Every TC is backed, 1:1, by held inference capacity.
The Tokexchange Treasury is sole counterparty to upstream providers. Token Credits are fully reserved, independently attested, and redeemable on demand.
Pilot indicative figures
What's in the reserve
Three asset classes, sized to make redemption and buy-back obligations enforceable at any point in the cycle.
Prepaid inference capacity
Forward-purchased TPM/RPM commitments from upstream providers, held by the Treasury entity.
USD redemption buffer
Cash held to smooth redemptions and fund buy-backs when capacity is delisted.
Hardware-attested compute
Producer-side capacity backed by signed hardware reports and SLA telemetry.
How TC holders are covered
Four mechanisms, applied in order, so a holder always has a defined path to value.
- 1
Instant redemption
Any TC can be burned for inference at the gateway, T+0, at the published conversion rate.
- 2
Buy-back floor
If upstream capacity is delisted, affected TC are repurchased at the last mark from the USD buffer.
- 3
Shortfall waterfall
USD buffer → Treasury equity → pro-rata haircut. Any haircut is disclosed publicly, never applied silently.
- 4
Segregated custody
Reserve assets sit in a bankruptcy-remote Treasury entity, separate from operating funds.
Attestation & transparency
Reserves are only credible if you can verify them. We publish on three cadences.
Quarterly Big-4 attestation
Independent verification that circulating TC ≤ reserve assets, published each quarter.
Monthly proof-of-reserves
Internal snapshot of reserve composition and circulating supply, published on the 1st.
Live issuance dashboard
Real-time view of issuance vs. reserve, updated as trades settle.
What the reserve does not cover
The reserve guarantees redemption value, not market price. These risks remain with the holder:
- Mark-to-market price movements on the order book.
- Losses from user-side key or account compromise.
- Upstream model deprecation (handled via buy-back at last mark, not insurance).
Review the pilot Master Agreement before applying.
The Master Agreement covers reserve custody, redemption mechanics, shortfall waterfall, and dispute resolution in full.
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