# XGLD

### Overview

XGLD is a yield-bearing gold asset issued by Unitas. It is backed by Tether Gold (XAUt), with yield generated through Unitas strategies and reflected through XGLD NAV growth over time.

XGLD expands the Unitas product suite beyond USDu into yield-bearing assets backed by real world collateral.

The asset is designed around 3 core components:

| Component         | Role                               |
| ----------------- | ---------------------------------- |
| XGLD              | Yield-bearing gold asset           |
| XAUt              | Underlying collateral backing XGLD |
| USDT              | Borrow asset and strategy capital  |
| Unitas strategies | Yield source                       |

XGLD uses XAUt as collateral, borrows USDT against it and deploys the borrowed USDT into Unitas strategies. Yield generated by those strategies is distributed to XGLD through NAV appreciation.

### Supported Chains

| Chain     | XGLD Support                  |
| --------- | ----------------------------- |
| BNB Chain | Native minting and redemption |
| Base      | LayerZero OFT                 |

XGLD is live on BNB Chain with native minting and redemption.

Base deployments use LayerZero OFT, powered by USDT0 and XAUt0.

<table><thead><tr><th width="87.2586669921875">Token</th><th width="67.724853515625">Chain</th><th width="476.364501953125">Address</th><th width="118.34716796875">Explorer</th></tr></thead><tbody><tr><td>XGLD</td><td>BSC</td><td>0xe60106a5cAb7e7C64830919d36Ab20CaAf50Ac91</td><td><a href="https://bscscan.com/token/0xe60106a5cAb7e7C64830919d36Ab20CaAf50Ac91">Link</a></td></tr><tr><td>XAUt</td><td>BSC</td><td>0x21cAef8A43163Eea865baeE23b9C2E327696A3bf</td><td><a href="https://bscscan.com/token/0x21cAef8A43163Eea865baeE23b9C2E327696A3bf">Link</a></td></tr><tr><td>XGLD</td><td>Base</td><td>0xeA953eA6634d55dAC6697C436B1e81A679Db5882</td><td><a href="https://basescan.org/token/0xeA953eA6634d55dAC6697C436B1e81A679Db5882">Link</a></td></tr></tbody></table>

### User Access

There are 2 primary ways to access XGLD:

| User Type         | Access                        |
| ----------------- | ----------------------------- |
| Whitelisted users | Mint and redeem XGLD directly |
| Regular users     | Swap USDT or XAUt for XGLD    |

Minting and redemption require whitelisting.

Regular users can access XGLD through secondary markets on supported networks.

### Minting Flow

Whitelisted users can mint XGLD on BNB Chain.

1. User deposits XAUt
2. Unitas mirrors the XAUt on a CEX via OES
3. Unitas posts XAUt as collateral and borrows USDT
4. User receives XGLD

<figure><img src="/files/bEy2KWt66PLX8u9K3x6B" alt=""><figcaption></figcaption></figure>

### Yield Distribution

XGLD yield is generated by using XAUt as collateral and deploying the borrowed USDT into conservative strategies.

1. XAUt is held by the XGLD Fund Vault
2. XAUt is mirrored for CEX execution through OES
3. USDT is borrowed against XAUt through BYBIT Stake & Borrow
4. Borrowed USDT moves to the USDT Fund Vault
5. USDT is deployed into a basket of delta-neutral strategies
6. Strategy returns accrue to XGLD through NAV appreciation

OES coordinates the exchange execution flow. User funds are not deposited to centralized exchanges for strategy execution.

### Redemption Flow

Whitelisted users can redeem xGLD for XAUt.

1. User initiates redemption
2. Redemption enters a 7-day cooldown
3. Strategy exposure is reduced as needed
4. XAUt is released through the Redemption Contract
5. User claims XAUt after the cooldown

### Fees

| Action     | Fee  |
| ---------- | ---- |
| Minting    | 0%   |
| Redemption | 0.1% |

The redemption fee primarily covers transaction slippage and operational costs when Unitas adjusts positions and releases collateral.

### Risk Controls

xGLD uses conservative borrowing and active monitoring.

Key controls include:

* XAUt used as collateral
* USDT borrowed at conservative LTV
* Borrow positions monitored continuously
* Borrowed USDT deployed through Unitas strategies
* Positions repaid when required to reduce liquidation risk
* OES used for mirrored exchange execution
* Multisig controls for key actions
* Real-time monitoring by the Unitas trading team

OIn practice, xGLD prioritizes solvency, redemption capacity and controlled exposure. Strategy deployment only occurs within defined collateral limits and can be reduced as market conditions change.


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