A token engineered around one gram of gold.

• Reserve-elastic mint. One PGOLD is created at the moment one gram of gold is purchased, vaulted, and signed into the Bank Karkozaee custody ledger. Conversely, one PGOLD is burned at redemption.
• No discretionary issuance. The protocol does not permit minting outside of a verified reserve event. Every mint event is anchored to a signed custody attestation.
• Genesis supply: 0. Total supply began at zero and grows monotonically with reserves. Historical reserve 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

The primary price at which the treasury sells newly minted PGOLD is set algorithmically as:

where P_gold-spot is the most recent tradeable GC=F settle converted to USD per gram (refreshed every 5 minutes from the oracle), P_floor is the protocol-level minimum ($60.00 per gram), 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 PGOLD 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 — arbitrageurs can always mint at P_primary, capping sustained premium.

2.3 Oracle

The reference feed is sourced from publicly observable COMEX gold futures (GC=F) converted to USD per gram (1 troy ounce ≈ 31.1035 g). The protocol caches the last successful settle and exposes a stale flag if the feed is unavailable, in which case P_floor is used and new issuance is paused pending operator review.

• Onshore custody at Bank Karkozaee. Reserves 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 of grams produces a cryptographically signed entry in reserves_log, including timestamp, delta, running total, bar serial / assay reference, and operator signature.
• Continuous solvency invariant. At any time, the on-chain supply S must satisfy S ≤ Gcustody, where Gcustody is the attested gram count. Any breach halts new issuance automatically.
• Quarterly third-party attestation. An independent inspection firm verifies physical inventory 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 PGOLD for USDT at any time on the P2P market, or back to the treasury at P_primary − r, where r is a redemption spread of 0.75%. Treasury redemption is funded from the reserve liquidity buffer (10% of issuance proceeds held in USDT).

5.2 Physical redemption (Phase 2, planned)

Qualifying institutional holders (≥ 1,000 PGOLD) will be able to submit a physical delivery request. On approval, an equivalent number of grams (in standard bar denominations) is released from the Bank Karkozaee vault to the holder's nominated carrier, and the redeemed PGOLD are burned.

• Parameter changes (fees, spreads, floor, oracle source) require 14 days' published notice before activation.
• Reserve composition may not be diluted — non-gold assets cannot be substituted for the underlying gram.
• Custody change of control triggers an immediate third-party re-attestation 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

   Custodial issuance at Bank Karkozaee, USDT/BTC primary payments, P2P USDT marketplace, public reserve log, gold spot oracle.

2. Phase 2 — Q2

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

3. Phase 3 — Q4

   Multi-vault network, quarterly inspector rotation, dark-pool block trading for institutional flow.