Gold
Allocated or unallocated gold in vault custody.
What this instrument is
Read off the asset template the product uses to structure one of these, not written separately for the website.
| Fungibility | fungible |
|---|---|
| Income | Produces no income; the cashflows are subscription in and realisation out. |
| Maturity | Open-ended, with no scheduled end. |
| Physical custody | Required — something tangible must be held by an identified party. |
| Proof of reserve | Required on a recurring basis, because the token claims to represent a specific custodied thing. |
| Independent valuation | Not required; a market or contractual price is available. |
Token model
Derived from what the instrument is — whether it is fungible, whether it is fractionalised, whether transfers depend on the recipient, whether it accrues rather than pays, and whether units come in batches.
ERC-3643. Transfers depend on who the recipient is. ERC-3643 pairs the token with an identity registry and a compliance module, so an ineligible transfer is rejected by the contract itself rather than only by policy.
Alternatives considered
| Standard | When it is the better choice |
|---|---|
| ERC-7943 | A newer permissioned standard. Consider it where its tooling and audit coverage are sufficient for your deployment; verify support on your target chain first. |
| ERC-4626 | If the instrument is a yield-bearing vault, wrap the restricted token rather than replacing it. |
What must exist before it can be offered
Readiness is derived from what has actually been recorded against the asset. These are the requirements this class carries.
Parties
- Asset owner — required.
- Issuer — required.
- Legal counsel — required.
- Custodian — required.
- Auditor — required.
- Insurer — recommended.
- Valuation provider — recommended.
- Oracle provider — recommended.
Documents
- Ownership evidence — required and must be current.
- Legal opinion — required and must be current.
- Offering memorandum — required and must be current.
- Subscription agreement — required and must be current.
- Investor disclosures — required and must be current.
- Custody agreement — required and must be current.
- Proof-of-reserve report — required and must be current.
- Insurance — required and must be current.
- Inspection report — recommended.
- Audit — recommended.
Legal structures commonly used
Presented as options for counsel to choose between, never applied automatically: Custodial entitlement, Warehouse receipt, Direct ownership, Trust.
What is distinctive about commodities
The shape of the claim
The claim is usually evidenced by a warehouse receipt, and grade, origin and condition all change what it is worth. Two lots of the same commodity are not automatically interchangeable.
Servicing burden
Physical. Storage, inspection, re-certification and insurance accrue continuously, and for perishables the passage of time is itself a risk.
Principal risk
Warehouse fraud and degradation. Duplicate receipts and phantom inventory are documented failures in this industry rather than theoretical ones.
Liquidity, realistically
Depends entirely on whether a benchmark exists for that grade at that location. Where one does, reasonable; where it does not, thin.
Structure a gold.
Launch Studio will not let this asset reach an offering without the parties and documents listed above.