend bTokens in DeFi. This matters for teams wanting a "set-and-forget" treasury solution with minimal smart contract management.

Limited DeFi composability: Primarily designed for holding on their platform or whitelisted custodians (e.g., Fireblocks). No native DEX liquidity; secondary sales may require OTC. Single asset class focus (T-Bills) limits portfolio strategy. This matters for protocols that need their treasury assets to be active, programmable collateral.

ERC-20 Native Tokens: All assets (e.g., bIB01, bCSPX) are standard ERC-20s. This enables seamless integration with DeFi protocols like Aave, Compound, and Uniswap V3 for lending, borrowing, and concentrated liquidity strategies. This matters for protocols building complex financial products or seeking maximum capital efficiency.

Direct Short-Term Treasury Exposure: The STBT token is backed 1:1 by U.S. Treasury Bills and repo agreements, offering a pure, high-liquidity yield product. Its structure is optimized for stablecoin-adjacent returns with daily NAV updates. This matters for stablecoin protocols, cash management strategies, and users seeking low-volatility USD yield.