DGLD (Gold Token SA)
Base: can freeze a holder, pause transfers, claw back, mint, change the code. A single key, through a contract, can change the code with no delay.
Solana: can freeze a holder, pause transfers, claw back, mint. A single key can claw back tokens.
Research and shelf status are on the memo: DGLD (Gold Token SA) Adverse research finding
Who may buy, hold, transfer, and redeem
Each answer rests on the issuer’s own words, quoted from the document named under it. Ketju re-reads each document and records whether the words are still there. Where the documents say nothing, the row says so.
- What the holder owns
Co-ownership under Swiss property law of specific allocated PAMP gold bars, one fine troy ounce per token; the token is proof of that title, not a claim on Gold Token SA.
“By acquiring DGLD, Tokenholders acquire co-ownership rights in the Gold, along with the Services.”
Gold Token SA: General Terms & Conditions (DGLD), last updated July 2026 · Section 5.1, Co-ownership of Tokenholders in Gold · words found 2026-09-23
- Who may hold it
Anyone may hold and trade DGLD on chain; only authorised participants that deliver gold receive newly issued tokens. Gold Token SA does not target EU/EEA persons and names no other excluded place.
“The primary issuance of DGLD is done exclusively to Authorized Participants and the respective process is exclusively governed by separate Authorized Participant Agreements.”
Gold Token SA: General Terms & Conditions (DGLD), last updated July 2026 · Section 3, Scope and applicability · words found 2026-09-23
- First purchase minimum
Not stated for buying or holding; tokens trade in fractions on decentralised exchanges. Delivery through approved partners goes down to one gram.
Not stated in Gold Token SA: General Terms & Conditions (DGLD), last updated July 2026, Gold Token SA: dgld.ch home page, Gold Token SA: DGLD Litepaper v3 (June 2026).
- Account types
Individuals and legal entities acting in their own name.
“to use and access the Services only in their own name and if they are acting on behalf of a legal entity that they are authorized to use the Services on behalf of this legal entity”
Gold Token SA: General Terms & Conditions (DGLD), last updated July 2026 · Section 9.1, Representations and Warranties · words found 2026-09-23
- Who it may be transferred to
Freely, from any address to any other, unless the address is blacklisted or the token is paused; title to the gold moves with the token.
“The transfer of DGLD is not subject to any formal requirement and is deemed proven, in particular, by the transfer of DGLD from one public address to another.”
Gold Token SA: General Terms & Conditions (DGLD), last updated July 2026 · Section 4.3, Transfer of DGLD · words found 2026-09-23
- How a holder redeems
Any holder who passes KYC may ask for the gold; Gold Token SA burns the tokens for a 0.20% fee plus delivery costs, or routes the request to a partner that delivers smaller amounts for its own fees.
“A Burning Fee, initially equal to 0.20% of the amount of DGLD to be burned, shall apply whenever DGLD are burned in connection with a request for the Delivery of Gold pursuant to Section 8.2.1 or any other process requiring the burning of DGLD.”
Gold Token SA: General Terms & Conditions (DGLD), last updated July 2026 · Section 10.3, Burning Fee · words found 2026-09-23
- Who keeps the official record
Gold Token SA’s registry of co-ownership rights, which maps tokens to bar serial numbers and is published through the Gold Mapper; a transfer on chain is the act that moves title.
“At issuance, newly minted DGLD are fully allocated to identified LBMA Certified Gold identified by an Asset ID and recorded in GTSA’s registry of co-ownership rights.”
Gold Token SA: General Terms & Conditions (DGLD), last updated July 2026 · Section 4.2, Issuance and connecting Gold to DGLD · words found 2026-09-23
- What the issuer says it can freeze or take back
Gold Token SA may freeze an address to meet legal or regulatory duties or a state order. On chain, single keys can blacklist, pause, move a blacklisted balance to a recovery address, and burn tokens.
“GTSA may freeze Blockchain Addresses in order to comply with legal and regulatory requirements (e.g. sanctions, anti-money laundering and combatting terrorism financing regulations, etc.), or with legally binding decisions or orders of state authorities.”
