GLDY: Mint and Redeem
Technical overview of minting (on-chain supply increase) and redemption (USD or USDC on a T+3 basis under normal market conditions). Cutoffs, amounts, and process rules follow the February 2026 PPM; binding language is still in the PPM, Articles, and subscription documents.
Fee tables, minima, and cost line items: Fees and Limits (offering materials or Servicer). Dividend record dates and scrip timing: Distribution Schedule (same sources).
GLDY is an ERC-20 gold backed yield bearing tokenized security issued through Streamex Ltd., a Cayman administered fund. Streamex Ltd. holds physical gold bullion and generates yield by leasing its gold holdings through the Monetary Metals leasing platform. Each GLDY token is backed by one troy ounce of gold held by the SPV and the SPV maintains a fund reserve of gold and/or other liquid assets. Net yield of 3.5% APY is distributed to token holders monthly as additional GLDY in the form of scrip (Token) dividends.
At a glance
| Minting | Redemption | |
|---|---|---|
| Outcome | New GLDY created and credited to your wallet after subscription closes or scrip dividend runs | Holders can redeem GLDY for USD or USDC on a T+3 basis under normal market conditions |
| On-chain actor | mint / batchMint called by treasury (TREASURY_ROLE) | To initiate a redemption holders can go through the Streamex platform or email GLDY@streamex.com |
| Supply | ↑ after mint; contract enforces reserve ≥ supply at mint time | ↓ after redemption pipeline retires tokens (not the same as calling burn yourself—see below) |
| Gates | KYC/eligibility, whitelist, not frozen; docs + funds by Subscription Deadline | Instant liquidity; gold orders are due by 7am ET on Business Days; redemption requests initiated prior to 5pm ET the day before are typically funded 2 Business Days after trade confirmation under normal market conditions |
Minting
Access and prerequisites
- Off-chain: KYC/AML, eligibility (e.g. U.S. Rule 506(c) accredited verification where applicable), whitelisted wallet, subscription agreement, cleared funds—per Subscription Deadline (1:00 p.m. Eastern, Business Day) unless timing is waived.
- On-chain: Mint recipient must be whitelisted and not frozen. Mints revert when the contract is paused.
Scrip dividends mint to Register / record-date holders; keep KYC current so distributions are not blocked operationally.
Economics vs chain
- Economic target: ~1 Token ↔ 1 troy oz gold at SPV level (design intent).
- Accounting: NAV per Token comes from SPV assets/liabilities.
When supply increases
| Trigger | Condition | Notes |
|---|---|---|
| Primary subscription | Gold titled to SPV; proceeds net Token Creation Costs | Subscription Date = title date, not “cash arrived” |
| Scrip dividend | Board-declared; record date eligibility | Often Tokens not cash; rounding may round down to SPV benefit |
| Other treasury mints | Same reserve + compliance rules | Rare; same contract checks |
Issuance cadence: PPM anticipates subscriptions each Business Day when the program is open; Board controls schedule.
Register vs blockchain
- Legal / operational source of truth: Administrator’s Register (plus Recordkeeper systems for identity linkage).
- Public mirror: On-chain balances and events.
- Conflict: Register wins until any future shift to on-chain official register if law allows.
Base contract checks (mint / batchMint)
Typical GLDYTokenERC20 constraints:
- Reserves: After mint,
totalSupplymust stay within the contract’s backing rule (100% ratio: reported reserves ≥ new supply). Reserves are read from Chainlink Proof of Reserve and/or a manual path depending on deployment config. - Pause:
whenNotPaused— no mints while paused. - Recipient: Not frozen; whitelisted when whitelist enforcement is on.
Wallet observation
Balances increase via standard ERC-20 mint semantics (Transfer from 0x000…000). Gas: PPM assigns on-chain gas (and bank fees) to subscribers unless the SPV advances them → then they may be Token Creation Costs. If treasury submits the mint tx, it usually pays that transaction’s gas; you still pay gas for your transactions.
