Herculis Gold Coin (XAUH)

Summary

Ketju does not approve Herculis Gold Coin (XAUH): no binding document gives the holder a claim to the gold, and KPMG found the gold owned by a Herculis group company. XAUH is a gold token at one gram per token, issued on TON, Ethereum, and Tron. About 10,500 XAUH were outstanding on 2026-09-23, roughly $1.4 million at spot. KPMG counted 15.5 kg in a Swiss vault on 2026-08-26. The white paper promises a claim to allocated gold held for holders and out of reach of creditors. It then says it is not legally binding and defers to terms Herculis has not published. Two Herculis sites name two different issuers, one in Panama and one in Oman. On Ethereum a 3-of-4 multisig can freeze any address, wipe the frozen balance, pause the token, and upgrade it.

Review triggers
• Herculis publishes binding terms that give holders title to, or a trust interest in, allocated gold
• Herculis names one issuer across its sites and publishes every contract address, including Tron
• An auditor gives assurance on the gold and ties every bar to the holders
• Herculis freezes or wipes an address, or supply exceeds the grams last counted

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-23.

Research

How it works

The white paper says each token “shall continue to represent a claim to 1 gram of the fully allocated physical gold held in custody,” and that the gold is held “exclusively for the benefit of XAUH token holders” and not for the company’s creditors. That describes allocated, segregated metal, which protects holders if the issuer fails. But the same paper states that it is not intended to be legally binding, and it refers to “applicable Terms” that are not on either site. KPMG’s agreed-upon procedures report of 28 August 2026 says KPMG obtained “justification for the ownership of 15.49845 KG of gold by one entity of the group.” The company owns the gold, and no document we found transfers it to holders. The site says the token is not a security under Swiss or Panamanian law.

Issuer

xauh.gold and the white paper name Herculis Tokens SA, a Panama company, as the issuer that mints and redeems. herculis.gold calls Herculis Trading SPC, supervised in Oman, “the issuer of Herculis Gold Coin (XAUH).” Both supervisory references are anti-money-laundering registrations. Neither is a licence to issue or hold client assets. A holder with a claim would not know which company to bring it against.

Withdrawals

KYC-verified customers redeem through xauh.gold from 500 XAUH, in multiples, for Swiss bars delivered anywhere at their cost. The fee is 3% at 500 grams and 1% from 1 kg, so a small redemption loses a large share of its value. A holder of less than 500 grams can only sell on BTSE, Biconomy, Uniswap, or STON.fi. The white paper also sets a 0.02% fee on transfers.

Who controls it

The Ethereum token is an upgradeable proxy running a Paxos-style implementation, verified on Blockscout. It has `freeze`, `wipeFrozenAddress` (which zeroes a frozen balance), `pause`, and supply increase and decrease functions. The owner is a 3-of-4 multisig. The Herculis documents do not mention freezing. The site calls the TON jetton the issuing token, and a multisig admin can mint it; Ketju does not read TON contracts. A Tron token circulates, but no Herculis page gives its address.

Comparison

We compare XAUH with PAX Gold. A large auditor counted XAUH’s gold, but XAUH has no binding terms, the gold is owned in the company’s name, and two companies call themselves the issuer. KPMG’s procedures give no assurance and matched only 8 of 18 bars to invoices. Ketju will review XAUH again if Herculis publishes binding terms that give holders title or a trust interest, names one issuer, and publishes the Tron address.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• Herculis Gold Coin white paper v4.0 (2026-05-21) · primary · accessed 2026-09-23
  Supports: claim to allocated gold, held for holders, not legally binding, Herculis Tokens SA, Panama, redemption terms
• KPMG SA: report of factual findings (28 August 2026) · primary · accessed 2026-09-23
  Supports: 15.5 kg owned by a group entity, no assurance
• xauh.gold home page · primary · accessed 2026-09-23
  Supports: contract links, not a security
• Herculis Group: herculis.gold · primary · accessed 2026-09-23
  Supports: Herculis Trading SPC named issuer
• Blockscout: verified XAUH implementation on Ethereum · primary · accessed 2026-09-23
  Supports: freeze and wipeFrozenAddress, pause, upgradeTo

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.