Pleasing Gold (PGOLD)
Ethereum: can mint. A single key holds the owner key.
Subscribers see which of their clients hold this program and whether each household qualifies under these terms, and Ketju emails them when the file changes. $299 per firm per month, first 30 days free.
The verdict is on the memo: Pleasing Gold (PGOLD) Not approved
Eligibility
Each answer quotes the issuer’s own words from the document named under it. Ketju reads each document again and records whether the words are still there. Where the documents say nothing, the row states that.
- What the holder owns
The terms say each token is meant to match an undivided interest in gold held with custodians in Hong Kong; they do not say that the holder owns it, and the issuer’s board says the gold belongs to the company.
“Each Metal Token is intended to correspond to an undivided interest in vaulted, LBMA-standard metal (e.g., gold) held with qualified custodians in Hong Kong”
Pleasing Market docs: Terms of Sale & Service · Section 2, Nature of Metal Tokens · words found 2026-09-23
- Who may hold it
Anyone may hold, buy, and transfer PGOLD on chain; KYC applies only to buying through the app and to physical redemption.
“Holding, purchasing, selling back, transferring, and secondary-market swaps of PGOLD are permissionless on supported chains.”
Pleasing Market docs: PGOLD Token Features · 1. Transferability & Redemption · words found 2026-09-23
- First purchase minimum
None to buy; physical redemption takes at least 32.15 PGOLD.
“PGOLD can be purchased in any amount, giving both retail and institutional users direct exposure to physical gold, without capital barriers or complexity.”
Pleasing Market docs: How PGOLD works · 4. No Minimum Purchase · words found 2026-09-23
- Account types
Individuals and companies that pass KYC or KYB; the terms list no account types.
“You must pass KYC/KYB, sanctions screening, and any suitability checks.”
Pleasing Market docs: Terms of Sale & Service · Section 1, Eligibility & Compliance · words found 2026-09-23
- Who it may be transferred to
Freely, to any address that is not blacklisted.
“Secondary on-chain transfers remain permissionless unless policy requires controls.”
Pleasing Market docs: Tokenization-as-a-Service · 15. FAQs, “Is KYC/KYB required?” · words found 2026-09-23
- How a holder redeems
KYC-verified holders redeem at least 32.15 PGOLD for gold collected in Hong Kong, one ounce per token, after customer support arranges pickup.
“minimum 32.15 PGOLD per redemption”
Pleasing Market docs: Redeem Physical Gold · Step 1: Apply for redemption · words found 2026-09-23
- Who keeps the official record
The chain is the only record the documents point to; they name no register, transfer agent, or allocation of bars to holders.
Not stated in Pleasing Market docs: Terms of Sale & Service, Pleasing Market docs: Terms of Use, Pleasing Market docs: PGOLD Token Features, Pleasing Market docs: How PGOLD works, Pleasing Market docs: Tokenization-as-a-Service, Visto CPA Limited: Independent Assurance Report to Pleasing Golden International Limited, 25 June 2026, with board resolutions (Appendix A).
- What the issuer says it can freeze or take back
The issuer may blacklist addresses for security or legal reasons; on Arbitrum a single key can blacklist any address and burn any holder’s tokens.
“specific addresses may be restricted/blacklisted in line with our Terms and applicable law.”
Pleasing Market docs: PGOLD Token Features · 1. Transferability & Redemption, Risk controls · words found 2026-09-23
| Fact | Answer |
|---|---|
| Who onboards the holder | No onboarding |
| Voting rights | None |
| Distributions | None |
| SIPC coverage of the wallet | No |
Who controls it
Ketju read these powers from the deployed contracts and their verified source code: the token and every contract it checks on a transfer. A power listed here is something the issuer can do; it does not mean the issuer has used it.
| Chain | Freeze a holder | Pause | Claw back | Gate holders | Change the code | Keys held by |
|---|---|---|---|---|---|---|
| Arbitrum | Yes | No | Yes | No | Yes | A single key can claw back tokens and freeze a holder. A single key, through a contract, can change the code with no delay. |
| Ethereum | No | No | No | No | No | A single key holds the owner key. |
Who holds the keys
Ketju read every current holder of each power from the chain on 2026-09-23. A single key is one private key, and whoever holds it acts alone. A multisig needs the stated number of signers. A timelock delays every action, so holders can see it before it takes effect.
