Research summary
XAUm is Matrixdock’s gold token, one troy ounce per token, and XAGm its silver token. Matrixdock is the real-world-asset arm of Matrixport. On 2026-09-23 Matrixdock reported 16,491.918 XAUm against 16,491.924 ounces of gold in 513 kilo bars, and 73,040.462 XAGm against 72,927 ounces of silver, together about $76 million. The bars sit at Brink’s in Hong Kong and Singapore and at Malca-Amit in Singapore, and Bureau Veritas counted every bar in July 2026. The adverse assessment rests on three facts. First, the XAUm terms contradict themselves on what the holder owns. Section 2.2 grants “legal and beneficial ownership” and makes the holder the bearer of a document of title; Section 9.1 says the gold is held for Matrix Infinitus Hong Kong “as agents for Token Issuer” and that its value “accrues for the benefit of Token Issuer.” XAGm has no terms at all; its white paper says it is “not intended to be legally binding.” Second, the documents say privileged operations are time-locked, but on 2026-09-23 two plain keys ran every EVM contract: one owner key and one operator key. The operator can block any address at once, and on XAGm the owner can move any holder’s tokens at once. Third, the “Proof of Reserves” that caps minting is a number the same operator key writes, and it does not bound supply on Solana, Sui, or Stellar. A client who wants gold or silver is better served by a physically backed ETF or by PAX Gold, whose terms, custodian, and monthly attestation do not have these gaps.
Observable review triggers
- Matrixdock revises Section 9.1 of the XAUm terms so the gold is held for holders, not the issuer, or removes the unallocated option in Section 2.2
- Matrixdock publishes terms and conditions for XAGm that grant holders a property right
- The owner or operator role on any EVM contract moves to a multisig or timelock contract, or the block list and forcedTransfer become subject to the delay
- The reserve feeds pass to an independent party or a Chainlink Proof of Reserve feed, or Solana, Sui and Stellar minting becomes bound by the reserve cap
- An independent firm attests monthly that tokens match bars, or a Bureau Veritas audit is missed or finds a discrepancy
- The owner calls forcedTransfer or updateAnnualFeeRate, the operator block-lists an address, or a regulator acts against Matrixport or Matrixdock
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized commodity
- Chains examined
- Ethereum, BSC, Solana, Sui, Stellar, Plume Mainnet, Hyperliquid L1
- Instruments
- XAUm, XAGm
- Reviewed
- Next review