Kinesis gold on Ethereum (ERC-20 KAU, KMS Labs)
Research and shelf status are on the memo: Kinesis gold and silver (KAU, KAG) 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
A token KMS Labs says it backs one for one with native Kinesis tokens it holds. The holder owns no part of that reserve and no metal.
“Holders of the Tokens acknowledge and agree that they have no legal, equitable or beneficial right, title or interest in or to the Reserves”
KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20) · Terms and conditions, 8.e “Holders’ acknowledgement” · words found 2026-09-23
- What the holder owns
KMS Labs keeps whatever the reserve earns.
“KMS Labs is entitled to and may retain all net returns, interest, and other income earned on Reserve assets”
KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20) · Terms and conditions, 8.d “Net Returns” · words found 2026-09-23
- What the holder owns
Kinesis says the ERC-20 token earns none of the fee-share yield paid on native KAU and KAG.
“Holder Yield is payable only on Kinesis-native KAU/KAG issued by Kinesis Cayman on the Kinesis Currency Network.”
Kinesis Cayman: Terms of Use and Schedules (effective May 28th 2026) · Terms of Use, Schedule 6 (Yield Schedule), 6.2.2 · words found 2026-09-23
- Who may hold it
Eligible Users only: anyone not sanctioned and not resident in the restricted list, which names Panama, Cuba, Iran, Syria, North Korea, occupied Ukrainian regions, and the Government of Venezuela. The United States is not on the list.
“The Tokens may only be held by Eligible Users who are in compliance with these Terms and Conditions at all times.”
KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20) · Terms and conditions, 7 “User Eligibility and Restrictions” · words found 2026-09-23
- Who may hold it
The restricted list starts with Panama, where KMS Labs is incorporated.
“includes the Republic of Panama, Cuba, Iran, Syria, North Korea”
KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20) · Terms and conditions, 1.l “Restricted Jurisdictions” · words found 2026-09-23
- First purchase minimum
KMS Labs states no minimum to buy or hold; its terms say only that redemption may carry minimum sizes.
Not stated in KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20), KMS Labs: kmslabs.money home page and FAQ.
- Who it may be transferred to
Freely transferable on Ethereum, except that an address on the deny list can neither send nor receive.
“fully programmable and freely transferable cryptographic token meeting the ERC-20 standard”
KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20) · Terms and conditions, 3 “About the Tokens” · words found 2026-09-23
- How a holder redeems
KMS Labs may redeem ERC-20 tokens one for one into native Kinesis tokens, on terms it sets, with no promise that redemption will be open or how long it takes.
“KMS Labs may offer direct redemption for the Tokens under such terms and conditions or policy that it, in its sole discretion, determines”
KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20) · Terms and conditions, 5 “Redemption Rights and Procedures” · words found 2026-09-23
- How a holder redeems
Metal takes a second step: redeem the native tokens with Kinesis Cayman, under its own terms.
“ERC-20 KAU/KAG cannot be redeemed directly for physical gold or silver.”
KMS Labs: kmslabs.money home page and FAQ · FAQ, “Can Ethereum tokens be redeemed for physical gold or silver?” · words found 2026-09-23
- How a holder redeems
Kinesis redeems native tokens for metal in steps of 100 KAU (100 grams) or 200 KAG (200 ounces), for 0.45% of the order, a $100 fee, and postage.
“Redemptions are made in increments of 100 KAU or 200 KAG at a time.”
Kinesis Help Center: Redeeming Gold and Silver in App (help center API copy, updated 2026-09-04) · Kinesis Help Center, “Redeeming Gold and Silver in App” · words found 2026-09-23
- Who keeps the official record
The Ethereum contract is the record of who holds ERC-20 tokens. KMS Labs keeps the reserve in its own segregated wallets on the Kinesis blockchain and has not yet published an independent check of it.
“The Reserve is held in segregated wallets that are separate from KMS Labs’s wallets and assets.”
KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20) · Terms and conditions, 8.b “Segregation and Custody” · words found 2026-09-23
- Who keeps the official record
Kinesis’s audits cover native KAU and KAG only; KMS Labs says its own reserve check is still to come.
“Independent verification of ERC-20 KAU reserve holdings will be disclosed separately.”
KMS Labs: kmslabs.money home page and FAQ · Gold (KAU) on Ethereum, “Independent audits” · words found 2026-09-23
- What the issuer says it can freeze or take back
KMS Labs may freeze or blacklist any address at its sole discretion, without notice, and may seize frozen tokens. On chain, one key can add an address to the deny list, and the contract can move a listed address’s balance out.
“KMS Labs may, but shall not be obligated to, freeze, blacklist, or otherwise restrict access to any the Tokens or Digital Tokens Address at its sole discretion”
KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20) · Terms and conditions, 11.a “Discretionary Freezing Rights” · words found 2026-09-23
- What the issuer says it can freeze or take back
Frozen tokens may be taken.
