XAUm’s promise is easy to recite and harder to audit: one token, one fine troy ounce. Its real story lives in the handoffs between a British Virgin Islands contract, Asian vault accounts, a moving allocation table and privileged Ethereum roles.
Matrixdock launched XAUm on 16 September 2024. The current terms name Matrix Mining Limited as issuer and describe each unit as legal and beneficial ownership of one fine troy ounce of a 1kg or Good Delivery LBMA bar. They also say a Matrix entity is bailee and that owning XAUm does not confer ownership in Matrix Mining, Matrix Infinitus or another XAUm party.
The gold may be allocated in vault accounts at Brink’s or Malca-Amit, or temporarily unallocated with a reputable financial institution. Accounts are in a Matrix entity’s name for holders. Section 9 adds another layer: Matrix HK holds assets as agent for the issuer and grants the issuer a security interest under an intercompany note. Holders have no direct relationship with a vault provider.
For fungible XAUm, Matrixdock’s lookup maps balances to bars dynamically and may reassign those bars after mints, transfers or redemptions. Packing enough XAUm into a Gold NFT changes the evidence: the NFT is fixed to one complete serialized bar until unpacked. A wallet ounce is therefore a property claim through a register, not possession of a permanently chosen sliver.
Bureau Veritas inspected all 421 one-kilogram bars listed on 7 July 2025 at Brink’s Hong Kong, Brink’s Singapore and Malca-Amit Singapore, weighing pieces and checking serial numbers. It found no anomalies and expressly limited the certificate to the observed times and places.
Matrixdock’s fourth semiannual account says the July 2026 inspection covered 508 gold bars, equal to 16,331.184 troy ounces, against 16,331.179 XAUm. The five-thousandths-ounce surplus is useful reconciliation evidence for that date. It cannot by itself prove later supply, lien priority, enforceability, insurance recovery or immediate delivery capacity.
At launch, primary minting began at 32.148 XAUm—the fine-troy-ounce equivalent used for a 1kg bar—and both mint and redemption carried a published 0.25% fee. The terms now make each accepted quote and current website requirements controlling, so the historic rate is evidence of the product, not an immutable promise.
The April 2025 demonstration exposes the actual choreography. A verified customer sent 32.22837 XAUm including the 0.25% charge; Matrixdock burned 32.148, coordinated Malca-Amit, and the customer collected bar HS47386 in Singapore within the T+3 process. The terms also allow stablecoin redemption or a vault-account gold credit, after fees, trading loss and transaction costs.
This path remains discretionary at its gates. XAUm parties may reject, reverse or change requests for legal, pricing, security or service-provider reasons. A secondary buyer can receive the token without primary KYC, but that fact does not compel the issuer or vault to hand over bullion.
Ethereum XAUm is an ERC-1967 proxy. Its verified MTokenMain implementation lets the owner queue upgrades and key configuration, the operator place or release sender blocks and conduct delayed minting and burns, and a revoker cancel pending requests. On 5 September 2026, the proxy reported a 14,400-second delay; the owner and operator/revoker addresses had no contract code. The delay makes actions visible before execution, while EOAs and replaceable code remain governance dependencies rather than holder votes.
Matrixdock publishes a 32.148-XAUm primary minimum and 0.25% mint/redemption fee.
A verified customer collects bar HS47386 in Singapore after 32.148 XAUm are burned.
The certificate covers 421 one-kilogram bars across three vault facilities and reports no anomalies.
The agreement records issuer, bailment, title, eligibility, custody-account and wind-down boundaries.
Matrixdock reports 508 bars, 16,331.184 troy ounces and 16,331.179 XAUm.
Last evidence review: 2026-09-05
This page covers Matrixdock Gold, symbol XAUm, anchored to Ethereum proxy 0x2103E845C5E135493Bb6c2A4f0B8651956eA8682. Under terms revised 21 October 2025, Matrix Mining Limited issues the token and Matrix Infinitus Hong Kong Limited and other engaged Matrix entities maintain gold for holders. It is neither the similarly named products nor every XAUm-shaped contract on another chain.
A one-ounce balance spans four records: token supply, Matrixdock’s allocation register, the vault’s bar list and the holder’s legal rights. Matching them requires more than counting tokens. Allocation can change, custody accounts sit in Matrix entities’ names, and delivery depends on issuer approval and the applicable service terms.
Matrix entities accept eligible gold or supported stablecoins, obtain qualifying bullion and have the issuer mint after a quote and delay. Ordinary XAUm is dynamically allocated across serialized bars; packing enough units into a Gold NFT fixes one whole bar. Redemption sends tokens to the operator for burning, then triggers stablecoin settlement, a gold credit or pickup through a vault. The route is contractual and operational as well as onchain.
The terms describe legal and beneficial ownership of the corresponding gold amount, but fungible XAUm uses allocations that may change. A Gold NFT created by packing enough XAUm fixes a specific whole bar until it is unpacked.
No public evidence supports that shortcut. The documented physical route requires an eligible account, KYC, a current quote and at least 32.148 XAUm for a 1kg bar in Singapore or Hong Kong; requirements can change.
Matrixdock reported that Bureau Veritas checked 508 bars at three vault facilities in July 2026 and reconciled 16,331.184 troy ounces against 16,331.179 XAUm. It is a dated physical check, not continuous proof of every legal or insurance condition.
Matrixdock says Brink’s vaults are fully insured. The token terms separately say XAUm has no deposit insurance. CoinYQ did not find the commercial policy limits, exclusions, named insured or direct-beneficiary terms.
The verified upgradeable contract separates owner, operator and revoker roles. The owner can queue upgrades and configuration; the operator can mint, burn operator-held tokens and block senders. On 5 September 2026 the delay was 14,400 seconds and the owner and operator/revoker were EOAs.
No. The product documentation permits holding and secondary transfer without primary onboarding, while the legal service and redemption path requires eligibility and the contract can block a sender.
Choose a tracking site for Matrixdock Gold:
