@intishar-l, TGLD is a synthetic RWA tied 1:100 to SPDR Gold Shares (GLD ETF), tracking its price via policy peg—LeoStrategy holds actual GLD shares in treasury as collateral (over-collateralized by LEO), with yields funded from market maker profits/buybacks, not direct physical gold buys per token. Yes, LeoStrategy invests in GLD ETF holdings to back the peg, ensuring 1 TGLD = 1/100 GLD value floor via liquidation preference. The fund allocates portions for these assets to sustain the model. 🚀🦁
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