Tokenised Commodities
Tokenised Commodities evaluated across the vault and its independent verifier, whether you can open the latest reserve report right now, the smallest amount an ordinary holder can turn back into metal, and round-trip cost with spread.
7providers tracked
7ranked (methodology v2026.11.1)
12 November 2026Ranking snapshot
10 November 2026oldest read · due 25 DecIndependent. Evidence-based.We rank with a published method and sourced evidence. No one can pay to rank.How it works
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7 providers match your requirements
Out of 7 ranked providers. 0 excluded.
What this ranks
Ranked here: tokenised commodities, which put metal held in a vault onchain as a token that a holder may be able to turn back into metal.Not ranked here: tokens with no metal held in a vault behind them.7 of the 7 assessed are ranked.Requirements narrow the list; they never change a published ChainChoice Score. How the ranking works
Matrixdock Gold (XAUm)
How Matrixdock Gold (XAUm) was chosen
Leads this ranking on Vault and independent verifierOne token per fine troy ounce of 99.99% LBMA gold in Brink's and Malca-Amit vaults in Hong Kong and Singapore
80 / 100 out of 100published score, #1 of all 7 worldwide
Evidence
High
4/4 criteria scored, with 4 dated sources quoted.Vault and independent verifierWhether you can open the latest reserve report right now
Why it leads
- Matrixdock Gold (XAUm) is 1 point ahead of Kinesis Gold (KAU), mainly because it scores higher on its vault and verifier and its proof reachability.
- Best in this ranking on vault and verifier (10/10; next 8/10)
- Ahead of Kinesis Gold (KAU) on vault and verifier (+5.6 points) and proof reachability (+1.4 points)
Tradeoff
Redemption floor: 3 points below the best in this ranking
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2
KI
One token per gram of allocated gold across...
79 / 100 out of 100
3
PA
One token per fine troy ounce of London Good...
74 / 100 out of 100
4
One token per fine troy ounce of London Good...
65 / 100 out of 100
5
VN
One token per gram of gold held at a...
53 / 100 out of 100
6
CO
One XRC-20 token per gram of 999.9 gold vaulted...
52 / 100 out of 100
7
AA
An Algorand token priced at one tenth of a gram...
≤41 / 100 out of 100
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See key differences in features, fees, security and more.
All in cost
Round-trip cost with spread
22% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | All in cost (0–10) | ChainChoice Score |
|---|---|---|
| Kinesis Gold (KAU) | 7 | 79 |
| Pax Gold (PAXG) | 7 | 74 |
| Tether Gold (XAU₮) | 7 | 65 |
| Matrixdock Gold (XAUm) | 6 | 80 |
| ComTech Gold (CGO) | 4 | 52 |
| VNX Gold (VNXAU) | 3 | 53 |
| AABB Gold Token (AABBG) | 1 | 41 |
Vault and verifier
Vault and independent verifier
30% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Vault and verifier (0–10) | ChainChoice Score |
|---|---|---|
| Matrixdock Gold (XAUm) | 10 | 80 |
| Pax Gold (PAXG) | 8 | 74 |
| Kinesis Gold (KAU) | 7 | 79 |
| Tether Gold (XAU₮) | 4 | 65 |
| VNX Gold (VNXAU) | 4 | 53 |
| ComTech Gold (CGO) | 2 | 52 |
| AABB Gold Token (AABBG) | 0 | 41 |
Proof reachability
Whether you can open the latest reserve report right now
22% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Proof reachability (0–10) | ChainChoice Score |
|---|---|---|
| Pax Gold (PAXG) | 8 | 74 |
| Tether Gold (XAU₮) | 8 | 65 |
| Matrixdock Gold (XAUm) | 7 | 80 |
| Kinesis Gold (KAU) | 6 | 79 |
| VNX Gold (VNXAU) | 3 | 53 |
| ComTech Gold (CGO) | 1 | 52 |
| AABB Gold Token (AABBG) | 0 | 41 |
Redemption floor
The smallest amount an ordinary holder can turn back into metal
26% of the published criteria weight. Scored 0–10 from the published evidence; the order below is by this criterion, then the published ranking.
