Research summary
tGLD is an Ethereum token that pays the dollar value of one troy ounce of gold. Tenbin AssetCo (BVI) SPC Ltd. issues it as an unsecured note of its gold portfolio. There is no gold behind it: the issuer holds USDC and buys CME gold futures to match the exposure. About 139.7 tGLD were outstanding on 2026-09-23, roughly $0.6 million, in 73 wallets. The terms bar US persons from holding the token at all, not only from buying it from Tenbin, so no US client can own it. For anyone else, the holder is an unsecured creditor of a British Virgin Islands cell company whose only promise is to pay spot in stablecoin on demand. No proof of reserves exists yet; Tenbin says one is coming. The terms reserve wallet blacklisting and forced cancellation, which the deployed contract does not have, so a new contract could add them. The assessment is adverse.
Observable review triggers
- Tenbin opens tGLD to US persons
- An independent firm attests the USDC and futures positions behind tGLD
- Tenbin deploys a replacement contract with freeze, blocklist, or forced-burn powers, or the owner multisig changes
- Tenbin suspends redemption or revises the Terms of Use
Facts on file
- Research assessment
- Adverse
- Client selection
- Not considered
- Exposure
- tokenized commodity
- Chains examined
- Ethereum
- Instruments
- tGLD
- Reviewed
- Next review