Gold Token SA: General Terms & Conditions (DGLD), last updated July 2026 · Section 6, Freeze of Blockchain Addresses · words found 2026-09-23
| Fact | What the file records |
|---|---|
| Who onboards the holder | No onboarding |
| Voting rights | None |
| Distributions | None |
| SIPC coverage of the wallet | No |
Who can change the record
Powers read from the deployed contracts and their verified source: the token and every contract it consults on transfer. A power recorded here is the issuer’s ability, not evidence it has been used.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Ethereum | Yes | Yes | Yes | No | Yes | A single key can claw back tokens and pause transfers and freeze a holder. Admin key: a single key. A single key, through a contract, can change the code with no delay. |
| Base | Yes | Yes | Yes | No | Yes | A single key, through a contract, can change the code with no delay. |
| Solana | Yes | Yes | Yes | No | No | A single key can claw back tokens. |
Who holds the keys
Every current holder of each power, read from the chain on 2026-09-23. A single key is one private key: whoever holds it acts alone. A multisig needs the stated number of signers. A timelock makes every action wait, so holders can see it coming.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Ethereum | Proxy admin | change the code | a contract run by a single key | 0xd8b4…e629 |
| Ethereum | Admin role | grant and revoke these powers | a single key | 0xb1c1…8b9d |
| Ethereum | Minter role | mint new tokens | a single key | 0xb1c1…8b9d |
| Ethereum | Burner role | claw back tokens | a single key | 0xb1c1…8b9d |
| Ethereum | Pauser role | pause transfers | a single key | 0xf661…eaa2 |
| Ethereum | Blacklister role | freeze a holder | a single key | 0x5ce7…d324 |
| Ethereum | Token recoverer role | claw back tokens, freeze a holder | a single key | 0xafea…7df2 |
| Base | Proxy admin | change the code | a contract run by a single key | 0x751e…ad0a |
| Solana | Mint authority | mint new tokens | an account only a program can sign for | 6pxf2Q…WzVv |
| Solana | Freeze authority | freeze a holder | a 1-of-2 multisig | 43q5VC…ieSA |
| Solana | Permanent delegate | claw back tokens | a single key | 9DmokD…rCFx |
| Solana | Pause authority | pause transfers | a 1-of-2 multisig | 9CyHHo…mRKc |
Role holders on Base could not be read from the public event indexes on the last reading; the table shows only what was confirmed.
Ethereum: 3 contract reads at block 26042466, 5 functions in verified source, 2026-09-23
- eip1967.implementation=0x5ee71b30db71cee806f0d5cbbd57bfe1da3b2875
- eip1967.admin=0xd8b4395aafd4076ad7fa5b8c0bcd6da79750e629
- paused()=false
- blacklist in verified source 0x5ee7…2875
- pause in verified source 0x5ee7…2875
- burn in verified source 0x5ee7…2875
- mint in verified source 0x5ee7…2875
- upgradeTo in verified source 0x5ee7…2875
Base: 3 contract reads at block 51702433, 5 functions in verified source, 2026-09-23
- eip1967.implementation=0x966a3c5dadecd6466e13a86691fb045e2890a8be
- eip1967.admin=0x751e6245a88e4e367f3a6bee3cef9d558f95ad0a
- paused()=false
- blacklist in verified source 0x966a…a8be
- pause in verified source 0x966a…a8be
- burn in verified source 0x966a…a8be
- mint in verified source 0x966a…a8be
- upgradeTo in verified source 0x966a…a8be
Solana: 3 contract reads at block 449803165, 0 functions in verified source, 2026-09-23
- mintAuthority=6pxf2QMUHRSMyRnso6RyEMgSTkafjA6ptpxFVy3rWzVv
- freezeAuthority=43q5VC58Hr5GRGjWVDKKT51k1Sq1QxtyV9KNzJgxieSA
- permanentDelegate=9DmokD97i3bGzoaJsyW1x65krpLHpHVukfeftfrwrCFx
Where it trades
| Venue | Kind |
|---|---|
| Uniswap DGLD/USDC pools on Ethereum and Base, linked from dgld.ch | dex |
| Aerodrome on Base, liquidity managed by Arrakis | dex |
How it exits
| Path | Settlement | Fee | Settles in |
|---|---|---|---|
| Redeem in kind | Any holder who proves control of the tokens and passes KYC, AML and sanctions checks asks Gold Token SA for the gold. Gold Token SA may hold the tokens in escrow, burns them, and releases the bars ex works from the MKS PAMP vault; the holder pays the 0.20% burning fee plus transport, insurance, customs and taxes, and delivery goes only to the holder or a vault in the holder’s name. The litepaper describes this route for whole Good Delivery bars of about 400 ounces. | 20 bps | XAU (allocated PAMP Good Delivery bars) |
