Tenbin Gold (tGLD)
Research and shelf status are on the memo: Tenbin Gold (tGLD) 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
An unsecured debt of the issuer’s gold portfolio, repayable on demand at the spot price of one ounce of gold; the holder owns no gold.
“Each Token represents a direct, unconditional, unsubordinated, and unsecured obligation of the relevant Issuer Portfolio.”
Tenbin Foundation: Terms of Use (last updated July 13th, 2026) · Section 2, Services · words found 2026-09-23
- What the holder owns
The holder has no interest in the futures that hedge the issuer’s gold exposure.
“Asset holders have no exposure to, interest in, or ownership of the underlying hedge positions.”
Tenbin docs: Key Trust Assumptions · Hedging and Execution · words found 2026-09-23
- Who may hold it
Nobody who is a US person or in a prohibited jurisdiction may hold tGLD at all, not only mint or redeem it.
“U.S. Persons and persons or entities located, resident, or organized in any Prohibited Jurisdiction are strictly prohibited from minting, redeeming, trading, acquiring, holding, or transferring any Tokens”
Tenbin Foundation: Terms of Use (last updated July 13th, 2026) · Section 3.1 · words found 2026-09-23
- First purchase minimum
Not stated.
Not stated in Tenbin Foundation: Terms of Use (last updated July 13th, 2026), Tenbin docs: Minting and Redemption, https://docs.tenbinlabs.xyz/llms-full.txt.
- Account types
Professional, institutional, or otherwise eligible investors, individuals or entities, after KYC or KYB.
“The Services are intended solely for use by professional, institutional, or otherwise Eligible Investors.”
Tenbin Foundation: Terms of Use (last updated July 13th, 2026) · Section 20 · words found 2026-09-23
- Who it may be transferred to
Only as Tenbin permits; the terms bar resale and secondary trading otherwise, though the contract itself lets any address send tGLD.
“Engage in any resale, secondary trading, or other transfer of Tokens except as expressly permitted by Tenbin.”
Tenbin Foundation: Terms of Use (last updated July 13th, 2026) · Section 7, Prohibited Uses · words found 2026-09-23
- How a holder redeems
Eligible Investors redeem on demand for stablecoin or fiat at gold spot; no gold is delivered.
“Redemption proceeds will be paid in specified settlement assets (such as approved stablecoins or fiat rails), as determined by Tenbin and disclosed in the applicable token-specific terms.”
Tenbin Foundation: Terms of Use (last updated July 13th, 2026) · Section 3.2, Redemption · words found 2026-09-23
- Who keeps the official record
The chain: whoever controls the token owns the note, and Tenbin keeps no separate register.
“Token Control of the Token by a Holder is conclusive evidence of the ownership of the Note and the right to payment made hereunder. No separate register of holders shall be maintained”
tGLD contract on Ethereum (Blockscout verified source, with the TOKEN_NOTE text) · TOKEN_NOTE, Section 7(b) · words found 2026-09-23
- What the issuer says it can freeze or take back
The terms let Tenbin blacklist wallets and cancel or force-redeem tokens held by ineligible persons; the deployed contract has no such function, so today only minting and redemption can be blocked.
“Tenbin and/or the protocol may implement technical controls, including but not limited to protocol-level blocks, wallet blacklisting, and/or force-redemption or cancellation of Tokens held by ineligible persons or wallets, to enforce these restrictions.”
Tenbin Foundation: Terms of Use (last updated July 13th, 2026) · Section 3.1 · words found 2026-09-23
| Fact | What the file records |
|---|---|
| Who onboards the holder | issuer |
| 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 | No | No | No | No | No | Owner key: a 3-of-5 multisig. |
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 | Owner | grant and revoke these powers, mint new tokens | a 3-of-5 multisig | 0x698c…fb99 |
| Ethereum | Minter | mint new tokens | a contract | 0x5e63…7dcd |
Ethereum: 1 contract read at block 26042882, 1 function in verified source, 2026-09-23
- owner()=0x698c6d3726846c4ad4dc9331862b92cd80d2fb99
- mint in verified source 0x6a54…b6f4
Where it trades
| Venue | Kind |
|---|---|
| Tenbin app (app.tenbinlabs.xyz): mint and redeem for whitelisted Eligible Investors | issuer primary |
| Uniswap v4 on Ethereum (tGLD/USDC); Tenbin does not list it | dex |
How it exits
| Path | Settlement | Settles in |
|---|---|---|
| Redeem with the issuer in its window | An Eligible Investor with a whitelisted wallet redeems tGLD through the Tenbin Controller on demand and is paid the spot value of one ounce per token in an approved stablecoin or by fiat. Tenbin charges no mint or redemption fee by default; the investor pays execution costs, and a fee applies outside market hours. Physical gold is not delivered unless the token terms offer it; they do not. Tenbin may suspend or limit redemption without notice. | USDC, USD |
| Secondary market only; no issuer redemption | A holder who is not an Eligible Investor has no redemption right in practice and can only sell, in the Uniswap v4 pool on Ethereum. The terms bar resale except as Tenbin permits and make transfers to ineligible wallets voidable. | USDC |
- The owner of 0x6a547b25534234bb79CE6961a23Db13DE154b6F4 (a 3-of-5 multisig on 2026-09-23) changes, or it points the minter away from the Tenbin Controller 0x5e631388b24ec493619DAEEAef6fc34B33d97Dcd
- Tenbin deploys a new tGLD contract with a blocklist, allowlist, or forced burn, which its terms already reserve
- Tenbin publishes a proof of reserves or an audit of the gold portfolio, or names a custodian other than Ripple Prime
- Tenbin revises the Terms of Use (last updated July 13th, 2026), above all the US-person bar, the redemption terms, or the settlement assets
- Tenbin suspends minting or redemption, or the tGLD price leaves gold spot by more than the hedge cost for more than a day
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
- Tenbin Foundation: Terms of Use (last updated July 13th, 2026) · primary · accessed 2026-09-23
Supports: issuer Tenbin AssetCo (BVI) SPC Ltd., unsecured obligation of the Issuer Portfolio, repayment on demand at gold spot, US persons barred from holding, redemption in stablecoin or fiat, no physical delivery, resale only as Tenbin permits, blacklisting and forced cancellation reserved, suspension without notice, Token Platform is the Ethereum blockchain - Tenbin docs: Legal and Regulatory · primary · accessed 2026-09-23
Supports: tokenized unsecured debt obligations, BVI segregated portfolio company, unsecured note for the dollar value of one troy ounce, intended characterization as a debenture - Tenbin docs: Minting and Redemption · primary · accessed 2026-09-23
Supports: whitelisted, KYC’d participants only, not available in the United States - Tenbin docs: Core Addresses · primary · accessed 2026-09-23
Supports: tGLD AssetToken address on Ethereum, Controller, stGLD and CollateralManager addresses - tGLD contract on Ethereum (Blockscout verified source, with the TOKEN_NOTE text) · primary · accessed 2026-09-23
Supports: Token-Note terms embedded in the contract, no separate register of holders, plain ERC-20 with owner-set minter, no freeze, blacklist, or forced burn - Tenbin docs: Proof of Reserves · primary · accessed 2026-09-23
Supports: no proof-of-reserves framework yet - Tenbin docs: Key Trust Assumptions · primary · accessed 2026-09-23
Supports: holders have no interest in the hedge positions