SPXG: The Era of Productive Gold
Transforming dormant capital into active yield through institutional-grade infrastructure
Presented by Invex Capital Management Co., Ltd.
Vision
Transforming Dead Capital into Active Yield
For millennia, gold has served as humanity's ultimate store of value. Yet it suffers from a critical flaw in the modern financial era: it remains fundamentally passive. Traditional gold investments—whether physical bars stored in vaults or exchange-traded funds—incur storage costs while generating zero yield, creating a "negative carry" position that steadily erodes real purchasing power against inflation.
SPXG introduces the world's first institutional-grade Active RWA ecosystem, fundamentally redefining this ancient paradigm by unlocking gold's latent productivity without compromising its inherent safety.
Physical Security
LBMA-standard gold bars in Singapore and Hong Kong professional vaults
Yield Generation
Conservative mix of bullion leasing and regulated fund investments
Daily Compounding
Yield automatically increases gold weight per token
GYLD: The Inflation-Plus Asset
At the heart of the SPXG ecosystem lies GYLD, a digital asset engineered to be fundamentally different from conventional gold tokens. Every GYLD token represents legal digital title to physical gold, backed 1:1 by LBMA-standard bars held in professional custody.
Unlike static gold holdings, GYLD deploys sophisticated financial engineering to generate consistent yield. Through our Tri-Track Architecture, underlying gold is actively deployed into Direct Bullion Leasing markets and carefully selected Fund Investments. Net yields compound directly into the token's gold weight, creating an "Inflation-Plus" instrument that grows faster than the erosion of purchasing power.
Users experience this as their gold balance automatically increasing daily—passive income from an asset traditionally considered unproductive.
Innovation
The Invisible Web3 Revolution
Mass adoption of digital gold has been hindered by the "Crypto Chasm"—the overwhelming complexity of wallets, private keys, and gas fees that creates insurmountable barriers for mainstream users. SPXG eliminates this friction entirely through our "Invisible Web3" strategy, built on Base, the Ethereum Layer 2 network incubated by Coinbase.
Institutional Trust
Leveraging Coinbase's compliance reputation and Ethereum's security
Cost Efficiency
Transaction costs below $0.01 enable micro-investments
Seamless UX
Account Abstraction removes all blockchain complexity
B2B API Strategy: Gold-as-a-Service
Rather than competing in the crowded consumer app market, SPXG adopts a fundamentally different approach: we empower existing platforms. Our "Gold-as-a-Service" API enables Asia's leading FinTechs, neobanks, and payment applications to offer seamless gold savings to their millions of users instantly.
Partners integrate our SDK to provide one-click gold buying without building blockchain infrastructure themselves. We handle wallet creation, on-ramp complexity, and custody—partners simply offer the feature. This creates an instant distribution network reaching tens of millions of users across Asia who already trust their existing financial apps.
Target Partners
- Neobanks (Toss, KakaoBank, Bank Jago)
- Super Apps (Grab, GoTo, TrueMoney)
- Robo-Advisors seeking stable assets
Integration Value
- Full SDK handles blockchain complexity
- Weeks to market, not months
- Zero infrastructure investment required
Institutional Governance Framework
Trust is the foundation of institutional finance. SPXG operates on a "Tri-Polar Institutional Model" that strategically distributes power across Architecture, Operations, and Custody. This ensures no single entity has unilateral control over user assets, satisfying the rigorous due diligence requirements of Tier-1 FinTech partners and institutional investors.
Market Analysis
The Asian Gold Appetite
Why Asia?
Asia is not merely a participant in the global gold market—it is the engine that drives demand, creating unique opportunities for digitally native gold assets.
Cultural Necessity
Gold is deeply embedded in life events across Korea, China, India, Vietnam, and Indonesia—from first-birthday rings to dowries and festival gifts. It transcends portfolio diversification to become a lifestyle asset.
Currency Hedge
With emerging market currency volatility against the USD, middle-class Asians view gold as the primary vehicle for preserving purchasing power across generations.
Shariah Compliance
Southeast Asia's 250+ million Muslims create massive demand for Shariah-compliant investment vehicles, yet high-quality digital Shariah gold products remain scarce.
The Crypto Chasm Problem
While demand for digital gold is substantial, existing solutions like PAXG and XAUT have failed to achieve mass adoption in Asia. The "Crypto Chasm" creates three insurmountable barriers: managing private keys and understanding gas fees creates overwhelming complexity; transaction costs on Ethereum L1 often exceed the value of micro-investments; and purely financial tokens lack the tangible O2O connection Asian consumers desire. SPXG's Invisible Web3 strategy systematically eliminates each barrier.
