Matrixdock gold and silver (XAUm, XAGm)

Research, firm shelf, model-client eligibility, and advisor selection are recorded separately. The scheduled date is the outside bound; new evidence can reopen the file sooner.

XAUm is Matrixdock’s gold token, one troy ounce per token, and XAGm its silver token. Matrixdock is the real-world-asset arm of Matrixport. On 2026-09-23 Matrixdock reported 16,491.918 XAUm against 16,491.924 ounces of gold in 513 kilo bars, and 73,040.462 XAGm against 72,927 ounces of silver, together about $76 million. The bars sit at Brink’s in Hong Kong and Singapore and at Malca-Amit in Singapore, and Bureau Veritas counted every bar in July 2026. The adverse assessment rests on three facts. First, the XAUm terms contradict themselves on what the holder owns. Section 2.2 grants “legal and beneficial ownership” and makes the holder the bearer of a document of title; Section 9.1 says the gold is held for Matrix Infinitus Hong Kong “as agents for Token Issuer” and that its value “accrues for the benefit of Token Issuer.” XAGm has no terms at all; its white paper says it is “not intended to be legally binding.” Second, the documents say privileged operations are time-locked, but on 2026-09-23 two plain keys ran every EVM contract: one owner key and one operator key. The operator can block any address at once, and on XAGm the owner can move any holder’s tokens at once. Third, the “Proof of Reserves” that caps minting is a number the same operator key writes, and it does not bound supply on Solana, Sui, or Stellar. A client who wants gold or silver is better served by a physically backed ETF or by PAX Gold, whose terms, custodian, and monthly attestation do not have these gaps.

Research triggers: events that reopen the assessment or shelf decision
• Matrixdock revises Section 9.1 of the XAUm terms so the gold is held for holders, not the issuer, or removes the unallocated option in Section 2.2
• Matrixdock publishes terms and conditions for XAGm that grant holders a property right
• The owner or operator role on any EVM contract moves to a multisig or timelock contract, or the block list and forcedTransfer become subject to the delay
• The reserve feeds pass to an independent party or a Chainlink Proof of Reserve feed, or Solana, Sui and Stellar minting becomes bound by the reserve cap
• An independent firm attests monthly that tokens match bars, or a Bureau Veritas audit is missed or finds a discrepancy
• The owner calls forcedTransfer or updateAnnualFeeRate, the operator block-lists an address, or a regulator acts against Matrixport or Matrixdock

The research file

Who issues it and what the holder owns

The XAUm Token Terms and Conditions (last revised October 21, 2025) name Matrix Mining Limited as the Token Issuer and Matrix Infinitus Hong Kong Limited (Matrix HK) as the entity that keeps the gold. Section 2.2 says each token is “legal and beneficial ownership of a single troy ounce” of a kilo or Good Delivery bar, held either allocated at Malca-Amit or Brink’s or “on an unallocated basis (not identifiable by a unique serial number) with a reputable financial institution,” and that the Matrix entities are the bailee. That is the language of a warehouse receipt.

Section 9.1 then says the gold is held “for the accounts of Matrix HK,” that Matrix HK holds it “as agents for Token Issuer,” and that value in it “accrues for the benefit of Token Issuer.” Section 9.1.1 adds that Matrix HK grants the issuer a security interest in Matrix HK’s property under an intercompany note, and 9.1.2 that the holder has no relationship with the vaults. A bailor owns the goods and the bailee holds them for the bailor; here the terms name the issuer, not the holder, as the party the custodian acts for. Which section a court in the British Virgin Islands, whose law and arbitration the terms choose, would follow is not settled by the document. Matrixdock says a purpose trust owns the issuer, with Appleby Global Services as trustee and Hamilton Services as enforcer, to keep the gold away from Matrixport’s creditors; that protects the SPV from its parent, not the holder from the SPV.

XAGm has no terms and conditions. The XAUm terms name only XAUm. The XAGm white paper (17 March 2026) says each token “represents fractional ownership” of LBMA silver bars and, in its notice, that it “is not intended to be legally binding.” An XAGm holder has a description, not a contract.

How the silver token shrinks

XAGm uses what Matrixdock calls the Fungible Reserve Standard. At launch one token stood for one ounce. Each day the contract lowers ozPerToken by the annual custody fee divided by 365, and the fee collector may call reconcileSupply to mint new tokens so that supply times ozPerToken still equals the silver in the vault. The fee is 0.30% a year; on 2026-09-23 ozPerToken was 0.998446576. Holders pay the fee by dilution: their token count stays the same while each token buys less silver. The white paper promises 30 days’ notice of a fee change, but the verified contract lets the owner key call updateAnnualFeeRate at any moment, up to a hard cap of 10% a year, with no delay. XAUm has no fee yet; the white paper says one may come with 30 days’ notice.