| Provider | Redemption floor (0–10) | ChainChoice Score |
|---|---|---|
| Kinesis Gold (KAU) | 9 | 79 |
| Matrixdock Gold (XAUm) | 6 | 80 |
| ComTech Gold (CGO) | 5 | 52 |
| Pax Gold (PAXG) | 3 | 74 |
| Tether Gold (XAU₮) | 2 | 65 |
| VNX Gold (VNXAU) | 2 | 53 |
| AABB Gold Token (AABBG) | 0 | 41 |
All 4 published criteria
Every ranked row’s score on each criterion, in the published order. Choose a column to order by it.
| Provider | ChainChoice Score | |||||
|---|---|---|---|---|---|---|
| 1 | Matrixdock Gold (XAUm) | 10 | 7 | 6 | 6 | 80 |
| 2 | Kinesis Gold (KAU) | 7 | 6 | 9 | 7 | 79 |
| 3 | Pax Gold (PAXG) | 8 | 8 | 3 | 7 | 74 |
| 4 | Tether Gold (XAU₮) | 4 | 8 | 2 | 7 | 65 |
| 5 | VNX Gold (VNXAU) | 4 | 3 | 2 | 3 | 53 |
| 6 | ComTech Gold (CGO) | 2 | 1 | 5 | 4 | 52 |
| 7 | AABB Gold Token (AABBG) | 0 | 0 | 0 | 1 | 41 |
How this ranking works
How firm the #1 is, the per-criterion arithmetic behind each score, who pays ChainChoice, and which tokenised commodities were assessed and left out.
One point from changingMatrixdock Gold (XAUm) leads Kinesis Gold (KAU) by 1 point
A one-point change on one criterion puts Kinesis Gold (KAU) first, so read both.
See the arithmetic
Move vault and independent verifier — the heaviest criterion that changes it, weighted 30 — by a single point and Kinesis Gold (KAU) takes first place. Both are worth reading. The published rankings file
Why this score4 published criteria · leads 1 of 4
Published criterionWtScore, and the best hereGap/10 out of 10Pts
Vault and independent verifier7.2·109.6
Whether you can open the latest reserve report right now5.3−174.9
The smallest amount an ordinary holder can turn back into metal6.2−365.0
Round-trip cost with spread5.3−164.2
Σ methodology points23.7/32
Each bar is the score on that criterion’s own 0–10 scale, never rescaled to the pool. The dark line is the best any product here reached on that axis. Wt is the most the criterion can add to the 86-point weighted total. Pts is weight × score × 32; the sum is the methodology score, and each weighted point behind the leader costs 2.6 on the displayed score. how these are weighted
Why it ranks first
Why Matrixdock Gold (XAUm) leads this category right now
One token per fine troy ounce of 99.99% LBMA gold in Brink's and Malca-Amit vaults in Hong Kong and Singapore, with every bar physically counted twice a year. Strongest on vault and independent verifier (10/10): Bureau Veritas's July 2026 report names the custodians ("Brinks Hong Kong / Malca-Amit SG/ Brinks Singapore") and describes "a 100% audit of an inventory": "All bars were weighed and measured during the inspection". It concludes that "no anomalies were identified during the audit". Weakest on the smallest amount an ordinary holder can turn back into metal (6/10): Matrixdock's docs state: "Redeeming XAUm for physical LBMA gold is at a minimum of 32.148 XAUm, equivalent to a 1kg gold bar. It can be collected via customer pickup or secured delivery." One kilogram of gold is a six-figure sum in dollars. Published price: Matrixdock XAUm page (www.matrixdock.com/xaum), fetched 2026-11-10. FAQ: "There is no management fee for XAUm in both ERC-20/BEP-20 and NFT forms. Mint fee is waived before XAUm TVL reaches $100M.