Architecture
Tri-Track Ecosystem Architecture
The SPXG ecosystem operates on a sophisticated Tri-Track Architecture that segregates stability from growth while bridging them through a robust yield engine. This structure ensures asset safety while generating consistent returns tailored for the B2B FinTech market.
Track A: The Asset Layer (GYLD)
Allocated Custody
Every GYLD token backed 1:1 by LBMA Good Delivery bars stored in Singapore (Le Freeport) and Hong Kong (HKIA) vaults, ensuring legal segregation from Foundation balance sheets.
Proximity Trust
Asian vaulting addresses regional preference for tangible asset proximity, enabling rapid logistics for physical redemption across Greater China and Southeast Asia.
O2O Redemption Network
Uniquely tailored for Asian markets, GYLD features a revolutionary "Jewelry & Small Bar" redemption option. Users on partner apps generate dynamic QR codes, visit participating jewelry stores in Seoul or Hong Kong, scan the code, and receive physical rings or necklaces. The SPXG API handles backend GYLD burning on Base L2 and settles fabrication costs with retailers instantly—bridging digital convenience with physical tradition.
Track B: The Hybrid Yield Engine
Managed by Ca**ry Capital Group LLC and monitored by Invex, Track B generates the "Inflation-Plus" yield that makes GYLD superior to static gold holdings. The engine operates through two complementary sub-tracks, each serving distinct risk-return profiles while maintaining strict safety protocols.
Safety Lock: Fund exposure is dynamically adjusted but strictly capped at maximum 10% of total assets, prioritizing asset preservation over aggressive returns. This ensures GYLD remains a savings instrument, not a speculative hedge fund.
01
Direct Bullion Leasing
Physical gold lent to sovereign mints, industrial refiners, and electronics manufacturers via St**eX infrastructure, generating base yield with secured collateral
02
Strategic Fund Investment
Strictly capped allocation to GYLF (Gold Yield Fund) managed by Ca**ry Capital to capture macro-arbitrage opportunities
03
Daily Value Distribution
Net yields automatically purchase additional physical gold, increasing gold weight per token through rebase mechanism
Track C: The Utility Layer (G-Peta)
G-Peta (GPT) serves as the operational fuel for the B2B API ecosystem. In our evolved v2.2 strategy, it transitions from simple governance to become the "Gas & API License Token," with value directly tied to platform activity. FinTech partners stake G-Peta to receive Gas Credits, enabling the Paymaster to sponsor transaction fees for their end-users on Base L2. As partner user bases grow, demand for G-Peta increases proportionally.
API Access Tiering
Partners holding G-Peta receive discounts on USDC-denominated protocol fees
Cashback Rewards
Users receive G-Peta when redeeming for physical jewelry, incentivizing the O2O cycle
Deflationary Burn
Protocol systematically buys back and burns G-Peta using yields and fees, reducing supply
Treasury Management Policy
To support high-frequency liquidity demands of API-connected FinTech apps, SPXG maintains a conservative treasury policy distinct from traditional institutional funds. We enforce a minimum 15% liquidity buffer in USDC on Base, ensuring instant (T+0) settlement for retail users withdrawing funds via banking apps.
Smart contracts implement circuit breakers that enforce hard limits on GYLF Fund allocation, preventing over-exposure to market risks. This ensures GYLD remains a "Savings Instrument" rather than a speculative vehicle, maintaining the stability required for mass-market adoption.
Technology
Account Abstraction: The UX Revolution
Traditional crypto requires users to manage private keys and pay gas fees—insurmountable barriers for mainstream adoption. SPXG implements full Account Abstraction (ERC-4337) to shift complexity from user to protocol.
Smart Accounts
Users authenticate via Social Login (Google, Apple, Kakao) using MPC technology. No seed phrases to memorize or lose.
Invisible Wallets
Smart Contract Wallets deploy automatically in background. Users never see blockchain addresses.
Paymaster
Foundation sponsors all gas fees. Users see "Network Fee: $0" and pay only for gold purchased.
Base Layer 2: The Infrastructure Advantage
Institutional Trust
Leverages Coinbase's compliance reputation and security infrastructure, critical for onboarding institutional RWA partners and regulated FinTechs.
