Abstract

Proof of reserves (PoR) can improve transparency for tokenized assets, but aggregate reserve coverage does not establish whether off-chain assets are legally eligible, unencumbered, consistently valued, or sufficiently liquid for redemptions. We propose RWA-PoB, a credential-based proof-of-backing framework for tokenized U.S. Treasury products. Five authorised institutional roles approve a canonical EIP-712 snapshot containing reserve, liability, liquidity, and policy information. The framework evaluates backing adequacy through the Backing Coverage Ratio (BCR) and short-term redemption capacity through the Redemption Liquidity Coverage (RLC). The Solidity prototype couples the policy controller to an ERC-20 token. Successful issuance atomically increases token supply and recorded liabilities by the corresponding USD-denominated liability. A redemption request burns tokens while reclassifying the corresponding obligation as pending. The obligation is reduced only after an authorised settlement-role account confirms payment. We evaluate the framework against a simplified aggregate PoR baseline using USDY-calibrated liabilities and deterministic synthetic reserve scenarios. Both approaches permit issuance in the valid state, but RWA-PoB rejects an encumbered-assets state with a BCR of 96.3408%, below the experimental 105% threshold. Under liquidity stress, it classifies the proposed redemption as queued because post-request RLC falls to 39.9999%. RWA-PoB authenticates the attribution and integrity of institutional claims, it does not independently prove the existence, ownership, or condition of off-chain assets. The prototype, test suite, datasets, and replication scripts are available at https://github.com/rischanlab/PoB.