The floor is a promise you can execute

Every treasury-backed token quotes a "backing per token". Most of them mean: trust us, it's there. The desk means something narrower and harder: burn your $ZIRYQO and the treasury contract hands you your exact pro-rata share of USDG, WETH and index tokens — nothing sold on the market, nothing queued, nobody's signature but yours.

The design follows the floor-token literature: redemptions execute at the published floor, never below it, and the floor is the redeemable net asset value — not the market price, which can and will trade above or below it. The 2% redemption fee stays in the vault, so every exit mechanically raises the backing for everyone who stayed. That, plus fees and cash yield only ever adding, is why the floor ratchets in one direction.

Can the backing per token fall? In dollar terms, yes — the WETH and index sleeves are volatile, and the disclaimer says so plainly. What can't happen silently is dilution: supply only shrinks, and the books are on-chain for anyone to mark to market at any hour.