Environment
Demo — inputs locked to the Schedule 4 pilot (USD 735M tranche).Sandbox — edit inputs within contractual bounds.
Theme: System · dark. Click to switch to light.Open the metric glossary — definitions, units, bounds and as-at date for every simulator figure.Clear all simulator state, tranches, series and assay entries.
Module 01Test vectors pass
Export every input, fee line and as-at date used in the current scenario. Choose PDF (via browser print), HTML or Markdown.

Issuance simulator

Every figure below reconciles to the executed contract. In demo mode inputs are locked to the Schedule 4 pilot. Switch to sandbox to model alternative scenarios within contractual bounds.

Scenario

Inputs

Demo mode — inputs locked to pilot. Switch to sandbox to edit.
1,000,000–50,000,000,000
0–50,000,000,000
1–100,000
0–500
150–500
Bounded 150–500 by Clause 10.
25–75
Bounded 0.25–0.50% by Clause 10 / Schedule 1.
20–500
Modelling assumption — not a live price.
Where the physical gold is vaulted and which regulator oversees custody. Switzerland routes through FINMA (Metal Depot AG, Hünenberg); Singapore routes through MAS (Singapore Bullion). Does not affect fees but drives the assay chain and proof-of-reserve counter-party.
Vault: Metal Depot AG, Hünenberg. Regulator: FINMA. LBMA Good Delivery, fineness floor 995.0.Vault: Singapore Bullion. Regulator: MAS. LBMA Good Delivery, fineness floor 995.0.
Custody

Metal Depot AG · Hünenberg

JurisdictionSwitzerland
RegulatorFINMA
Fineness floor995.0 · LBMA GD
Pool (grams)7,000,000 g
One-off / establishmentSum of all establishment / go-live fees payable on execution. Modelling assumption. Not a market quote. Recomputes live from sandbox inputs. Rates as-at July 2026 (DZ-KA-2026-GTS, Schedule 4).

USD 4,385,000

MintingOne-off token creation fee = pool × tier minting rate (T1 0.75%, T2 0.50%, T3 0.35%, Schedule 4). (see glossary: Minting fee)USD 3,675,000
Sukuk structuringOne-off structuring fee per Sukuk series = arranger rate × series notional × series count. (see glossary: Sukuk structuring)USD 135,000
KYC onboardingOne-off KYC = entities × KYC rate per entity. Bounded USD 150–500 per Clause 10. (see glossary: KYC onboarding)USD 300,000
Gate integrationOne-off integration fee for regulatory gates (Group A–F), Schedule 4 fixed. (see glossary: Gate integration)USD 75,000
MobilisationOne-off mobilisation / go-live fee, Schedule 4 fixed. (see glossary: Mobilisation)USD 200,000
TotalSum of all establishment / go-live fees payable on execution. (see glossary: One-off total)USD 4,385,000
Tier / minting rateVolume tier selected by pool size: T1 ≤ USD 250m, T2 ≤ USD 1bn, T3 > USD 1bn. (see glossary: Volume tier)T1 · 0.50%
Recurring annualRecurring core plus Module C+D annual licences (fully-loaded planning figure). Modelling assumption. Not a market quote. Recomputes live from sandbox inputs. Rates as-at July 2026.

USD 4,455,000

Lifecycle (0.25%)Recurring 0.25% p.a. on the allocated gold pool for token lifecycle operations. (see glossary: Lifecycle fee)USD 1,837,500
MonitoringRecurring = entities × per-entity monthly rate × 12 months. (see glossary: Ongoing monitoring)USD 600,000
SettlementRecurring = year-1 settled volume × tier-1 settlement rate (0.10%–0.20%). (see glossary: Settlement fee)USD 1,102,500
Attestation (0.10%)Recurring 0.10% p.a. on pool for third-party proof-of-reserve attestations. (see glossary: Attestation fee)USD 735,000
Recurring core (Sched. 4)Sum of the four Schedule 4 recurring lines (lifecycle + monitoring + settlement + attestation). (see glossary: Recurring core)USD 4,275,000
Module C + D licencesAnnual Module C (compliance) + Module D (data) platform licences, outside Schedule 4 core. (see glossary: Module C+D licences)USD 180,000
Recurring fully-loadedRecurring core plus Module C+D annual licences (fully-loaded planning figure). (see glossary: Recurring loaded)USD 4,455,000

Note: Schedule 4's subtotal does not include the two annual module licences; the fully-loaded figure adds them for internal planning.

