Streamex noticed its inventory surge over 20% on Monday after asserting a pre-sale for its upcoming gold-backed stablecoin, GLDY. The digital asset, designed to generate an annualized yield of as much as 4.0%, will open for certified traders on or earlier than Nov. 10.
The GLDY token gives publicity to bodily gold bullion with yield paid in ounces of gold, focusing on institutional traders, the agency announced on Monday. The stablecoin is a part of Streamex’s broader mission to tokenize real-world commodities by digital devices.
“The launch of GLDY represents a serious evolution in how traders can entry and profit from bodily gold,” mentioned Henry McPhie, co-founder and CEO of Streamex. “Now, as an alternative of paying to carry gold, traders can receives a commission to carry gold.”
The GLDY pre-sale consists of an preliminary capability of $100 million, with Streamex itself committing at the very least $5 million. The corporate says issuance may increase to $1 billion, relying on demand. Yield is generated by gold leasing offers backed by Streamex’s unique partnership with Financial Metals.
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Streamex units $200,000 minimal for GLDY traders
Participation within the GLDY token sale is proscribed to accredited people and establishments. The minimal funding stands at $200,000 for people and $1 million for institutional entities.
“The mixture of capital preservation, liquidity, and yield denominated in ounces is purpose-built for portfolio managers, ETFs and institutional steadiness sheets searching for sturdy money administration, and diversified commodity publicity,” McPhie mentioned.
The market responded swiftly to the announcement, with Streamex shares leaping 20.42% on the day and persevering with to commerce barely greater within the pre-market session, based on knowledge from Google Finance.
The brand new initiative comes after Streamex and BioSig secured $1.1 billion in growth funding to launch a gold-backed, onchain treasury enterprise in July.
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Crypto firms pivot into gold for diversification
Streamex’s launch of its gold-backed stablecoin comes amid rising demand from crypto firms for gold publicity.
In June, Tether, the issuer of the world’s largest stablecoin, acquired a 32% stake in Canada’s public gold royalty agency Elemental Altus Royalties. Final month, the agency also began discussions with mining and funding teams about deploying capital throughout the gold provide chain.
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