Best for
Vault and independent verifier — 10/10
Main tradeoff
The strongest physical proof in the category sits on the weakest regulatory footing of the credible names. The docs page headed "Licenses and Certificates" lists exactly one item, and its fields read, line by line: "Hong Kong Customs and Exercise Department" (the page's own spelling), "MATRIX INFINITUS (HONG KONG) LIMITED", "Category A Registration No:", "A-B-25-03-08852", with a downloadable "Certificate of Registration for Category A Registrant.pdf" — a dealers-in-precious-metals registration, not a financial-services licence. The XAUm page also markets "XAUm offers physical redemption options in Hong Kong and Singapore, providing direct access to gold within Asia’s leading financial and bullion hubs" while the same page's own alert copy reads "Access from Hong Kong detected. Hong Kong is one of our restricted jurisdictions. XAUm and related services are not offered to persons residing in Hong Kong."
Verify before signup
Matrixdock XAUm page (www.matrixdock.com/xaum), fetched 10 November 2026. FAQ: "There is no management fee for XAUm in both ERC-20/BEP-20 and NFT forms. Mint fee is waived before XAUm TVL reaches $100M. A redemption fee of 0.25% is applicable." And: "The minimum amount for directly minting with Matrixdock is $10k, while the minimum redemption into stablecoins or physical gold is 32.148 XAUm, corresponding to a 32.148 fine troy ounce (1kg) gold bar." The page's primary quotes at fetch time: "Mint Price $ 4,112.16" and "Redeem Price $ 4,081.22", beside "Market Cap $71.39M", "Total Supply 17,359.913 XAUm", "Total Bullion Weight 17,359.920 Troy Oz." and "No. of Gold Bars 540". The page adds "Real-time price quote is available in the mint/redeem web-app." Supply is still under the waiver threshold, so minting stays fee-free; the spread between the two quotes is the real primary cost.
Recommendation summary
What should decide this category
Who holds the metal, and has anyone independent actually weighed it?
What is the smallest amount you can redeem — and could you afford it?
Can you open the latest reserve report right now, without a fee or an appointment?
Quick picks
Strong options in this category
Start with the lead choice first, then use the shortlist only if you still need a challenger or stronger fit for a specific setup.
Best overall
Matrixdock Gold (XAUm)
One token per fine troy ounce of 99.99% LBMA gold in Brink's and Malca-Amit vaults in Hong Kong and Singapore, with every bar physically counted twice a year.
One token per fine troy ounce of 99.99% LBMA gold in Brink's and Malca-Amit vaults in Hong Kong and Singapore, with every bar physically counted twice a year. Strongest on vault and independent verifier (10/10): Bureau Veritas's July 2026 report names the custodians ("Brinks Hong Kong / Malca-Amit SG/ Brinks Singapore") and describes "a 100% audit of an inventory": "All bars were weighed and measured during the inspection". It concludes that "no anomalies were identified during the audit". Weakest on the smallest amount an ordinary holder can turn back into metal (6/10): Matrixdock's docs state: "Redeeming XAUm for physical LBMA gold is at a minimum of 32.148 XAUm, equivalent to a 1kg gold bar. It can be collected via customer pickup or secured delivery." One kilogram of gold is a six-figure sum in dollars. Published price: Matrixdock XAUm page (www.matrixdock.com/xaum), fetched 2026-11-10. FAQ: "There is no management fee for XAUm in both ERC-20/BEP-20 and NFT forms. Mint fee is waived before XAUm TVL reaches $100M.
Best for: Vault and independent verifier — 10/10
Vault and independent verifier · weight 30%10/10Whether you can open the latest reserve report right now · weight 22%7/10The smallest amount an ordinary holder can turn back into metal · weight 26%6/10Round-trip cost with spread · weight 22%6/10
Quick pick
KI
Kinesis Gold (KAU)
One token per gram of allocated gold across third-party vaults in eleven named locations, redeemable from 100 grams, issued by a Cayman Islands VASP.