| Redeem in kind | Gold Token SA may instead route a request to an approved partner: the holder sends DGLD to the partner, which delivers gold of the same weight in another bar size or product, down to one gram, for its own premiums and fees. The tokens stay in circulation and no burning fee applies. Gold Token SA says partners will be listed on dgld.ch. | XAU (PAMP bars or minted products down to 1 gram) | |
| Secondary market only; no issuer redemption | A holder who does not want the metal sells on a decentralised exchange: Gold Token SA points buyers to Uniswap on Ethereum and Base and to Aerodrome on Base. Gold Token SA does not make a market or buy tokens back. | USDC |
- On Ethereum, the implementation behind 0xA9299C296d7830A99414d1E5546F5171fA01E9c8 changes, or DEFAULT_ADMIN_ROLE, MINTER_ROLE or BURNER_ROLE leaves the single key 0xb1c1bc081e49b8f4bb4e1960c2f7d9cd9dff8b9d, which also owns the proxy admin
- On Base, the implementation behind 0xe908475f8Beb7A138B0dc6eb5A05cb27068ffB9A changes, or the admin key 0xe003a81a40803fedb701870c589c0a96d14544a0 changes
- On either EVM chain, the pauser 0xf661b59eccd3b56c34c5bd590e31b7e3ebd6eaa2, the blacklister 0x5ce7cc86e8bd3096decb6fec9a1edc0fb8b1d324 or the recoverer 0xafea46a755627c8b567a0422a74a6afb75457df2 changes, an address is blacklisted, or tokens are recovered from one
- On Solana, the freeze authority 43q5VC58Hr5GRGjWVDKKT51k1Sq1QxtyV9KNzJgxieSA, the pause authority, or the permanent delegate 9DmokD97i3bGzoaJsyW1x65krpLHpHVukfeftfrwrCFx changes
- Gold Token SA issues DGLD on a fourth chain, moves the gold out of the MKS PAMP vault, or names a custodian outside the MKS PAMP group
- Gold Token SA publishes an independent attestation of the bar list, or the bar mapper shows fewer ounces than tokens
- Gold Token SA amends the General Terms & Conditions, above all the freeze terms in Section 6, the burning fee in Section 10.3, or the delivery process in Section 8
What the monitor reads daily
Every control function in the table above and the contracts the token consults on transfer; the token’s on-chain supply against yesterday’s; and its market quote against yesterday’s quote. Every document quoted above is re-read too, and a quote that leaves its document reopens the file. A change opens a review item in the governance queue and reopens the file before any client action.
Sources
- Gold Token SA: General Terms & Conditions (DGLD), last updated July 2026 · primary · accessed 2026-09-23
Supports: title of proof of co-ownership under art. 646 CC, allocated gold identified by Asset ID, registry of co-ownership rights, freeze for legal and regulatory reasons, burn and re-issue lost tokens at GTSA discretion, delivery process and fees, primary issuance to authorised participants only, Swiss law, Geneva courts - Gold Token SA: Smart Contract Audits (contract addresses) · primary · accessed 2026-09-23
Supports: Ethereum proxy and implementation, Base proxy and implementation, Solana program and token, deprecated Base contract, Halborn, Hacken and Adevar audits - Gold Token SA: dgld.ch home page · primary · accessed 2026-09-23
Supports: PAMP gold in MKS PAMP vaults, no custody or management fees, delivery as low as 1 gram, EU/EEA persons not targeted, Uniswap links - Gold Token SA FAQ: Where is the gold stored? · primary · accessed 2026-09-23
Supports: PAMP SA vault at Castel San Pietro, bar list signed by vault operators - Gold Token SA: DGLD Litepaper v3 (June 2026) · primary · accessed 2026-09-23
Supports: wholly owned by MKS PAMP SA, bar mapper, delivery of whole bars and down to one gram, role-based permissions under multi-party controls, launched 2019 by MKS PAMP, CoinShares and Blockchain.com - DGLD implementation on Base (DGLDTokenV3, Sourcify match) · primary · accessed 2026-09-23
Supports: blacklist checked on transfer, recoverTokensFromBlacklistedAddress, bar-linked mint and burn, isWhiteListed marked deprecated, pause