- Streamex shares surged over 30% after revealing a Gold-backed stablecoin called GLDY.
- GLDY aims to offer investors a yield of up to 4% and is set for pre-sale on or before November 10.
- The stablecoin is physically backed by gold and designed to provide yield and liquidity through blockchain technology.
- GLDY is positioned as an alternative to traditional gold exchange-traded funds, which typically involve costs and produce no income.
- Retail sentiment shifted positively, with trading volume and discussions increasing significantly after the announcement.
Streamex announced plans to launch a new gold-backed stablecoin, GLDY, with investors able to earn up to a 4% yield. The company said the pre-sale is expected to begin on or before November 10. News of the launch led to a more than 30% increase in Streamex (STEX) share price during midday Monday trading.
At the time of the announcement, STEX stock was trading around $6.98, up over 33%, drawing near its September peak of $7.44. The company, which went public in May through a reverse merger with BioSig Technologies, has seen its stock price rise over 60% since it began trading.
According to the company, GLDY is designed as an institutional-grade token physically backed by gold. It combines the price stability typically associated with gold investments with blockchain features, enabling both yield generation and liquidity. Streamex stated that, unlike traditional gold exchange-traded funds or ETFs— which involve storage costs and offer no yield—GLDY will allow holders to maintain exposure to the gold price while earning a return.
“Over $400 billion sits in traditional gold ETFs, assets that offer price exposure but cost money to hold and provide no yield. GLDY fundamentally changes that,” said Co-Founder and CEO Henry McPhie. “Now, instead of paying to hold gold, investors can get paid to hold gold.”
This announcement followed a surge in retail interest, with trading activity and online discussion around the company increasing sharply compared to prior periods. The company positions GLDY as a potential alternative to conventional gold investment products, seeking to address both cost and income concerns for investors seeking gold exposure.
Further developments on GLDY and other digital asset launches can be followed in related news, such as Bitcoin%E2%80%99s-Weekend-Surge-Lifts-Crypto-Market-To-Record-37-ZWWVo7″>BNB Hits All-Time High, Leads Altcoin Rally After Bitcoin’s Weekend Surge Lifts Crypto Market To Record.
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