Thanks for the detailed breakdown! The pilot allocation approach seems well thought out, especially with the conservative 62.5% LLTV and the non-correlated gold exposure versus the current Treasury holdings. I like that the proposal keeps flexibility with no lock-up and standard ERC-4626 redemption—it reduces execution risk while allowing real-world testing.
One question: during the 90-day evaluation period, do you plan to benchmark the yield versus a comparable USDC Treasury deployment, or is the focus more on diversification metrics and collateral stability? It would be helpful to have both to evaluate the trade-offs accurately.
Overall, the combination of on-chain collateral transparency and Arbitrum-native deployment addresses some common operational risks, so it feels like a prudent pilot to test gold-backed stablecoin yield exposure.