One token per gram of allocated gold across third-party vaults in eleven named locations, redeemable from 100 grams, issued by a Cayman Islands VASP. Strongest on the smallest amount an ordinary holder can turn back into metal (9/10): Kinesis states: "Kinesis enables users to redeem as little as 100 grams of gold or 200 ounces of silver, with a fee of 0.45% + $100 USD + delivery costs." and "We'll securely deliver your gold and silver bullion straight to your door, anywhere in the world, any time you want." Weakest on whether you can open the latest reserve report right now (6/10): Kinesis states "All gold and silver is independently audited twice a year" and lists Bureau Veritas audits, the newest for April 2026. Each report is published as page images, not as a file with a text layer, and the list jumps from November 2020 to June 2022. Published price: Kinesis fees page (kinesis.money/about-us/fees/), read 2026-11-10. Storage: "Store your gold (KAU) and silver (KAG) on an allocated basis with Kinesis: 0% fee".
Best for: The smallest amount an ordinary holder can turn back into metal — 9/10
Vault and independent verifier · weight 30%7/10Whether you can open the latest reserve report right now · weight 22%6/10The smallest amount an ordinary holder can turn back into metal · weight 26%9/10Round-trip cost with spread · weight 22%7/10
Quick pick
PA
Pax Gold (PAXG)
One token per fine troy ounce of London Good Delivery gold held by an OCC-chartered national trust bank, examined monthly by KPMG.
One token per fine troy ounce of London Good Delivery gold held by an OCC-chartered national trust bank, examined monthly by KPMG. Strongest on vault and independent verifier (8/10): KPMG's report as of September 30, 2026 states "In our opinion, Management's Assertion is fairly stated, in all material respects." It names the vaults: "stored with Brink's Global Services Ltd. and Industrial and Commercial Bank of China Ltd (ICBC) Standard Bank". No physical count is reported. Weakest on the smallest amount an ordinary holder can turn back into metal (3/10): Paxos's terms state "You must redeem a minimum of 430 PAXG tokens plus the fee set forth in the Paxos User Guide, per London Good Delivery gold bar." and "Only verified Customers may purchase PAXG from us or convert or redeem PAXG from us." The holder arranges delivery of the bar. Published price: PAX Gold (PAXG) Overview, Paxos Knowledge Base (support.paxos.com/articles/5590384005-pax-gold-paxg-overview, "Last updated 6 days ago"), read 2026-11-10; the separate PAX Gold Fees article quoted before now returns HTTP 404 and its schedule sits in this…
Best for: Vault and independent verifier — 8/10
Vault and independent verifier · weight 30%8/10Whether you can open the latest reserve report right now · weight 22%8/10The smallest amount an ordinary holder can turn back into metal · weight 26%3/10Round-trip cost with spread · weight 22%7/10
Quick pick
Tether Gold (XAU₮)
One token per fine troy ounce of London Good Delivery gold vaulted in Switzerland by an unnamed custodian, issued from El Salvador and assured quarterly by BDO.
One token per fine troy ounce of London Good Delivery gold vaulted in Switzerland by an unnamed custodian, issued from El Salvador and assured quarterly by BDO. Strongest on whether you can open the latest reserve report right now (8/10): BDO's assurance report as of 30 September 2026 opens without an account: "In our opinion, the TGRR as prepared by the Sole Director as of 30 September 2026, is, in all material respects, fairly presented in accordance with the criteria". Tether Gold lists one such report per quarter. Weakest on the smallest amount an ordinary holder can turn back into metal (2/10): Tether Gold's terms state "Redemption of Gold Tokens for underlying gold can be effecutated in increments of 430 tokens." and that the holder may "take physical delivery of the bullion bar(s) within Switzerland". That is one full bar, delivered in one country. Published price: Gold Token Fee Schedule, "Last updated 27 January 2025", served at https://gold.tether.to/legal/feeschedule and read on 2026-11-10 from the site's single JavaScript bundle (now index-3PNB609l.js; the bundle was redeployed under a new file name since…
Best for: Whether you can open the latest reserve report right now — 8/10
Vault and independent verifier · weight 30%4/10Whether you can open the latest reserve report right now · weight 22%8/10The smallest amount an ordinary holder can turn back into metal · weight 26%2/10Round-trip cost with spread · weight 22%7/10
Considered and not ranked
None left out by name
We assessed 7 products here and rank all 7. No product has been turned away by name; when one is, its name and the reason appear here. Evidence last read 10 November 2026.
