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skimmed the article - there's apparently a creation/redemption mechanism similar to ETFs.

settlement is always a mystery to me in crypto so i can't weigh in here. how do you guarantee delivery of the physical for units of the crypto that's inked on the blockchain.

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Derivatives settlements with smart contracts is the all time killer app of crypto in my mind because the contract can allocate payouts on its own.

Obviously these can't be physical, they have to be financial, but if you are allocating something financial with value on a liquid market you are just one step away from getting to the physical thing.

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