Overview

REALS is a dollar on Solana backed by real-world assets from six issuers: Treasury bill dollars from Circle ( USDC), Tether ( USDT) and Paxos ( USDG), loans from Maple ( syrupUSDC) and USD.AI ( sUSDai), gold from Paxos (PAXG) and Tether (XAUt0), and the S&P 500 from Backed (SPYx).

Every one of those issuers can freeze its own token, and some can also move it out of a wallet or pause it. REALS is built so that any one of them failing still leaves every REALS fully paid. The program on Solana checks this before every mint and refuses any mint that would break it.

The one rule

On 8 February 2026 Vitalik Buterin wrote that a stablecoin backed by real-world assets is a real improvement only if it stays fully backed when any single backing asset fails. REALS turns that into a check the program runs on every mint:

what the vault holds  -  the most one issuer's failure could take  >=  REALS outstanding

If a mint would make that false, the transaction fails. Nobody can switch the check off: the program has no admin.

What you can do

• Mint: put in any of the eight tokens and get REALS for its value, less a 0.05% fee that stays in the vault.
• Redeem: burn REALS and take out any of the eight tokens, less a 0.05% fee that stays in the vault.

Where the safety margin comes from

The vault always holds more than the REALS outstanding. The extra is the buffer: the launch seed, every fee ever paid, and the yield syrupUSDC and sUSDai earn while they sit in the vault. The buffer only grows, and the number of REALS that can exist grows with it.