Ducat

Ducat is a reserve currency with a published balance sheet, designed to convert market demand into permanent treasury assets. Unlike traditional stablecoins, DUCAT's reference value can only increase—proven through sustained stablecoin reserves at 1.40x coverage. The protocol separates market price, backing, and reference, allowing reflexive growth while building verifiable solvency. Treasury assets include haircut-adjusted stablecoins and tokenised equities, with all positions published on-chain. Holders can redeem at the lower of reference or reserve per token (minus fees), creating a real claim against assets. Monetary policy operates mechanically: free issuance requires 1.20x reserve cover; bonds enforce post-settlement funding tests. Built on Robinhood Chain, Ducat delivers monetary memory—each cycle leaves behind assets, not just price charts.