Mentioned:
There’s a new major disruption to physical gold ownership. And Streamex is behind it.
What’s happening:
- Streamex (NASDAQ: STEX) has officially launched their gold backed stablecoin known as GLDY
Why it matters:
- GLDY is one of the first ever stablecoins to be launched that is fully backed 1:1 by physical gold and also generates a passive yield for investors
Going deeper:
- Streamex has publicly stated they will continuously verify their physical gold holdings for transparency and will leverage their partnership with Chainlink to provide real time data on their gold ownership on the blockchain
- Streamex’s GLDY can be purchased through using Bitcoin, Ethereum, Solana and fiat currency and will initially offer a 3.5% annual yield which is paid out monthly to investors
The intrigue:
- Billionaire mining entrepreneur and financier Frank Giustra is one of the largest shareholders of Streamex and just recently made an additional $3M USD strategic investment into Streamex’s last equity financing round at $3.00 USD per share
