Tokenized gold compared: PAXG vs XAUt
Every tokenized gold token below is backed by real metal and redeemable through its issuer - so the choice comes down to custody, regulation, redemption terms and which chain it lives on. Here they are side by side, each with a trust score.
| Token | Trust | Redeemable for metal | KYC to redeem | Settles on | Regulator & reserves |
|---|---|---|---|---|---|
| PAXGPaxos | 90 | Yes | No | Ethereum | Regulator: OCC national trust bank (federal; ex-NYDFS). Reserves: KPMG, monthly attestation. Redeem: USD anytime or LBMA bars (KYC). Custody: LBMA London / Brink’s. Scale: ~$1.9B, top-2 gold token. Live since 2019. |
| XAUtTether (TG Commodities) | 76 | Yes | No | Ethereum | Regulator: CNAD El Salvador (DASP). Reserves: BDO Italia, quarterly ISAE-3000R reasonable assurance. Redeem: physical/USD, ~430oz whole-bar min, Swiss delivery (KYC). Custody: Swiss LBMA vault. Scale: ~$3.3B - largest gold token (Tether). Since 2020. (Tether’s 2021 NYAG/CFTC settlements concerned USDT, not XAUt.) |
| XAUmMatrixdock (Matrixport) | 66 | Yes | No | BNB Chain | Regulator: none as a security (Singapore precious-metals AML reg; LBMA gold). Reserves: Bureau Veritas ~quarterly physical audit + Chainlink Proof-of-Reserve. Redeem: physical only, 1kg min (KYC, T+3). Custody: Brink’s / Malca-Amit, LBMA Singapore/HK. Scale: ~$68M. Live since Sep 2024. |
| KAUKinesis (KMS Labs / Kinesis Cayman) | 66 | Yes | Yes | off-chain / CEX | Regulator: Cayman CIMA VASP (ref 1877923; ERC-20 via Panama entity). Reserves: Bureau Veritas, biannual full physical audit. Redeem: physical gold/silver, 100-unit min (KYC, ~0.45%+$100 fee). Custody: ABX network / Brink’s / Loomis Zurich, fully allocated. Scale: ~$220M (KAG). Since 2019. |
| VNXAUVNX Commodities | 58 | Yes | No | Solana | Regulator: Liechtenstein FMA under the TVTG (Blockchain Act) VASP roles. Reserves: AREVA agreed-upon-procedures (ISRS 4400 - explicitly NOT an audit/assurance). Redeem: fiat/crypto via platform; physical ≥1kg (KYC). Custody: segregated Liechtenstein vault, serial bars. Scale: ~$5M. Since 2022. |
| CGOComTech Gold | 36 | Yes | No | XDC | Regulator: DAFZA free-zone trade licence only (not a financial/VASP regulator). Reserves: SELF-ISSUED gold-stock letters (not independent), irregular cadence. Redeem: 1kg min (KYC). Custody: TransGuard / DMCC Tradeflow warrants. ⚠ Vault gold fell ~144kg→39kg (2023→2026). Since 2022. |
Trust score (1-100) weighs regulator, reserve attestation and redemption - see methodology.
PAXG vs XAUt: the tokenized-gold duopoly
Paxos's PAXG and Tether (TG Commodities)'s XAUt together hold roughly 90% of the tokenized-gold market. Both are backed one-to-one by allocated LBMA good-delivery gold, both are redeemable for the physical metal through the issuer, and neither charges KYC to simply hold or trade the token on-chain. In our trust model PAXG scores 90 to XAUt's 76, mostly on regulator and reserve-attestation strength - Regulator: OCC national trust bank (federal; ex-NYDFS).
What actually differs
Every token in the table redeems for physical gold, so the real differences are custody and regulation, redemption threshold and cost, and which chain it settles on. Higher trust reflects a stronger regulator and independent reserve attestations; a lower score is not "unsafe" but carries thinner disclosure. Redemption almost always requires a minimum bar quantity and issuer onboarding even where day-to-day trading does not.
The rest of the field
Beyond the two leaders sit smaller physically-backed tokens with more varied custody and regulation - some settle off Ethereum (BNB Chain, Solana, XDC), and one (Kinesis KAU) doubles as a spend/yield gold-payment system. They widen the choice but generally trade with thinner liquidity; open each token from the table for its venues and on-chain depth.