WaterfallFee waterfall by line item. Brass bars = one-off establishment fees, oxide bars = recurring annual fees. Hover, tap or use arrow keys on the chips below the chart to inspect a line. As-at July 2026.

Composition

Focused line · one-off
USD 3,675,000
Minting

One-off token creation fee = pool × tier minting rate (T1 0.75%, T2 0.50%, T3 0.35%, Schedule 4).

Rates and formulae per DZ-KA-2026-GTS Schedule 4 · as-at July 2026. Tap a bar or a chip to pin the details.

Contract reconciliationCompares each simulator line to the executed pilot in Schedule 4 of DZ-KA-2026-GTS. Ticks appear only when sandbox inputs equal the pilot (pool, entities, series). Values are USD, rounded to the nearest dollar. As-at July 2026.

vs Schedule 4 (pilot)

Line itemSimulator outputSchedule 4Match
MintingUSD 3,675,000USD 3,675,000
Sukuk structuringUSD 135,000USD 135,000
KYC onboardingUSD 300,000USD 300,000
Gate integrationUSD 75,000USD 75,000
MobilisationUSD 200,000USD 200,000
One-off totalUSD 4,385,000USD 4,385,000
LifecycleUSD 1,837,500USD 1,837,500
MonitoringUSD 600,000USD 600,000
SettlementUSD 1,102,500USD 1,102,500
AttestationUSD 735,000USD 735,000
Recurring core (Schedule 4)USD 4,275,000USD 4,275,000
Scenario audit trailImmutable snapshots of the active scenario. Each entry captures every Schedule 4 parameter and the timestamp the run was recorded, so board reviewers can reproduce the figures shown in the simulator at that moment.

Recorded runs

Demo · 0/50

Current scenario has 12 tracked parameters. Recording is additive — earlier runs are never overwritten. Definitions link to the glossary.

No runs recorded yet
Current active parameters (not yet recorded)
Allocated gold poolAggregate USD size of the allocated gold pool (GBT) or Sukuk programme notional. Drives tier selection and all volume-based recurring fees. (see glossary: Pool notional)USD 735,000,000
Settled volume yr 1USD notional expected to flow across settlement in the first year. Multiplied by the tier settlement rate. (see glossary: Year-1 settled volume)USD 735,000,000
Onboarded entitiesDistinct KYC entities onboarded to the programme (issuers, investors, custodians). (see glossary: Onboarded entities)1,000
Sukuk series countNumber of distinct Sukuk series in the programme. (see glossary: Series count)1
Series face valueUSD notional of a single Sukuk series. (see glossary: Face value / series)USD 10,000,000
Units per seriesNumber of divisible unit certificates per series (drives per-unit denomination). (see glossary: Units per series)1,000
KYC rate / entityUSD onboarding fee per entity. (see glossary: KYC USD / entity)USD 300
Monitoring / entity / moOngoing monitoring fee per entity per month. (see glossary: Monitoring USD / entity / month)USD 50
Arranger rateStructuring/arranger fee expressed as bps of series face value. (see glossary: Arranger rate)0.350%
Settlement rate (T1)Settlement fee rate. Sandbox override for T1; T2/T3 use the schedule rate. (see glossary: Settlement bps)0.150%
Custody jurisdictionElected custody regime — Switzerland (FINMA) or Singapore (MAS). (see glossary: Custody jurisdiction)Switzerland
USD / gramReference spot price used to translate token units into grams of allocated metal. (see glossary: USD / gram)USD 105
Flow

Issuance stepper

01Allocate gold
02Verify and assay
03Mint tokens (1:1)
04Issue Sukuk series
05Settle & reconcile
Blocked
Sukuk issuance is gated on all Group A conditions precedent (Clause 4). to unblock, or open Compliance.
Proof of reserve

1:1 VERIFIED

balanced
Allocated gold0 g
USD 0
Tokens in issueUSD 0
DeltaUSD 0
Attestation cadence
Daily published digest · Quarterly independent assay/audit (Sched. 2.5)
Live indicator — ledger connection is active.Every mint, verification and settlement writes a signed commit here in real time.0 entries
Collapse the ledger strip.
No commits yet — mint a tranche or issue a series to see the ledger tick.
Simulated environment. Indicative modelling only — not an offer, not investment advice, and not a commitment as to volumes, fees or returns.
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