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.
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.
#1 of 7 · published ranking
Matrixdock Gold (XAUm)
80ChainChoice Score
4199
Why it leads
Matrixdock Gold (XAUm) scores higher than everything else in this ranking on its vault and verifier.
Show the arithmetic
Best in this ranking on vault and verifier (10/10; next 8/10)
Cost
Not priced· Only 1 of 7 publish a comparable price
ReviewedNext review by Published Methodology v2026.11.1
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.
No provider can pay for a position in this table. The code that computes this order cannot read which links carry a referral code, and every build proves it. Every score below rebuilds from the published criteria.Ranking v2026.11.1 · 4 criteria · 7 products · same inputs, same order
How we review · 7 ranked of 7 assessed · 4 criteria · 0 sponsor weight
How we review
7ranked
7assessed
4criteria
0sponsor weight
Recommendation first, comparison only if needed.
Reviewed and rechecked on the current cycle.
Commercial relationships disclosed before clickout.
Personal comparison
Tokenised Commodities ranked comparison
Only 1 of 7 providers publish a comparable price; ranking still uses verified product evidence.
RankProviderBest fitScore
1
Matrixdock Gold (XAUm)One token per fine troy ounce of 99.99%...Top ranked
Vault and independent verifier — 10/10Trade-off: The strongest physical proof in the category sits on the weakest regulatory footing o...
80score
Check availability for your country
Matrixdock Gold (XAUm) · matrixdock.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
2
KIKinesis Gold (KAU)One token per gram of allocated gold ac...
The smallest amount an ordinary holder can turn back into metal — 9/10Trade-off: The vaulting network that makes 0% storage possible belongs to Allocated Bullion Exch...
79score
Check availability for your country
Kinesis Gold (KAU) · kinesis.money. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
3
PAPax Gold (PAXG)One token per fine troy ounce of London...
Vault and independent verifier — 8/10Trade-off: The 'zero storage fees' headline is a current price, not a term of the instrument. Se...
74score
Check availability for your country
Pax Gold (PAXG) · paxos.com. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
4
Tether Gold (XAU₮)One token per fine troy ounce of London...
Whether you can open the latest reserve report right now — 8/10Trade-off: You are trusting an unnamed vault operated by a related party that the issuer says it...
65score
Check availability for your country
Tether Gold (XAU₮) · gold.tether.to. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
5
VNVNX Gold (VNXAU)One token per gram of gold held at a Li...
Vault and independent verifier — 4/10Trade-off: The product is split across two companies and two websites and the buyer has to work...
53score
Check availability for your country
VNX Gold (VNXAU) · vnx.li. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
6
COComTech Gold (CGO)One XRC-20 token per gram of 999.9 gold...
The smallest amount an ordinary holder can turn back into metal — 5/10Trade-off: The token's original website is a maintenance stub. comtechgold.com serves an empty H...
52score
Check availability for your country
ComTech Gold (CGO) · cgold.ae. Provider links appear once we know which country you are browsing from: ChainChoice links to providers only where it serves in full.
Commission: This provider pays ChainChoice nothing for this link. Disclosure
Crypto products are high risk. Check the provider is authorised where you live before you deposit.
1 more assessed and ranked below — none of them hidden for commercial reasons.
Ranked on 4 published criteria weighted 30/22/26/22, which set goal alignment — 30 of the 86 points. The rest: regional access 20 (constant here), evidence depth 18 (constant here), ease of use 10 (constant here), institutional trust 8 (constant here). Profile match is shown in breakdowns but carries no weight.
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%).
Audit
Infrastructure
Methodology
2026.11.1
published 10 November 2026
Providers tracked
860+
across 121 categories
Last verified
10 November 2026
newest dated pricing or sentiment read
Named on the roster
2 people
managing directors · 6 automated processes
Decision guide
What matters most before choosing in this category
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.
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?
Current engine lead
The #1 overall and the scoring weights
Matrixdock Gold (XAUm)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.
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 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.
Best forVault and independent verifier — 10/10
Main tradeoffThe 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 signupMatrixdock 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.
Weighted criteria
Vault and independent verifier30%
Whether you can open the latest reserve report right now22%
The smallest amount an ordinary holder can turn back into metal26%
Round-trip cost with spread22%
Methodology
How this category is reviewed
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.
The order on this page is the published ranking for this category. Every criterion, weight and source behind it is on the methodology page.
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.
Reviewed10 November 2026Method4 criteriaCategorytokenised_commodities
Not financial advice · For informational purposes only · Always do your own research
