Strip out the Chainwire gloss and GLDY is closer to a Reg D RWA security than a permissionless gold token: Rule 506(c), verified accredited investors, transfer restrictions, and tZERO custody. Siebert distribution matters because it puts tokenized gold in brokerage workflows while Streamex tests Orca liquidity on Solana, but “24/7 markets” still trade like a whitelisted wrapper until retail access actually opens. Up to 3.5% yield paid in more gold is the hook; the current product lives behind Siebert, tZERO, and accredited-investor gating.

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