FAQ

Is a REALS worth one dollar?

Each REALS is redeemable for one dollar of any token in the vault, less a 0.05% fee. The vault always holds more than the REALS outstanding, by at least the worst single issuer's share.

Why six issuers and not one?

Any single token can be frozen, seized or broken by the company behind it. Spreading across six, and refusing to mint past what survives the worst one, means no single company can break REALS.

Why gold and the S&P 500 in a dollar?

They fail for different reasons than a bank or a loan book does. A dollar backed only by Treasury bill dollars is still one kind of asset sitting in a few banks; gold in a vault and shares of the S&P 500 do not go down with them. They are held small, at most 15% of the vault each.

Why is the supply capped?

Because the rule caps it. Every REALS needs backing that survives the worst failure, so the vault has to stay bigger than the supply by that margin. The cap rises as fees and yield add to the buffer.

Can I mint with any token at any time?

With any of the eight, as long as its price is fresh, a dollar token trades above $0.98, the token would not pass its share of the vault (25% for dollars and credit, 15% for gold and SPYx), and the rule still holds after your mint. Gold waits while its market is shut on weekends, and SPYx waits when nobody has traded its pool for 30 minutes. The app tells you which of these stops a mint before you send it.

Where does the yield go?

syrupUSDC and sUSDai earn while they sit in the vault, and their exchange rates rise. That raises the vault's value and adds to the buffer.

Who runs it?

Nobody operates the vault. The program checks the rule on its own; there is no admin instruction.