Cost Efficiency
Built on OP Stack, Base reduces transaction costs to under $0.01, making micro-investments economically viable for retail savers.
EVM Compatibility
100% Ethereum compatibility enables seamless future integration with global DeFi protocols like Aave and Uniswap for collateralized lending.
Real-Time Proof of Reserve
SPXG replaces the "black box" of traditional gold banking with an on-chain "glass vault," automating trust through blockchain oracles. St**eX provides secure API feeds reporting exact gold bar weights in Singapore and Hong Kong vaults. Chainlink Oracles verify this data and update the on-chain Proof of Reserve contract continuously.
The GYLD smart contract enforces a critical safety rule:
if (requestedMint + totalSupply > vaultGold) revert;This circuit breaker automatically prevents fractional reserve practices, ensuring unbacked tokens can never be created—even by the Foundation itself. Total transparency meets automated enforcement.
1
Data Source
St**eX vault API reports physical inventory in real-time
2
Oracle Verification
Chainlink validates and publishes data on-chain immutably
3
Minting Protection
Smart contracts prevent issuance beyond physical backing automatically
Governance
Dual-Foundation Legal Structure
To effectively isolate Real World Asset risks from growth activities, SPXG employs a sophisticated Dual-Foundation Structure. This separation ensures user gold remains bankruptcy-remote from operational entities, satisfying institutional due diligence requirements.
SPXG Asset Foundation
Location: Singapore or Hong Kong
Role: Exclusively holds physical gold and issues GYLD tokens on Base L2
Structure: Public Company Limited by Guarantee (CLG) or Trust, operating as bankruptcy-remote vehicle with assets legally segregated
Mandate: Strictly bound by Treasury Management Policy; prohibited from speculative trading
SPXG Ecosystem Foundation
Location: Offshore jurisdiction (BVI, Cayman, or Switzerland)
Role: Manages G-Peta utility token, B2B partnerships, and Paymaster Treasury for gas sponsorship
Function: Provides growth services to Asset Foundation while maintaining clear separation between gold assets and marketing expenses
Strategic Architect: Invex Capital Management
Invex Capital Management serves as the Strategic Architect and Compliance Monitor for the entire SPXG ecosystem. As a licensed Private Equity Fund Manager registered with Korea's Financial Supervisory Service (FSS ID: 00624898), Invex brings institutional credibility and regulatory expertise to the project's foundation.
Invex's mandate encompasses architecting the "Invisible Web3" logic, designing token economics, and developing B2B API protocols. Critically, the firm acts as "Guardian of the Protocol," monitoring strict adherence to risk parameters by the Asset Foundation and Ca**ry Capital—including enforcement of Fund Cap limits and liquidity requirements.
To maintain regulatory compliance, Invex adopts a strictly non-operating stance: it does not engage in direct custody, token issuance, or fund trading. This creates a robust legal firewall protecting all participants while ensuring world-class financial engineering.
Invex Capital Management Co., Ltd.
FSS Registered ID: 00624898
Established: June 16, 2008
Location: 4F JP Palace, 27-5 Seolleung-ro 146-gil, Gangnam-gu, Seoul, Korea
Website: invex.co.kr
Contact: s.kim@invex.com
Lead Asset Manager & Custody Network
Ca**ry Capital Group LLC
Role: Global Treasury Manager
Manages GYLF (Gold Yield Fund) to generate alpha yields, executes rebalancing between liquidity buffer and core leasing portfolio, and provides institutional-grade NAV reporting to oracle network. Brings sophisticated macro-arbitrage expertise while maintaining strict risk controls.
Singapore Hub: Le Freeport
Partner: St**eX via Malca-Amit/Brinks
High-security, tax-free zone serving Southeast Asian market. Strategic positioning for rapid logistics and regional regulatory compliance. Integrated with Chainlink PoR system for real-time verification.
Hong Kong Hub: HKIA Depository
Location: Hong Kong International Airport
Premium vault facility offering rapid redemption logistics for Greater China and North Asia markets. Airport location enables efficient physical delivery network across the region's financial centers.
Economics
GYLD: The Rebase Mechanism
GYLD implements a sophisticated "Gold Density" rebase mechanism that makes it fundamentally superior to holding physical gold. Net yields from Track B (Direct Leasing + Strategic Fund) are used to purchase additional physical gold daily. This new gold enters the vault, but critically, no new tokens are minted.
