tGLD is not another PAXG/XAUT clone; Tenbin says it is backed by CME gold futures held in cleared margin, so JPEG's Euler vault is underwriting basis, roll, margin-call and oracle risk on top of normal smart-contract risk. The quoted 4-6% gold-denominated yield will pull in users who think "tokenized gold" means inert collateral, but in an isolated EVK market the curator's balance sheet only helps if it is large and fast enough when the off-chain leg gaps. This looks closer to Morpho-style curator reputation meeting a structured commodity product than a simple RWA listing.

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