What this ranking does not assess
- Contract failure: the code holding the funds is exploited.
- Control failure: a key or vote changes the rules, freezes or mints.
- Custody failure: whoever holds the assets loses or withholds them.
- Regulatory failure: no licence where you are, or a forced market exit.
These can still cost you money here; the ranking does not measure them, so a high place says nothing about them. Which criterion scores each family, and why the others do not apply, is in /data/risk-coverage.json.
How this ranking is built
Reviewed on vault and independent verifier, whether you can open the latest reserve report right now, the smallest amount an ordinary holder can turn back into metal, and round-trip cost with spread.
Data checked Nov 2026 · Independent rankings · We show our work
How this page is reviewed
Reviewed means every product ranked on this page was read against its sources on or after that date; every ranked category is re-read at least every 45 days. Models research, extract and parse. A deterministic engine ranks. Every quote passes an adversarial refute pass.
Accountable for this review: Mathias Siemonsmeier, Founder.
How we review · Review calendar · Corrections log · How we make money
Direct answer
What is the best tokenised commodity in 2026?
Matrixdock Gold (XAUm) ranks #1 overall for tokenised commodities on ChainChoice. One token per fine troy ounce of 99.99% LBMA gold in Brink's and Malca-Amit vaults in Hong Kong and Singapore, with every bar physically counted twice a year. It holds that rank under an affiliate-blind methodology scored across 4 published, weighted criteria — the code that ranks providers physically cannot read affiliate payouts (CI-enforced), so a payout can't move a rank. The verdict re-computes on every fee change, incident, or regulatory action; the full reasoning and the audit receipt are under Methodology.
How you can lose money here, and what the ranking scores
- Insolvency failure: the firm or issuer that owes you cannot pay.Scored by Vault and independent verifier · 30% (Matrixdock Gold (XAUm) 10/10, Kinesis Gold (KAU) 7/10, Pax Gold (PAXG) 8/10)
- Exit failure: you cannot get out at par, on time, or with what is yours.Scored by The smallest amount an ordinary holder can turn back into metal · 26% (Matrixdock Gold (XAUm) 6/10, Kinesis Gold (KAU) 9/10, Pax Gold (PAXG) 3/10)
- Information failure: the number is wrong or bought, or your data leaks.Scored by Whether you can open the latest reserve report right now · 22% (Matrixdock Gold (XAUm) 7/10, Kinesis Gold (KAU) 6/10, Pax Gold (PAXG) 8/10)
Not assessed by this ranking: Contract failure, Control failure, Custody failure, Regulatory failure. A high place says nothing about these; the Methodology tab says what each means.
Also scored, as cost, quality or a summary of several families: Round-trip cost with spread (22%).
FAQs
3 questions readers ask before choosing tokenised commodities.
Frequently asked
Questions people ask before choosing tokenised commodities
Who actually holds the gold, and who checks that it is there?
It varies more than the category's shared vocabulary suggests, and the largest product is the least specific. Tether Gold's Gold Token Risk Disclosure Statement, read 2026-08-06, states that "the Custodian is a related party to Tether Gold" and that "Tether Gold does not undertake to and has no legal obligation to monitor the performance of and safe keeping of Gold Reserves by the Custodian." The custodian is never named on the site — the definition reads "“Custodian” means the custodian(s) of the Gold Reserves". At Kinesis the audit pack shows the overlap on facing pages: page 1 is signed "Thomas Coughlin / CEO, Kinesis Money" and page 2, the inventory letter from the vaulting partner, is signed "Thomas Coughlin / CEO, Allocated Bullion Exchange". The Bureau Veritas certificate behind it is genuinely independent; the inventory it was handed came from the same person who commissioned it.