| Chain | Key | What it can do | Held by | Address |
|---|---|---|---|---|
| Arbitrum | Owner | grant and revoke these powers, mint new tokens, claw back tokens, freeze a holder | a single key | 0x142a…bab4 |
| Arbitrum | Proxy admin | change the code | a contract run by a single key | 0x50ea…e9ce |
| Ethereum | Owner | grant and revoke these powers, mint new tokens | a single key | 0x142a…bab4 |
Arbitrum: 3 contract reads, 3 functions in verified source, 2026-09-23
- eip1967.implementation=0xd81ea1e2179c983a45aa95929f189c2bd59788d7
- eip1967.admin=0x50ead2d211d84d111c692b86e02a489d3aa2e9ce
- owner()=0x142a96da210dec495a76e56058563549ac12bab4
- blackList in verified source 0xd81e…88d7
- burnFrom in verified source 0xd81e…88d7
- mint in verified source 0xd81e…88d7
Ethereum: 1 contract read, 1 function in verified source, 2026-09-23
- owner()=0x142a96da210dec495a76e56058563549ac12bab4
- mint in verified source 0xfb0b…334f
Where it trades
| Venue | Kind |
|---|---|
| Pleasing Market app (dapp.pleasingmarket.com) on Arbitrum | issuer primary |
| Uniswap V3 and Camelot on Arbitrum | dex |
Redemption
| Route | Settlement | Fee | Settles in |
|---|---|---|---|
| Redeem in kind | A KYC-verified holder applies on the Pleasing Market app with at least 32.15 PGOLD, and gives a WhatsApp number and email. Customer support then arranges an offline pickup in Hong Kong at one ounce of 99.99% gold per token. The issuer has not published the fee schedule the terms cite, and the terms say bar sizes, minimums, and lead times apply and that the issuer may suspend redemption. | XAU (gold bricks and medals collected in Hong Kong) | |
| Redeem with the issuer in its window | The issuer’s app swaps PGOLD for its PUSD stablecoin at the Chainlink XAU/USD price less a 0.04% fee, from the issuer’s own inventory, without burning tokens; PUSD then converts to USDT on the same app. The issuer says inventory is capped per chain, so large sales may not fill. | 4 bps | PUSD, USDT |
| Secondary market only; no issuer redemption | A holder may sell on Uniswap V3 or Camelot on Arbitrum. CoinGecko showed about $5 of daily volume on the Uniswap pool on 2026-09-23. | stablecoins |
- On Arbitrum, the implementation behind 0x3e76BB02286BFeAA89DD35f11253f2CbCE634F91 changes, the owner 0x142a96da210dec495a76e56058563549ac12bab4 changes, or the proxy admin 0x50ead2d211d84d111c692b86e02a489d3aa2e9ce or its owner 0x7e5cc9bb562eae2356fae7c59ea04c4677f73986 changes
- The owner blacklists an address or burns a holder’s balance with burnFrom
- On Ethereum, the owner and CCIP admin 0x142a96da210dec495a76e56058563549ac12bab4 or the mint and burn role holder 0xf3067615579d59c64f16f1382b6a8032622f810a changes
- The issuer publishes a new reserve report, or a report counts fewer ounces than tokens or confirms weight and purity
- The issuer publishes a fee schedule, names its custodians, or changes the 32.15 PGOLD redemption minimum
- Holders other than the issuer and its owners come to hold a material share of supply, or supply moves away from 19,505 PGOLD
- Ketju becomes able to read Pharos contracts, or the issuer lists a new chain
Daily checks
Every day Ketju reads each control function in the table above and the contracts the token checks on a transfer. Ketju compares the token’s on-chain supply with yesterday’s, and its market quote with yesterday’s quote. Ketju also reads every document quoted above and reviews the file again if a quoted passage disappears from its document. Ketju counts a new, removed, or changed key as a change only when the chain’s own log shows the grant, revocation, or signer change since yesterday. If the log does not show it, Ketju updates the key list in this file and does nothing more. A change opens a review before any client action. Subscribers get an email that names each of their clients who hold the token, with the household result.
File history
Ketju has not revised this file since filing it. If Ketju revises it, the earlier version stays as published, with the reason.
| Date | Change |
|---|---|
| 2026-09-23 | Filed. |
Sources
- Pleasing Market docs: Terms of Sale & Service · primary · accessed 2026-09-23
Supports: intended undivided interest in metal held with custodians in Hong Kong, KYC/KYB eligibility, redemption terms and suspension, freeze where required by law, Hong Kong law and HKIAC arbitration - Pleasing Market docs: Terms of Use · primary · accessed 2026-09-23
Supports: entity Pleasing International Limited, sanctioned jurisdictions, issuer’s interpretation prevails - Pleasing Market docs: PGOLD Token Features · primary · accessed 2026-09-23
Supports: one troy ounce of 99.99% gold per token, permissionless holding and transfer, address blacklisting, contract addresses on Arbitrum, Ethereum and Pharos - Pleasing Market docs: How PGOLD works · primary · accessed 2026-09-23
Supports: no minimum purchase, no custodian fees, redemption for institutional and qualified holders in Hong Kong - Pleasing Market docs: Redeem Physical Gold · primary · accessed 2026-09-23
Supports: 32.15 PGOLD minimum redemption, offline pickup arranged by customer support - Pleasing Market docs: Trade Gold · primary · accessed 2026-09-23
Supports: PGOLD to PUSD swap at the Chainlink price, 0.04% trading fee, 0.001 PGOLD minimum sale - Pleasing Market docs: Tokenization-as-a-Service · primary · accessed 2026-09-23
Supports: role-gated mint and burn, secondary transfers permissionless unless policy requires controls - Pleasing Market docs: PGOLD Reserve Report page · primary · accessed 2026-09-23
Supports: links the 25 June 2026 assurance report - Visto CPA Limited: Independent Assurance Report to Pleasing Golden International Limited, 25 June 2026, with board resolutions (Appendix A) · primary · accessed 2026-09-23
Supports: count of pieces only, no weight or purity, 9,920.56 oz counted of 19,505, 38.9% under shipping, 10.24% held by the issuer or its owners, gold owned by the company, 99.91% of tokens held by the issuer or its owners, issuer formed 25 June 2025, sole director - PGOLD implementation on Arbitrum (PGOLDToken, Sourcify exact match) · primary · accessed 2026-09-23
Supports: owner-only mint, owner-only burnFrom without allowance, owner-set blacklist - PGOLD on Ethereum (Chainlink FactoryBurnMintERC20, Blockscout verified source) · primary · accessed 2026-09-23
Supports: CCIP burn-and-mint token, burnFrom spends allowance, not upgradeable