“KMS Labs may recover, seize, or dispose of frozen the Tokens as required by law or legal process”
KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20) · Terms and conditions, 11.e “Recovery and Disposal” · 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 pause transfers and freeze a holder. Admin key: a single key. A single key can change the code with no delay. |
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 | Admin role | grant and revoke these powers | a single key | 0xe584…a8ae |
| Ethereum | Minter role | mint new tokens | a single key | 0x4b1f…c8dd |
| Ethereum | Pauser role | pause transfers | a single key | 0x6eff…9138 |
| Ethereum | Contract admin role | grant and revoke these powers, decide who may hold | a single key | 0xe584…a8ae |
| Ethereum | Admin role | grant and revoke these powers | a single key | 0xe584…a8ae |
| Ethereum | Upgrader role | change the code | a single key | 0xe584…a8ae |
| Ethereum | Pauser role | pause transfers | a single key | 0x6eff…9138 |
| Ethereum | Access list admin role | grant and revoke these powers, freeze a holder | a single key | 0x6eff…9138 |
Ethereum: 3 contract reads at block 26042010, 5 functions in verified source, 2026-09-23
- eip1967.implementation=0x0f25045d15c163478bb67c56c5d9d602628f4f62
- paused()=false
- accessRegistry()=0xbdac11e1b2bb8d61bdef18ece5d1bc88387ab458
- accessListAdd in verified source 0x0d7d…c3d7
- pause in verified source 0x0f25…4f62
- recoverTokens in verified source 0x0f25…4f62
- mint in verified source 0x0f25…4f62
- upgradeTo in verified source 0x0f25…4f62
Where it trades
| Venue | Kind |
|---|---|
| Centralized exchanges; KMS Labs says ERC-20 KAU is listed on leading exchanges and names none in its text | exchange |
How it exits
| Path | Settlement | Settles in |
|---|---|---|
| Redeem in kind | KMS Labs may, at its discretion and after onboarding, exchange ERC-20 KAU one for one for native KAU from its reserve account (GAJ6XIVDKRHVMYF5ZUDDJCX755F25JXGIAWX4JO2OUHC4B2XHVTA6ERC, a 2-of-4 signer account). Gold then takes a Kinesis account and a redemption request: 100 KAU (100 grams) at a time, for 0.45% of the order, a $100 fee, and postage, delivered from a Kinesis vault hub. | KAU (native, Kinesis blockchain), XAU (bars delivered from a Kinesis vault hub, through Kinesis Cayman) |
- The KAU admin (0xe584e152bed254a177351cea587aa44c2a83a8ae, one key) or any role holder changes, the proxy points at a new implementation, or the access registry is replaced
- KMS Labs adds an address to the KAU deny list, grants the recovery role, or moves a listed balance
- ERC-20 KAU supply exceeds the native KAU held by the KMS Labs reserve account (GAJ6XIVDKRHVMYF5ZUDDJCX755F25JXGIAWX4JO2OUHC4B2XHVTA6ERC) on the Kinesis blockchain
- KMS Labs publishes an independent check of its reserve, changes its terms on redemption, eligibility, or freezing, or corrects the reserve addresses its terms name
- KMS Labs mints on a second chain, or Kinesis stops redeeming native tokens for metal
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
- KMS Labs: KAU and KAG Tokens terms and conditions (ERC-20) · primary · accessed 2026-09-23
Supports: issuer KMS Labs S.A., contract addresses, no right in the reserve, discretionary 1:1 redemption to Kinesis tokens, eligible users and restricted jurisdictions, freeze, blacklist, and seizure, reserve income kept by KMS Labs - KMS Labs: kmslabs.money home page and FAQ · primary · accessed 2026-09-23
Supports: Panama company number 155772003, counterparty is KMS Labs, not Kinesis, two-step redemption, reserve verification not yet published, native reserve account - Kinesis Cayman: Terms of Use and Schedules (effective May 28th 2026) · primary · accessed 2026-09-23
Supports: ERC-20 KAU/KAG defined as KMS Labs tokens, no Holder Yield on ERC-20 tokens, native redemption terms - Kinesis Help Center: Redeeming Gold and Silver in App (help center API copy, updated 2026-09-04) · primary · accessed 2026-09-23
Supports: 100 KAU or 200 KAG increments, 0.45% plus $100 plus postage - ERC-20 KAU and KAG implementation (Fireblocks ERC20F, Sourcify exact match) · primary · accessed 2026-09-23
Supports: access registry checked on every transfer, recoverTokens from a refused address, role-gated mint and pause, UUPS upgrade - Access registry implementation behind both tokens (Fireblocks DenyList, Sourcify exact match) · primary · accessed 2026-09-23
Supports: deny list, accessListAdd