GNRC — Greenland Reserve Coin

Europe’s first MiCA-regulated
gemstone-backed asset

GNRC is a regulated digital asset issued by The Mint AS (Norway) and backed by a segregated reserve of Greenlandic rubies and sapphires. Each GNRC targets a value of 1 EUR, supported by independently audited reserves in insured custody (Bangkok). Built under the EU MiCA framework for small-scale asset-referenced tokens, GNRC represents a transparent, finite, real-world asset on-chain.

Last updated October 2025

EU MiCA–aligned • Independent audits • Secure vaulted custody

1. What GNRC Is

GNRC gives secure, transparent exposure to physical gemstones via blockchain. Every token corresponds to a verified share of the reserve — traceable, insured, and confirmed through quarterly attestations and independent audits.

The current GNRC issuance is fixed, with reserves valued using a conservative, independently verified methodology to ensure strong coverage between circulating tokens and underlying assets.

The reserve is segregated and held in insured custody (Bangkok), while issuance and reporting are aligned with the EU MiCA framework for small-scale asset-referenced tokens.

The Mint AS acquired the best and largest share of Greenland Ruby’s polished inventory before the mine closed. GNRC’s initial issuance covers only a small portion of these holdings, leaving room for future reserve-backed tokens while keeping its focus on long-term value stability rather than short-term trading.

2. How It’s Structured

GNRC operates within a regulated framework connecting physical gemstones with on-chain assets. Each part of the structure is independently managed to ensure transparency and security.

Issuer
The Mint AS (Norway)
Custodian
Independent secured vaults — Bangkok
Exchange
NBX (Norwegian Block Exchange)
Trading pairs
GNRC/EUR • GNRC/USDM (NBX is co-issuer of USDM)
Market maker
NBX Capital AS
Regulatory framework
MiCA small-scale issuer exemption

3. Why It Matters

GNRC connects the enduring value of natural gemstones with transparent, regulated digital finance — enabling diversification, ESG-aligned exposure, and verifiable backing on-chain.

Trading activity provides liquidity and transparency, helping the market efficiently reflect GNRC’s underlying reserve value. The asset’s long-term potential, however, is anchored in the stability and scarcity of its physical reserve — not in speculative movements.

  • Real-world diversification

    Direct exposure to finite, non-correlated assets — outside traditional equity and bond cycles.

  • On-chain transparency

    Token supply and reserve attestations are reconciled and published for verifiability.

  • ESG-aligned access

    Responsible sourcing and segregated custody, with reporting to support compliance needs.

  • Finite by design

    Capped issuance mapped to reserve policy and conservative valuation methodology.

  • Institution-friendly rails

    Issued in Norway; trading on NBX with market-making by NBX Capital.

  • Operational simplicity

    Hold and trade like a normal exchange asset, while the reserve is independently secured.

4. Transparency & Reporting

All reserve data, supply, and valuation statements are published live on the Transparency Dashboard — with scheduled attestations to reconcile on-chain supply versus off-chain reserves.

  • REAL-TIME

    Transparency Dashboard

    Circulating supply, reserve snapshots, and coverage ratio surfaced in one place.

    Open dashboard →

  • MONTHLY

    Valuation Updates

    Reserve valuation updates based on conservative methodology (~50% retail reference).

    Methodology note published alongside each update.

  • QUARTERLY

    Custodian Attestations

    Independent confirmations of gemstone holdings in insured vaulted custody (Bangkok).

    Signed statements stored as PDFs.

  • PERIODIC

    Independent Audits

    Third-party reviews of processes and reserves, cross-checked with token supply.

    Findings and management responses disclosed.

Together, these processes ensure that every market transaction is traceable to a verifiable, independently audited reserve.

Documents & Data

Compliance

GNRC is issued by The Mint AS (Norway) under the EU MiCA framework for small-scale issuers of asset-referenced tokens. All documents, attestations and reports are available in the Compliance Center.

Issuer: The Mint AS (Norway) • Framework: EU MiCA (small-scale issuer exemption) • Reserves: Segregated gemstones in insured custody (Bangkok) • Reporting: Monthly valuation, quarterly custodian attestations, periodic independent audits

© The Mint AS — GNRC (Greenland Reserve Coin). Trademarks belong to their respective owners.