EVM RWA Treasury Tokenization

A complete Solidity-based Real-World Asset (RWA) treasury tokenization protocol inspired by Ondo Finance's OUSG tokenized short-term US Treasuries product. This protocol enables tokenization of off-chain treasury assets with yield accrual, compliance features, and upgradeable architecture.

📋 Table of Contents

• Features
• Architecture
• Project Structure
• Setup
• Testing
• Deployment
• Contact

✨ Features

Core Functionality

• Yield-Bearing Tokens: Two token models:
  • OUSG-style (Appreciating): Token balance stays fixed, price/NAV increases over time to reflect yield
  • rOUSG-style (Rebasing): Token price stays ~$1, balances increase daily to reflect yield accrual
• Minting & Redemption: Permissioned minting when off-chain assets are deposited, redemption with off-chain payout signaling
• Yield Accrual: Configurable APY (default 4%) with daily/periodic yield updates
• Compliance: Whitelist/blacklist functionality for KYC/AML compliance
• Access Control: Role-based access control (MINTER, REDEEMER, PAUSER, ORACLE, ADMIN)
• Upgradeability: UUPS proxy pattern for implementation upgrades
• Pausability: Emergency pause functionality for all operations

Technical Features

• Price Oracle: Mock oracle for NAV/price updates (production-ready for Chainlink integration)
• Transfer Restrictions: Enforceable whitelist/blacklist on transfers
• Gas Optimized: Efficient storage and computation patterns
• Security: Reentrancy guards, access control, overflow protection

🏗️ Architecture

┌─────────────────────────────────────────────────────────────┐
│                    Users / Investors                        │
└────────────────────┬────────────────────────────────────────┘
                     │
                     ▼
┌─────────────────────────────────────────────────────────────┐
│              UUPS Proxy (TreasuryToken)                     │
│  ┌─────────────────────────────────────────────────────┐  │
│  │         Implementation Contract                     │  │
│  │  - mint() / redeem()                                │  │
│  │  - yield accrual                                    │  │
│  │  - whitelist/blacklist                              │  │
│  │  - pause/unpause                                    │  │
│  └─────────────────────────────────────────────────────┘  │
└──────┬──────────────┬──────────────┬────────────────────────┘
       │              │              │
       ▼              ▼              ▼
┌──────────────┐ ┌──────────────┐ ┌──────────────┐
│ Price Oracle │ │ Access Control│ │ MockUSDC     │
│  (NAV/Price) │ │   (Roles)     │ │ (Underlying) │
└──────────────┘ └──────────────┘ └──────────────┘

Contract Components

1. TreasuryToken: Main appreciating token (OUSG-style) - balance fixed, price increases
2. RebasingTreasuryToken: Rebasing variant (rOUSG-style) - price fixed, balance increases
3. TreasuryPriceOracle: Price oracle for NAV updates and yield rate management
4. MockUSDC: Mock stablecoin for testing mint/redemption flows

Token Models

OUSG-style (Appreciating Token)

• Token balance remains constant
• Price/NAV per token increases over time
• Formula: price = initialPrice * (1 + yieldRate * timeElapsed / 365 days)
• Users see value appreciation through price increase

rOUSG-style (Rebasing Token)

• Token price stays constant (~$1)
• Token balances increase daily via rebasing
• Formula: balance = scaledBalance * rebaseIndex
• Users see value appreciation through balance increase

📁 Project Structure

evm-rwa-treasury-tokenization/
├── contracts/
│   ├── interfaces/
│   │   ├── ITreasuryToken.sol
│   │   └── ITreasuryPriceOracle.sol
│   ├── treasury/
│   │   ├── TreasuryToken.sol
│   │   └── RebasingTreasuryToken.sol
│   ├── oracle/
│   │   └── TreasuryPriceOracle.sol
│   └── mocks/
│       └── MockUSDC.sol
├── scripts/
│   └── deploy.js
├── test/
│   ├── TreasuryToken.test.js
│   └── RebasingTreasuryToken.test.js
├── hardhat.config.js
├── helper-config.js
├── package.json
└── README.md

🚀 Setup

Prerequisites

• Node.js (v16 or higher)
• npm or yarn
• Git

Installation

1. Navigate to the project directory:

cd evm-rwa-treasury-tokenization-1/evm-rwa-treasury-tokenization

2. Install dependencies:

npm install
# or
yarn install

3. Create a .env file (optional, for testnet deployment):

PRIVATE_KEY=your_private_key_here
SEPOLIA_RPC_URL=https://sepolia.infura.io/v3/your_key
ETHERSCAN_API_KEY=your_etherscan_api_key

4. Compile the contracts:

npx hardhat compile

🧪 Testing

Run the complete test suite:

npx hardhat test

Run specific test files:

npx hardhat test test/TreasuryToken.test.js
npx hardhat test test/RebasingTreasuryToken.test.js

Run tests with gas reporting:

REPORT_GAS=true npx hardhat test

Test Coverage

The test suite covers:

• ✅ Contract deployment and initialization
• ✅ Minting and redemption flows
• ✅ Yield accrual mechanisms
• ✅ Whitelist/blacklist enforcement
• ✅ Transfer restrictions
• ✅ Pausability
• ✅ Upgradeability (UUPS proxy)
• ✅ Role-based access control
• ✅ Edge cases (zero amounts, unauthorized actions, etc.)

🚢 Deployment

Local Network

1. Start a local Hardhat node:

npx hardhat node

2. In another terminal, deploy to localhost:

npx hardhat run scripts/deploy.js --network localhost

Testnet Deployment (Sepolia)

1. Ensure your .env file is configured with:

   • PRIVATE_KEY: Your wallet private key
   • SEPOLIA_RPC_URL: Sepolia RPC endpoint
   • ETHERSCAN_API_KEY: Etherscan API key (for verification)

2. Deploy to Sepolia:

npx hardhat run scripts/deploy.js --network sepolia

3. Verify contracts (optional):

npx hardhat verify --network sepolia <CONTRACT_ADDRESS> <CONSTRUCTOR_ARGS>

📧 Contact

• Telegram: https://t.me/rouncey
• Twitter: https://x.com/rouncey_