Subscription parameters (compressed)
- Irrevocable unless Board/Servicer allows otherwise; interest on subscription cash before effectiveness is retained by the SPV (accepted or not).
- Pricing: Valuation Methodology on Subscription Date, net Token Creation Costs (Fees and Limits in offering materials).
- Board may accept / reject / scale any subscription.
- Minimum: 5 Tokens holding minimum (Fees and Limits).
- Audit: Issuance contract independently audited; re-audit expected only for material code changes.
Secondary (transfer)
No new mint: you receive transferFrom / transfer from seller after Board consent, securities compliance, whitelisting, Transfer Expenses, and Register posting. Effective time = Register entry (Administrator may require block finality). No liquidity or NAV price guarantee.
Multiple chains
Token categories per chain share the same economic rights; use the Streamex platform to initiate redemption for the chain instance you hold.
Redemption (Launch Period)
Holders can redeem GLDY for USD or USDC on a T+3 basis under normal market conditions.
To initiate a redemption holders can go through the Streamex platform or email GLDY@streamex.com.
For redemptions, gold orders are due by 7am ET on business days. It is recommended to provide your redemption notice the day before you wish to redeem. Provided that you initiate the redemption prior to 5pm ET the day before, you should expect your funds 2 business days after trade confirmation of gold sale under normal market conditions.[1] If you initiate your redemption after 5pm ET your redemption request will be processed the following business day.
For example, If you request a redemption on Monday prior to 5pm ET, you will typically receive your funds in USD or USDC by end of day Wednesday under normal market conditions. If you submit a redemption request after 5pm ET on Monday your request would be considered as having been made on Tuesday, which means you would typically receive your funds by end of day Thursday.
When the redemption is initiated Streamex notes the redemption amount, tokens are burned from users account and requisite gold is sold. Proceeds from gold sale are then credited to users account.
[1] Assumes no unusual delays caused by bank wire processing.
Valuation & NAV (summary)
| Input | Rule of thumb |
|---|---|
| Gold mark | LBMA Gold Price PM (USD) + fallbacks / fair value if fix bad |
| NAV | Assets − liabilities (incl. fees, reserves, taxes) |
| NAV / Token | NAV ÷ tokens at Valuation Time |
| Published NAV | Often prior Business Day (Servicer may change convention) |
| Business Day | NY banking + LBMA PM available + methodology runnable; cutoffs Eastern unless docs say otherwise |
NAV per Token ≠ retail spot widget. Redemptions price off NAV process, not a live spot button.
Stops: Servicer may halt subs/redemptions/distributions until marks are reliable. Daily marks stand absent clear manifest error.
Tax
Scrip and redemptions may be taxable; not tax advice—use your advisor + offering tax section.
Contract API (redemption vs burn)
| Function | Who calls | Role |
|---|---|---|
mint / batchMint | Treasury | Create supply; reserve + pause + recipient checks |
| Voluntary redemption | You | Initiate via the Streamex platform or email GLDY@streamex.com; settlement T+3 in USD or USDC under normal market conditions |
burn(from, amount) | Treasury only | Confiscatory path: from must be frozen; not the retail redemption flow |
Flow diagram
More information
Fees and Limits, Distribution Schedule, proof of reserves, contract addresses, eligibility, KYC, redemption FAQs, and smart-contract details may be provided by the Servicer or in offering documents.
Redemption requests: use the Streamex platform or email GLDY@streamex.com.
Glossary
| Term | Definition |
|---|---|
| Subscription Deadline | 1:00 p.m. ET cutoff (Business Day) for package + cleared funds |
| Subscription Date | Gold titled to SPV — pricing and issuance date |
| Redemption cutoffs | Gold orders due by 7:00 a.m. ET on Business Days; initiate prior to 5:00 p.m. ET the day before to be processed for the next Business Day |
| Valuation Methodology | LBMA Gold PM (USD) stack; shared across subs / redemptions / dividends |
Last updated: March 29, 2026