What is the smallest amount I can redeem for physical metal?
This is the number that separates the pool, and it is rarely on the marketing page. PAXG and XAU₮ both require 430 tokens before a single bar moves — $1,824,008 and $1,818,560 at the gold price read on 2026-08-06 — with Tether Gold's delivery confined to Switzerland and Paxos leaving delivery arrangements to the holder. Kinesis publishes 100 grams at 0.45% plus $100 plus delivery. Matrixdock advertises "physical redemption options in Hong Kong and Singapore" on a page whose own alert strings read "Hong Kong is one of our restricted jurisdictions." VNX is contradictory across its own domains: vnx.li says "You can always collect your LMBA certified gold directly from the vault", while vnx.io's onboarding step three offers only "the cash value of the underlying gold", and no minimum, fee or process for physical delivery is published on either.
Does "audited" mean what it sounds like in this category?
Usually not, and the documents say so themselves. VNX files under "Reserves Audit Reports" a document stating "This Agreed-Upon Procedures engagement is not a reasonable or limited assurance engagement. Accordingly, we do not express an opinion or an assurance conclusion", whose auditor confirms "our procedures did not include the observation of gold held by these custodian(s)". Kinesis's Bureau Veritas certificate covers "a sample of over 5.0% of the total weight" and finds "no non-conformities concerning the items that were weighed" — the other 95% rests on reconciliation. ComTech's transparency panel offers "Quarterly audits by Custodian based in UAE" and "On-demand verification for an onboarded entity" that is "Subject to Service fees applicable and prior appointment is required". Paxos's own knowledge base still names Withum as the auditor while its transparency page says reports since February 2025 are issued by KPMG LLP.
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Best picks
Best tokenised commodities in 2026
Weighted on who holds the metal and who actually looked at it (30), the smallest amount an ordinary holder can turn back into metal (26), whether you can open the latest reserve report right now (22), and what a round trip really costs once fees and spread are counted (22). Every product here is redeemable for gold. At the two a buyer is most likely to hear about, redemption starts at 430 tokens — $1,824,008 of PAXG and $1,818,560 of XAU₮ at the spot reading taken on 2026-08-06. Kinesis, on about one eighty-seventh of their combined daily volume, is the only provider in this pool whose published floor is reachable by an ordinary buyer: 100 grams for 0.45% plus $100 plus delivery.
Best overall
Matrixdock Gold (XAUm)
One token per fine troy ounce of 99.99% LBMA gold in Brink's and Malca-Amit vaults in Hong Kong and Singapore, with every bar physically counted twice a year.
Data checked Nov 2026
One token per fine troy ounce of 99.99% LBMA gold in Brink's and Malca-Amit vaults in Hong Kong and Singapore, with every bar physically counted twice a year. Strongest on vault and independent verifier (10/10): Bureau Veritas's July 2026 report names the custodians ("Brinks Hong Kong / Malca-Amit SG/ Brinks Singapore") and describes "a 100% audit of an inventory": "All bars were weighed and measured during the inspection". It concludes that "no anomalies were identified during the audit". Weakest on the smallest amount an ordinary holder can turn back into metal (6/10): Matrixdock's docs state: "Redeeming XAUm for physical LBMA gold is at a minimum of 32.148 XAUm, equivalent to a 1kg gold bar. It can be collected via customer pickup or secured delivery." One kilogram of gold is a six-figure sum in dollars. Published price: Matrixdock XAUm page (www.matrixdock.com/xaum), fetched 2026-11-10. FAQ: "There is no management fee for XAUm in both ERC-20/BEP-20 and NFT forms. Mint fee is waived before XAUm TVL reaches $100M.
Best for: Vault and independent verifier — 10/10
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Written and reviewed by Mathias Siemonsmeier, Founder
Not financial advice · For informational purposes only · Always do your own research