MetalStream Token Upgrades
MTLSTR and MSGLD are now using the T-REX security token standard
The first versions of both the MTLSTR equity-backed token and the MSGLD gold-backed token were created using Polymath’s ST-20 standard, on the Ethereum Network. Polymath’s focus is now on their proprietary Polymesh network, which is a fundamental issue for us.
MetalStream will be soon selling up to USD 100 million of MSGLD via public offer, prior to our planned listing of MSGLD on a regulated exchange in June. We believe the future of security tokens relies on creating a frictionless environment with the largest possible number of participants, and that a move away from Ethereum will not help provide liquidity for MSGLD holders.
As such, we have moved both MTLSTR and MSGLD onto the T-REX standard developed by Tokeny. Any new tokens issued by MetalStream will be using the T-REX standard.
Usage of T-REX allows for the issuance of security tokens and their subsequent transfer in a compliant way, with a particular focus on KYC and AML regulations.
The regulations applicable to tokenized securities are still evolving in many countries and are expected to change over the next few years. The T-REX standard was built in a modular and flexible way that allows us to change the compliance rules for transfers at any time, keeping up with any changes in regulations.
Of particular interest to us, is that T-REX is the only token standard including an identity management system to control the transfer of securities ownership on the blockchain, OnchainID. Having a third-party verify the claims of a token-holder and storing that verification on-chain, means that the token-holder is now able to take part in various primary market token offerings and secondary market trades without needing to re-verify or provide documentation.
OnchainID and the T-REX standard are used by a growing number of providers in token issuance, primary offerings, and secondary trading. This growing eco-system will help to ensure the liquidity of MTLSTR and MSGLD.
Token swaps are now complete
We have issued 16,000,000 MSGLD from the new contract address to Treasury in preparation for the upcoming MSGLD token sale, and have burned all 16,000,000 MSGLD from the old contract address. Future issuance of MSGLD as we purchase additional gold from suppliers, will be via the new contract address.