Part I: The problem

4. What Float removes

Float lists them by doing the crossing once, so nobody else has to.

Every fSHARE is backed one for one by a real share of the underlying, held in custody and attested on chain. Buy fSK-HYNIX and your USDG is what acquires the real SK Hynix share held against it; sell and that share is released. A dealer, the Desk, quotes the market continuously against a live price reference, so the token trades at the real price around the clock, covered by the shares Float holds.

The wall still exists. You never touch it.

No Korean account, no custodian paperwork, no registration. Float holds the reserve through one institutional pipe and proves one share per token on chain, so anyone can verify instead of trusting.

No FX leg on your side. You buy in USDG. The reserve deals with the won.

No market hours. Off hours the reference keeps moving on real information: the ADR where one exists, index futures, the FX leg, and Float's own order flow. A band leashes the premium. At the home open it snaps to the real print.

No treaty forms, no registration certificates, no index classification standing between a person and a company.

What is left is what most people wanted all along: a genuine, custodied claim on a company they believe in, in their own wallet, at any hour.

Float says plainly what a fSHARE is and is not. It is a real, redeemable, share-backed claim, proven on chain. It confers no voting rights, the same as any tokenized stock. Nothing about it asks for your trust, because the reserve is there to be checked. Section 5 is how.