# STAC — Secure Transferable Asset‑Backed Coin

## What is STAC?

STAC is a hybrid token (utility + security characteristics) representing fractional, on‑chain claims linked to real‑world assets (companies, real estate, commodities). Supply is capped at 133,000,000 STAC, each divisible into 100 “Pebbles” for micro‑ownership.

## 1:1 USD Value (Target)

- Target value: 1 STAC ≈ 1 USD for simplicity and portfolio accounting.

- How: treasury reserves, asset‑backed NAV, and issuance/redemption rules are designed to anchor value to a USD baseline while reflecting asset coverage.

- Note: secondary market prices may deviate from $1 based on liquidity and demand. Where redemption or treasury facilities are active, spreads are expected to compress toward $1.

## Mechanics (Draft)

- Issuance: STAC minted against qualified assets or treasury USD reserves per governance rules.

- Reserve: assets + cash/treasury instruments target ≥ 100% coverage.

- Governance: holders participate in key decisions; disclosures provide NAV, coverage ratio, and reserves composition.

- Compliance: KYC/eligibility gates per jurisdiction; activity limited while pre‑licensing.

## Fees (Proposed)

- Platform Fee (SGC): 10% “off‑the‑top” on gross proceeds of relevant financings/distributions performed via the platform.

- Performance Split (European waterfall): after full return of investor capital, **15%** to SGC carry, **85%** to investors; carry is calculated across the pool, not deal‑by‑deal.

- Network fees: users pay chain gas; SGC aims to minimize via L2 and batching.

Rationale: 10% platform fee and 15% carry align with common early‑stage/alt‑asset structures (carry 10–20%) while prioritizing investor capital recovery first.

## Risk Factors (Non‑exhaustive)

- Regulatory: pre‑licensing; availability varies by jurisdiction.

- Market: token price may deviate from $1; asset performance risk.

- Liquidity: secondary market depth and redemption programs determine liquidity.

- Operational: custody, oracle and smart‑contract risk mitigated via audits and controls.

## Disclosures

Nothing herein is an offer. Participation, where permitted, is restricted to eligible parties and subject to local law. Terms may change pending licensing and final documentation.