> For the complete documentation index, see [llms.txt](https://docs.gyldfinance.com/Qr8kZvavn9Z7Z8ov8REK/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.gyldfinance.com/Qr8kZvavn9Z7Z8ov8REK/get-started/readme.md).

# Overview

> **Provided for information only.** Not a financial promotion, offer, or solicitation to buy or sell any security, and not investment, legal or tax advice. These pages describe a product under development, for investors eligible to hold it; terms are indicative and subject to change pending final offering documents and regulatory approval. The tokens are offered outside the United States to non-U.S. persons in reliance on Regulation S. Access is restricted; please do not forward this link.

Gyld® Finance is building an institutional-grade stack for tokenizing fixed income. We acquire bonds in the institutional market, hold them with regulated custodians, and issue tokens fully backed by the underlying instruments. Each token is held in the investor's wallet and tracks the value of the bond it represents.

Fixed income is the largest asset class in the world, roughly $160 trillion in global fixed income outstanding in 2025 according to SIFMA, and the core of how institutions earn yield. Yet tokenized real-world assets so far have been almost entirely cash-equivalent: money-market funds and short-dated Treasuries. Gyld brings the rest of the market on-chain: real credit exposure, within a regulated securities structure. In October 2026, Gyld's issuance program received consent from the Jersey Financial Services Commission (JFSC).

The first product is USD-denominated corporate bonds:

* **Deep, varied market.** Thousands of issuers across the credit spectrum.
* **Rated.** Every bond carries a rating, investment grade to high yield, so risk and return are selectable.
* **Defined maturities.** From months to decades, allowing duration to be matched to the investor's view.
* **Real yield.** Typically 3.5%–7.5% a year, differentiated by issuer, rating and maturity.
* **Liquid.** Traded in large, established secondary markets.

See [Why bonds](/Qr8kZvavn9Z7Z8ov8REK/get-started/why-bonds.md) for the full case.

Each token is a security in its own right, backed by one specific bond. It is not a fund unit and not a synthetic. Every product is secured on its own collateral, ring-fenced from every other product and from the Issuer's other creditors.

#### Key features

* **Backed by a real bond.** Every token is backed by a specific bond held in segregated, regulated custody.
* **Zero-coupon structure.** No coupons are paid to holders. The bond's income is reinvested, so the return compounds into the token's value and is realised when the holder sells or redeems.
* **Freely transferable.** Once issued, tokens transfer wallet-to-wallet or on supported venues without approval. The only on-chain restriction is sanctions screening.
* **Gated primary market.** Minting and redeeming directly with the Issuer is restricted to Authorised Participants and eligible professional investors who have completed KYC.
* **Bankruptcy-remote issuer.** Tokens are issued by an orphan Jersey company owned by a purpose trust, held separately from Gyld's operating businesses. See [Structure & entities](/Qr8kZvavn9Z7Z8ov8REK/structure-and-governance/structure-entities.md).
* **Security for holders.** A Security Agent holds security over each product's collateral for the benefit of holders. See [Collateral & security](/Qr8kZvavn9Z7Z8ov8REK/structure-and-governance/collateral-security.md).