Instead, the gold weight backing each existing token automatically increases. If the ecosystem generates 4% APY, a user holding 100 GYLD (initially 100g) will own 104g after one year. Users see their gold balance growing daily in their FinTech app—passive income from a traditionally unproductive asset, occurring entirely on-chain with mathematical precision.
G-Peta Token Economics
1B
Total Supply
Fixed, non-mintable ERC-20 on Base
40%
Ecosystem Incentives
Paymaster funding and B2B rewards
20%
DAO Treasury
Strategic reserve with 6-month cliff
15%
Team Allocation
12-month cliff, 48-month vesting
G-Peta serves as operational fuel for the B2B API ecosystem. Partners stake GPT to receive Gas Credits for sponsoring user transactions. The token features deflationary mechanics: protocol revenues from leasing spreads and API fees systematically buy back and burn GPT, linking value directly to platform activity. B2B partners holding significant GPT gain governance rights over fee structures and development prioritization, aligning long-term interests.
Compliance
Jurisdictional Firewall Strategy
SPXG strategically aligns each function with the most appropriate legal framework, maximizing operational efficiency while minimizing regulatory risk. South Korea houses only non-operating strategic architecture via FSS-registered Invex Capital. Singapore and Hong Kong handle asset operations and GYLD issuance under clear RWA frameworks (HK SFC, Singapore MAS). Offshore jurisdictions manage ecosystem growth activities and G-Peta utility, creating robust legal firewalls protecting all participants.
B2B Compliance & Shariah Framework
KYC Pass-Through Model
SPXG leverages a sophisticated "Third-Party Reliance" framework for compliance. We partner exclusively with regulated FinTechs who have already performed rigorous KYC on their users. After conducting strict KYB (Know Your Business) on partners, we whitelist users based on partner attestation—maintaining regulatory compliance without destroying the seamless user experience.
Sanction screening operates continuously via Chainlink Oracles checking wallet addresses against global lists (OFAC, UN, EU). GYLD smart contracts include strictly governed "Freeze" functions executable only under valid court orders from Singapore/Hong Kong jurisdictions.
Shariah Compliance
To capture Southeast Asia's 250+ million Muslim consumers, SPXG maintains full Shariah compliance under AAOIFI Standard No. 57. Every GYLD token represents Constructive Possession (Qabd Hukmi) of specific physical bars with legal redeemability, satisfying Islamic Finance requirements.
Unlike speculative derivatives (Haram), GYLD is a digital title to physical ownership. We engage top-tier Islamic Finance scholars to maintain official Shariah Fatwa certification, enabling Islamic banks to integrate SPXG via our API and offer compliant gold savings to their customers.
Roadmap
Path to Invisible Mass Adoption
1
Q1-Q2 2026: Foundation
Establish Dual-Foundation structure, finalize partnerships with Invex and Ca**ry Capital, secure St**eX custody agreements, and initiate B2B pre-sales with Tier-1 Asian neobanks
2
Q3-Q4 2026: Base Launch
Deploy GYLD and G-Peta on Base Mainnet, implement ERC-4337 Account Abstraction with Paymaster, release SDK v1.0 for developers, execute G-Peta TGE and exchange listings
3
2027: B2B Expansion
Launch first major neobank integration in Korea/Thailand, activate O2O jewelry redemption network in Hong Kong and Seoul, scale GYLF yield engine as TVL grows
4
2027-2028: Pan-Asian Scale
Enter Shariah markets (Indonesia, Malaysia) via Super Apps, expand to Vietnam's high-demand gold market, integrate with global DeFi lending protocols on Ethereum/Base
An Invitation to the Alliance
For thousands of years, gold has been humanity's ultimate store of value—yet it remained heavy, static, and disconnected from the digital economy. Previous attempts at digitization failed because they forced users to understand blockchain's complex machinery. SPXG represents the end of that friction.
By building on Base Layer 2 and implementing Account Abstraction, we have made the technology invisible. Users no longer need to "learn crypto" to own gold—they simply log in. We have transformed gold from a defensive asset into a productive, yield-bearing instrument living natively inside the FinTech apps people use daily.
We are not building a walled garden. We are building Public Gold Infrastructure for Asia.
For FinTech Partners
Integrate the SPXG API to offer millions of users safe, inflation-hedging products without regulatory or technical burden
For Investors
Participate in the only RWA ecosystem combining physical gold stability with Ethereum scalability and viral B2B distribution potential
The era of "Dead Capital" is over. Welcome to the era of Living Gold.