Policy Regula2026-09-12 14:27:29Singapore gold retailer’s leasing model offers a template for on-chain RWA yieldA report republished by WuBlockchain examines how a long-standing gold leasing model in Singapore could inform yield design for tokenized real-world assets. The article centers on Mustafa Centre, a major gold jewelry retailer in Singapore that, according to the piece, sells about 1,100 pounds of gold jewelry a month from a single store while holding inventory close to 1 ton, worth more than $100 million at current prices. Yet its business is not built on taking directional exposure to gold prices. Instead, the report says, retailers such as Mustafa typically borrow gold, pay a leasing rate to use it, and replenish inventory as sales occur. That keeps capital from being tied up in outright ownership and reduces exposure to swings in gold prices. The article argues that this kind of demand comes from operating businesses with real order books rather than speculative positioning. It also links that market structure to on-chain products including thUSD and thGOLD. According to the report, access came through Libeara, a tokenization platform incubated by Standard Chartered’s SC Ventures and developed with FundBridge Capital around the MG 999 on-chain gold fund. The piece says Mustafa Gold was listed as the fund’s first borrower when the vehicle launched in December 2025.1010
gold leasing2026-08-10 10:07:52How Mustafa Centre’s gold leasing model feeds on-chain yield for thUSD and thGOLDA TechFlowPost-translated article examines how yield behind thUSD and thGOLD is tied to a long-standing gold leasing market rather than crypto-native speculation. The piece centers on Singapore retailer Mustafa Centre, which says a single store sells about 1,100 pounds of gold jewelry a month while keeping inventory near one ton, worth more than $100 million at current prices. Even so, the business is structured to avoid taking outright gold price risk, replenishing sold inventory and earning from retail margins instead of directional exposure. The report argues that this operating model creates steady borrowing demand in the physical gold trade, where retailers lease gold instead of tying up large amounts of capital. It also points to Libeara, incubated by SC Ventures of Standard Chartered, and FundBridge Capital’s MG 999 on-chain gold fund, which listed Mustafa Gold as its first borrower when the fund launched in December 2025. In this setup, thUSD and thGOLD are designed to pass leasing income from real-world counterparties to token holders.1960
