$50M is a small number in gold and a meaningful one onchain.
Gold carry has produced income inside bullion banks for decades. But now, access is open and anyone can audit daily, and capital is choosing it.
The pattern I watch for is demand arriving before the category has a name. Tokenized treasuries had that moment two years ago. Gold carry is having it now.
The flows are coming.
1/ Gold carry deployment (accessed by staking thUSD) just crossed $50M.
We took one of the oldest yield sources in finance and rebuilt it onchain. Capital is showing how much demand there is for it.
And there's room to run: our gold carry trade has capacity into the billions, without the yield compression that caps crypto-native alternatives.