One standard, many Persian assets.

• Reserve-elastic mint per asset. One PARS-standard token is created at the moment one unit of the underlying asset is purchased, vaulted, and signed into the Bank Karkozaee custody ledger for that asset. Conversely, one token is burned at redemption.
• No discretionary issuance. The protocol does not permit minting outside of a verified reserve event. Every mint is anchored to a signed custody attestation for the matching asset.
• Genesis supply: 0 per asset. Each asset's supply began at zero and grows monotonically with its reserves. Historical events are published on the public audit log.
• No team / founder allocation. Operators do not receive token grants. Operational funding comes exclusively from transparent transaction fees (see §4).

2.1 Primary issuance price

For each asset A, the primary price at which the treasury sells newly minted tokens is set algorithmically as:

where P_spot,A is the most recent tradeable settle for the asset's benchmark (refreshed every 5 minutes from the oracle), P_floor,A is a per-asset minimum used when the feed is stale, and s is the issuance spread covering vaulting, insurance, and assay (currently 1.50%).

2.2 Secondary market price

On the peer-to-peer marketplace, holders trade each PARS asset freely against USDT. Quotes are formed by open bid/ask matching; the protocol does not maintain a market-making book and does not subsidise liquidity. The primary price acts as a soft ceiling per asset — arbitrageurs can always mint at P_primary,A, capping sustained premium.

2.3 Oracle

The reference feed for each asset comes from publicly observable futures markets (GC=F for gold, SI=F for silver, HG=F for copper, CL=F for oil), converted to the asset's unit. The protocol caches the last successful settle and exposes a stale flag if the feed is unavailable, in which case P_floor,A is used and new issuance for that asset is paused pending operator review.

• Onshore custody at Bank Karkozaee. Reserves for each asset are held in the licensed Bank Karkozaee vault under tripartite agreements between the operator, the bank, and an independent assayer.
• Signed reserve events. Each addition or withdrawal produces a cryptographically signed entry in reserves_log, tagged by asset_code, with timestamp, delta, running total, bar / lot reference, and operator signature.
• Continuous per-asset solvency invariant. For each asset A, on-chain supply SA must satisfy SA ≤ CustodyA. Any breach halts new issuance for that asset automatically.
• Quarterly third-party attestation. An independent inspection firm verifies physical inventory per asset and publishes a signed report. Reports are linked from the reserve log.

All fees are denominated and settled in USDT. The protocol does not charge percentage fees on stable-coin deposits.

5.1 Cash redemption (Phase 1, live)

Holders may sell any PARS asset for USDT at any time on the P2P market, or back to the treasury at P_primary,A − r, where r is a redemption spread of 0.75%. Treasury redemption is funded from the per-asset reserve liquidity buffer (10% of issuance proceeds held in USDT).

5.2 Physical redemption (Phase 2, planned)

Qualifying institutional holders will be able to submit a physical delivery request, per asset. On approval, an equivalent number of units (in standard denominations for the asset) is released from the Bank Karkozaee vault to the holder's nominated carrier, and the redeemed tokens are burned.

• Parameter changes (fees, spreads, floor, oracle source) require 14 days' published notice before activation.
• Reserve composition may not be diluted — only the named physical asset may back its token; cross-asset substitution is forbidden.
• Custody change of control triggers an immediate third-party re-attestation, per asset, before new mints resume.
• Sanctions & compliance. KYC is performed on all primary issuance and on P2P trades above declared thresholds. Geographic restrictions follow operator counsel guidance.

1. Phase 1 — Live

   PGOLD and PSLVR custodial issuance at Bank Karkozaee, USDT/BTC primary payments, P2P USDT marketplace per asset, public reserve log, gold and silver spot oracles.

2. Phase 2 — Q2

   ERC-20 deployment per asset, on-chain mint/burn against signed reserve events, institutional physical redemption in standard denominations.

3. Phase 3 — Q4

   PCPR (copper) and POIL (oil) reserves activated; multi-vault network, quarterly inspector rotation, dark-pool block trading for institutional flow.