Tokenized gold

Gold tokens are only as good as the vault behind them. Market cap and price are live; vaulting, custodian, audit cadence and redemption terms come from issuer documentation and are dated on every row.

Premiums, redemption and storage

A gold token rarely trades exactly at spot. The gap — usually a small premium, occasionally a discount — reflects how quickly arbitrageurs can move between the token and the physical market. Redemption for actual metal is real but sized for institutions: full-bar minimums run to roughly 400 troy ounces, so a retail holder's realistic exit is selling the token, not collecting bars. Where the bars sit, who custodies them and how they are insured determines what your claim is worth if the issuer fails — that is the storage and custodian detail in the table below.

Tokenized gold tracked

$7.18B

Products

With physical redemption

Tokenized gold market map

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Tokenized gold products with custody and audit facts
Token	Price	Market cap	24h	Per token	Vaulting	Audit	Redemption	Premium/discount	Delivery
XAUTTether GoldTG Commodities Limited (Tether)	$4.3K	$2.66B	−1.10%	1 troy ounce	Allocated LBMA-standard bars held in a Swiss vault	Quarterly attestation, bar list published	One full bar (roughly 430 oz equivalent) for physical delivery	Typically 0% to +0.3% over spot on exchanges; can widen during high demand	Switzerland only
PAXGPAX GoldPaxos Trust Company	$4.3K	$1.90B	−1.30%	1 troy ounce	Allocated LBMA gold in Brink's London vaults	Monthly attestation plus NYDFS supervision	430 oz for full bars; smaller amounts redeemable to cash with partners	Usually within 0.1% of spot given active market-maker arbitrage	London (Brink's vault network)
KAUKinesis GoldKinesis Money	$139.60	$333.11M	−1.30%	1 gram	Allocated gold across multiple international vaults	Periodic audit	Low — designed around 1 gram units	Small premium reflecting the transaction-fee yield pool built into the token	Multiple vaults internationally, including Singapore, Liechtenstein and New Zealand
XAUMMatrixdock GoldMatrixdock (Matrixport)	$4.3K	$70.81M	−1.30%	1 troy ounce	LBMA-accredited vaults in Singapore	Periodic attestation	Institutional size	Data limited; expect a wider spread than XAUT/PAXG given thinner liquidity	Singapore
AUXAurus GoldAurus Technologies	—	—	—	1 gram	Allocated gold held by partner refiners and vaults	Periodic	Retail-friendly	Varies by issuing vault partner; no single centralized quote	Depends on the issuing refiner/vault partner in the network

XAUT vs PAXG

XAUT — Tether Gold

One token equals one troy ounce of allocated gold, with a published bar list that lets holders check the specific bars behind their tokens.

Jurisdiction: El Salvador / Switzerland vaulting
Custodian: Third-party Swiss vault operator
Audit: Quarterly attestation, bar list published
Chains: Ethereum, Tron, TON
Fees: No custody fee; fees apply on issuance and physical redemption
Premium/discount: Typically 0% to +0.3% over spot on exchanges; can widen during high demand
Redemption fees: Physical delivery fee plus insured logistics cost, quoted per redemption
Delivery: Switzerland only
Storage: Bars are individually allocated and serialized in a Swiss vault; the published bar list lets a holder match their claim to a specific bar number, refiner and weight.

· Physical redemption is realistic only at full-bar size; retail holders exit through the market
· Attestation rather than a full audit of the vault operator
· Concentration in a single vaulting jurisdiction

PAXG — PAX Gold

The regulated counterpart to XAUT: a New York trust company charter, monthly attestations and Brink's custody, at the cost of living on a single chain.

Jurisdiction: New York, USA
Custodian: Brink's
Audit: Monthly attestation plus NYDFS supervision
Chains: Ethereum
Fees: No storage fee; on-chain transfer fee charged by the issuer
Premium/discount: Usually within 0.1% of spot given active market-maker arbitrage
Redemption fees: Redemption to physical requires a full bar; partners offer smaller cash-out at a spread
Delivery: London (Brink's vault network)
Storage: Allocated LBMA bars held at Brink's under a New York trust company charter, with NYDFS oversight of the custody arrangement.

· Single-chain deployment limits venue choice and liquidity fragmentation options
· Issuer transfer fee makes very frequent movement expensive
· US regulatory exposure concentrates jurisdiction risk

The honest summary: PAXG buys you a stricter regulator and monthly attestations at the cost of being Ethereum-only, while XAUT buys you multi-chain access and a published bar list under lighter supervision. Neither materially beats the other on cost, and for both, physical redemption is an institutional feature, not a retail one.

Tokenized gold, answered

+ Do you actually own the gold?

With XAUT and PAXG you own a claim on specific allocated bars, and both publish enough detail to identify them. That claim is only as good as the custodian and the legal wrapper around it — allocated means the metal is not lent out, not that the issuer cannot fail.

+ Can a retail holder redeem physical metal?

Rarely in practice. Full-bar redemption at roughly 430 troy ounces is out of reach for most holders, so the realistic exit is selling on the market. Gram-denominated tokens like KAU are the exception, at the cost of much thinner liquidity.

+ Why does a gold token trade slightly off spot?

Because arbitrage between the token and the physical market is slower and more expensive than stablecoin arbitrage. Small premiums or discounts are normal; a persistent gap is a liquidity signal worth investigating.

+ XAUT or PAXG?

PAXG is the more heavily regulated option with monthly attestations and NYDFS oversight, on Ethereum only. XAUT is multi-chain with a published bar list and Swiss vaulting, under lighter supervision. Choose on jurisdiction and chain access, not on the small fee difference.

Informational only, not financial advice. Terms, fees and availability change frequently — always verify on the provider's own site before committing funds. Some outbound links may be partner links; they never affect ranking or scoring.