1
No token without a deposit
Supply can never exceed backing. Issuers physically cannot print unbacked tokens.
2
Redemption is permissionless
Any holder cashes out to the vault directly. No issuer can freeze or front-run the exit.
3
Risk is isolated per issuer
Each brand is backed only by its own deposits. One failing brand can't drain the vault or harm others.
4
The floor is honest
A token's floor equals its real reserve per token — published on-chain, defended by arbitrage, never a number the issuer can fake.
5
One chain, or an honest bridge
Native redemption needs the token on the vault's chain. Cross-chain discloses the bridge as a trust assumption.
6
“Backed,” never “no loss”
The promise is redeemable real backing and no rug — not protection from market moves. Honesty is the moat.