# Decoding RWA Tokenized U.S. Treasuries: Functional Dissection and Address Role Inference

arXiv: https://arxiv.org/abs/2507.14808 · HTML: https://mlsanity.com/paper/2507.14808/

## Key facts

- No citing papers in the map yet (data through 14 Oct 2026).
- Builds on 7 of its 53 references that are in the map.
- First posted on arXiv 20 Jul 2025.

## Builds on (most cited first, 7 of 7)

- [node2vec: Scalable Feature Learning for Networks](https://mlsanity.com/paper/1607.00653/) (2016)
- [DeepWalk: Online Learning of Social Representations](https://mlsanity.com/paper/1403.6652/) (2014)
- [Hyperbolic Graph Neural Networks](https://mlsanity.com/paper/1910.12892/) (2019)
- [Characteristic Functions on Graphs: Birds of a Feather, from Statistical Descriptors to Parametric Models](https://mlsanity.com/paper/2005.07959/) (2020)
- [Who Are the Phishers? Phishing Scam Detection on Ethereum via Network Embedding](https://mlsanity.com/paper/1911.09259/) (2019)
- [Blockchain is Watching You: Profiling and Deanonymizing Ethereum Users](https://mlsanity.com/paper/2005.14051/) (2020)
- [Detecting Financial Bots on the Ethereum Blockchain](https://mlsanity.com/paper/2403.19530/) (2024)

## Abstract (arXiv)

Tokenized U.S. Treasuries have emerged as a prominent subclass of real-world assets (RWAs), offering cryptographically secured, yield-bearing instruments issued across multi-chain Web3 infrastructures, with growing significance for transparency, accessibility, and financial inclusion. While the market has expanded rapidly, empirical analyses of transaction-level behaviours remain limited. This paper conducts a quantitative, function-level dissection of U.S. Treasury-backed RWA tokens, including BUIDL, BENJI, and USDY across multi-chain: mostly Ethereum and Layer-2s. Decoded contract calls expose core financial primitives such as issuance, redemption, transfer, and bridging, revealing patterns that distinguish institutional participants from smaller or retail users for the extent and limits of inclusivity in current RWA adoption. To infer address-level economic roles, we introduce a curvature-aware representation learning model. Our method outperforms baseline models in role inference on our collected U.S. Treasury transaction dataset and generalizes to address classification across broader public blockchain transaction datasets. The decoded transaction-level patterns in tokenized U.S. Treasuries across chains surface the degree of retail participation, and the role inference model enables the distinction between institutional treasuries, arbitrage bots, and retail traders based on behavioral patterns, facilitating future more transparent, inclusive, and accountable Web3 finance.