Maturities
Every Aureus position belongs to a maturity. Each maturity is its own market, with its own PT, YT and implied rate.
Tenors
Section titled “Tenors”| Tenor | Typical use |
|---|---|
| 30D | Short-term rate views, near-term cash-flow planning |
| 90D | Quarterly hedging |
| 180D | Medium-term fixed-rate exposure |
| 1Y | Longer-dated views on gold rates |
Tenor availability on testnet may change as markets are opened and closed.
A maturity is a fixed date
Section titled “A maturity is a fixed date”Each maturity ends on a fixed calendar date, the same for everyone. It is not “one year from when you buy”.
- Every maturity has its own PT and YT, identified by the date. For example, a market opened on 28 Sep 2026 with a 1Y tenor issues PT-PAXGy-28SEP2027 and YT-PAXGy-28SEP2027.
- The app always shows the maturity date and the days remaining.
- Buying later means buying less time. If that YT is bought in December 2026, only about nine months of yield are left, so it trades for less.
- Labels such as 30D or 1Y describe the tenor when the market opens. Over time a 1Y market becomes a 9-month market, then a 6-month one, and new maturities are opened to keep the curve complete.
Dates and examples are illustrative.
Lifecycle of a maturity
Section titled “Lifecycle of a maturity”- Open. A new maturity is created. PAXGy deposits mint PT and YT one-for-one.
- Trading. PT and YT trade in the PT / PAXGy and YT / PAXGy pools. The implied rate moves with supply, demand and expectations for gold yield.
- Approaching maturity. PT converges toward 1 PAXG; YT converges toward the yield still to be collected.
- Maturity. New splits stop. Each PT redeems for 1 PAXG; YT holders collect the yield accrued over the term, according to settlement rules. See Redeem at maturity.