The TON stage: a jetton that mints against USDT inside Telegram and redeems at the world-basket PUD rate — with the one honest complication TON forces, stated on page one: the basket holds only what can actually be bought on-chain — and buys it, at every mint.
Companion to the design spec and methodology · chain research 2026-08-13 (Solana vs TON vs Robinhood Chain) · sister deployment on Solana: glu.booga.me
TON is the only chain that lives inside a messenger with ~1B users: the wallet is built into Telegram, and a mint can be a Mini App two taps from any chat. That is why PUD exists here. The other half of the truth, from the August 2026 asset research: the shelf is nearly empty.
| What the basket needs | What TON has |
|---|---|
| USD stable | USDT native jetton, ~$670M — deep, mintable, everywhere |
| EUR / JPY / GBP / CHF stables | None. Zero non-USD stablecoins exist as jettons, in any form |
| Gold | XAUt0 exists, ~$230k of DEX depth — credible backing, no liquidity |
| Treasuries / TIPS | None permissionless (Libre bond fund is institution-gated) |
| FX price oracles | Yes — RedStone and Pyth are live on TON with EUR/JPY/GBP/CHF/XAU feeds |
| Mint/burn programmability | Yes — jettons are arbitrary contracts; the audited TEP-74 stablecoin reference fits exactly |
| Verdict | The Base holds exactly what TON offers today — USDT, XAUt0 gold, SPYx, Gram — and publicly waitlists the rest |
When a user mints, the contract takes USDT and immediately purchases the basket on TON DEXes: XAUt0 gold, SPYx, Gram — the USDT leg simply stays. The vault holds the assets themselves, so backing is 1:1 by construction and there is no basis risk to buffer. What remains is execution: slippage bands per leg, and mint caps sized to live DEX depth. The unit itself is a fixed quantity list (see the mechanism §1), revised at most quarterly by an AI advisor under contract-enforced bounds and a 7-day timelock (§10) — the jetton needs no rate oracle to mint or burn.
1 PUD := 0.50 USDT · 53.0 µoz XAUt0 · 1⁄46,200 S&P 500 (SPYx) · 0.0661 Gram — fixed quantities, purchased on-chain at mint, handed back at burn
Target composition follows the PUD Base: USDT 50 / XAUt0 gold 25 / SPYx 15 / Gram 10 — every leg a real jetton bought on-chain at mint. Nothing synthetic remains: what cannot be purchased on TON is on the public waitlist (EUR, CNY, CHF, GBP stables; BTC) and enters the basket the day its jetton ships with adequate depth. One leg is further along: RWA (tokenized real estate, T-bills acceptable) was admitted at Revision R2 at a 10% target — dormant, its slice riding in USDT, until a qualifying jetton clears the liquidity bar. Mint caps are sized to live DEX liquidity, XAUt0 being the binding constraint today
The rule from the methodology applies here at maximum strength: disclose the lag, don't fake the leg. A dollar-backed index token that says so is honest; one that pretends TON has a euro is not.
Jetton master built on the audited ton-blockchain/stablecoin-contract (TEP-74/89): mint on USDT deposit at PUD rate, burn-to-redeem at PUD rate, USDT payout (conversion fee per published terms). Caps, staleness and drift checks enforced in-contract.
The PUD index server (this site) signs W(t) + oracle FX cross-rates into the contract daily; poster moves are drift-capped at 5 bp/day so a stolen key cannot rug the PUD rate. RedStone/Pyth feeds cross-check the FX legs.
A Telegram Mini App is the primary UI: TON Connect for Telegram Wallet/Tonkeeper, mint and redeem two taps from a chat. The web page mirrors it for browsers.
Mini App fetches the posted PUD rate → that is the mint price. PUD rate staler than 72h ⇒ mints halt (redeems never halt).
User sends USDT to the master's vault wallet; contract mints PUD to the user at the quoted PUD rate. Atomic on TON's message chain; no swaps anywhere.
The vault is USDT; the liability tracks W(t). The daily difference accrues against the buffer, published as a live "basis" line on the mint page. Buffer exhausted ⇒ mints pause, redeems continue at disclosed PUD rate.
User burns PUD; payout = PUD rate in USDT. No pause switch exists for redemption, by design.
USDT only in v1 — the honest consequence of the shelf. More payout jettons appear exactly as fast as real legs do.
| Risk | Guardrail |
|---|---|
| Basis risk (USDT vault vs basket liability) | The defining v1 risk: dollar collateral under an index liability. Sized by the research at ~3.9%/yr of purchasing-power volatility — absorbed by a fee-funded buffer, disclosed live, and the reason v1 caps stay small |
| Poster key stolen → fake PUD rate | On-chain drift cap ≤ 5 bp/day vs the posted path; larger moves need the timelocked admin |
| Oracle staleness | PUD rate > 72h old: mints halt, redeems continue |
| USDT depeg | The collateral IS USDT in v1 — a depeg passes through to PUD rate honestly rather than being papered over; disclosed prominently. Diversification (USDe sleeve) considered for T-2 |
| Contract bug | v1 caps: small supply cap, per-tx cap, audited reference contract as the base, admin behind a timelock |
| Legal | Same reality as the design spec §7: an index-redeeming token is not a payment stablecoin; testnet first, capped pilot, geo-notice, no yield paid |
| Stage | Ship | Proves |
|---|---|---|
| T-1 | Testnet jetton + Mini App. Stablecoin-contract fork with PUD-rate mint/redeem, mock USDT, PUD rate posted from the live index, TON Connect UI inside Telegram | The full loop: index → posted PUD rate → mint → burn, two taps from a chat |
| T-2 | Mainnet pilot, small cap. Real basket vault — every mint buys XAUt0, SPYx and Gram on DEXes within slippage bands; caps sized to live depth | Full backing under real deposits; whether Telegram distribution actually converts |
| T-3 | Waitlist legs as they land. EURC-on-TON, a CNY stable, BTC or tokenized real estate ships as a liquid jetton → it joins the Base at the next published rebalance, bought on-chain like every other leg | The basket converging on the full world consumption profile |