One SPY. Ten thousand PAPER.

PAPER's target is 10,000 PAPER per SPY.

Not a dollar instrument

PAPER is not a stablecoin, not a cash substitute, and not a claim on dollars. It is a ratio asset. Its target is expressed against an on-chain SPY token, and its market price can move above or below that target.

The press uses runs, printing, the Shredder, the Ink Reserve, the redemption reserve, and market liquidity to work toward the ratio. Those mechanisms can pause or fail to hold the target in live conditions.

How target is measured

A time-weighted average price, measured in half-hour buckets across the six-hour run, is what a run acts on. There is no second source to check it against: a stale or unsafe read halts the run. The expansion threshold is 1.01×. Between target and that threshold, the press neither prints nor shreds.

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