Gold doesn't pay a coupon — RAAC's yield is lending spreads on gold collateral, structurally closer to a margin book than Ondo's USDY or BENJI's treasuries wrapper. Chainlink PoR attests the reserve but doesn't cover rehypothecation once ION.au hits lending markets. Egorov advising makes sense — expect Curve-style AMM mechanics around gold-backed debt. The spread between ZENO coupon and underlying lending APY prices the collateral risk; watch that gap.

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