Tangible DC was designed from the outset as more than a coin you hold: it is a reserve you can mobilize. These papers set out, in full technical and legal detail, how a pool of staked Tangible DC gold and silver can be turned into a source of contractual, revenue-backed yield - without ever selling the metal.
Beyond ownership
Selling a coin is the one way to unlock its value that costs you the coin. The collateral engine described in these papers uses a different, much older idea from private banking - secured lending against a pristine asset - and applies it on-chain. You keep the coin, its title stays in your name, and its price upside stays yours. What changes is that the coin's value can be put to work.
You place your Tangible DC in the collateral pool. This records a lien - a charge - against your coin's on-chain deed. Ownership never moves: no counterparty can dispose of your coin, and there is no taxable disposal event. You can unstake once any position against it is settled.
Once staked, you can draw a cash advance against your coin's value, up to a conservative loan-to-value ceiling (illustratively higher for gold than for silver, given its lower volatility). You keep the coin, its price exposure and its upside, and simply pay interest on what you drew.
Institutions frequently need high-grade collateral to back a credit line, a guarantee or a market-making position. Your staked coin can be rented into that role for a fee, without ever changing hands, subject to caps that limit how much of the pool can be committed this way.
Every fee and every interest payment the pool collects is distributed to stakers through a ranked structure (senior and junior classes) under a Luxembourg-regulated securitisation compartment. The yield comes from services actually rendered, not from issuing new tokens.
Read the papers
The academic paper is the full public argument: the legal and economic characterisation, the phygitization framework, and the risk and regulatory analysis, written for researchers, counsel and anyone doing diligence on the design. The institutional working paper adds the commercial structuring detail - counterparties, entities and deal mechanics - and is restricted to qualified investors.
The full technical and legal argument: why bullion resists discounted-cash-flow securitisation, the phygitization framework, the ring-fenced compartment and tranche structure, distributed Lombard credit calibration, and the complete risk and regulatory perimeter.
Download PDF →The extended structuring paper: counterparty and compartment mechanics, the NATMP programme mapping, and deal-level detail not included in the academic version. Confidential; access is logged and limited to qualified/professional investors.
Questions about the collateral engine?
Whether you are evaluating Tangible DC as a treasury asset, a structuring counterparty, or a qualified investor, we're glad to walk through the design with you.