# Ketju research: Herculis Gold Coin (XAUH)

- URL: https://riadefi.com/rejections/herculis-xauh/
- Research assessment: adverse
- Client selection: not considered
- Exposure: tokenized commodity
- Reviewed: 2026-09-23
- Next review: 2026-12-23

## Research summary

XAUH is a gold token at one gram per token, issued on TON, Ethereum, and Tron. About 10,500 XAUH were outstanding on 2026-09-23, roughly $1.4 million at spot, against 15.5 kg KPMG counted in a Swiss vault on 2026-08-26.

The gold appears to exist; what the holder owns does not appear in any binding document. The white paper promises a claim to allocated gold held for holders and out of reach of creditors, then says it is not legally binding and defers to terms Herculis has not published. KPMG found the gold owned by a Herculis group company. Two sites name two different issuers, one in Panama and one in Oman. On Ethereum a 3-of-4 multisig can freeze any address, wipe the frozen balance, pause the token, and upgrade it. The assessment is adverse.

## Observable review triggers

- Herculis publishes binding terms that give holders title to, or a trust interest in, allocated gold
- Herculis names one issuer across its sites and publishes every contract address, including Tron
- An auditor gives assurance on the gold and ties every bar to the holders
- Herculis freezes or wipes an address, or supply exceeds the grams last counted

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json