The keys behind the contracts

XAUm runs on Ethereum, BNB Chain, Plume, HyperEVM, Solana, Sui, Stellar, and Circle’s Arc; Polygon, HashKey Chain, and Tron were retired on 2026-08-07. XAGm runs on Ethereum and Sui. On every EVM chain the owner is 0xb573…36d7 and the operator and revoker are both 0x89bb…7799. Neither address holds contract code, so each is a single private key, not a multisig or a timelock contract.

The contracts do contain delays. The owner must request an upgrade or a new operator and wait the set delay, 14,400 seconds (four hours) on 2026-09-23, and a mint request waits the same time. The revoker can cancel a pending request, but the revoker key is the operator key. Other powers do not wait. The operator’s addToBlockedList takes effect at once and stops the address sending. On XAGm the owner’s forcedTransfer moves any holder’s balance to any address at once; the XAUm code lacks it, but a four-hour upgrade could add it. On Solana one address, the mint’s own key, is the mint, freeze, pause, permanent-delegate, and transfer-fee authority, so it can freeze, pause, or take any balance and set a transfer fee. The HyperEVM implementation is not verified, so its powers cannot be read. The terms say none of this; they mention only that Matrixdock may upgrade the contracts and suspend a user’s access.

Reserves: what is checked and by whom

The white paper describes a Proof of Reserves oracle: the Ethereum contract will not raise the mint budget past the reserve the feed reports. The feeds Matrixdock lists are FallbackReserveFeed contracts whose owner types in the number, and on 2026-09-23 the owner of both was the operator key, 0x89bb…7799, the same key that mints. The gold feed last read 14,209.416 ounces, set on 2026-06-08, and the Ethereum contract’s running total of reserve drawn was 13,695.048 ounces, while Matrixdock reported 16,491.918 XAUm outstanding. The gap is possible because the Solana, Sui, and Stellar tokens mint under their own keys; the Ethereum cap binds only the EVM side. The on-chain check is Matrixdock reporting to itself.

The physical check is Bureau Veritas. Its report of 17 July 2026, issued to Matrix HK, says inspectors weighed all 508 gold kilo bars and 66 silver bars on the list Matrix HK furnished as of 30 June 2026, at Brink’s Hong Kong, Brink’s Singapore, and Malca-Amit Singapore, and found each at standard weight. That is a full count, better than a sample, but it is an inspection on the client’s list, twice a year, not an attestation that tokens and bars match; the custody page promises quarterly audits and the white paper “every quarter.” The report also says the weights were checked against “ICBC’s Vault Management System,” a bank that appears nowhere else in Matrixdock’s documents. Brink’s insurance covered up to $50 million as of 29 November 2024, per Matrixdock, against gold now worth about $71 million.

Who may buy, hold, and redeem

Minting and redeeming need a Matrixdock account and KYC; unlike STBT, XAUm asks no accredited-investor check. The smallest mint is $10,000 of stablecoins. The smallest redemption is 32.148 XAUm, one kilo bar, about $137,000 at the 2026-09-23 redeem price, whether the holder wants gold or stablecoins, and 2,100 XAGm, about $132,000, for silver. Fees are 0.25% on XAUm redemptions and 0.50% on XAGm; minting is free for now. Orders run during New York trading hours and settle T+3; physical bars are collected in Hong Kong or Singapore or sent by secured delivery, subject to inventory. The prohibited list names North Korea, Iran, Syria, Myanmar, Cuba, Crimea, Sevastopol, Russia, and the EU member states, and not the United States, but the terms let Matrixdock close any jurisdiction “in their sole discretion.”

The terms say XAUm “is transferable solely to persons that satisfy the eligibility requirements,” while the docs say “Holding/transfer/secondary swaps of XAUm is permissionless,” and the contracts check nothing but the block list. So a holder who bought on a DEX owns a token the terms say it may not receive, cannot redeem it without an account and a kilo’s worth of tokens, and depend on DEX and exchange prices to exit.

Comparison and decision

Against PAX Gold, XAUm offers smaller bars at redemption (a kilo against a 400-ounce bar) and more chains, but weaker paper and weaker keys. PAXG’s terms call it a warehouse receipt without a clause handing the value to the issuer; Paxos is an OCC-supervised trust bank; KPMG attests monthly; and its Ethereum owner is a timelock contract with a one-day delay. Against a physically backed ETF, both tokens add a private company’s keys, a self-reported reserve feed, and redemption only in kilo lots through one issuer. XAGm is weaker than XAUm: no terms, an owner who can take balances, and a fee the owner can raise without notice. The assessment reopens if Matrixdock reconciles Sections 2.2 and 9.1 in the holder’s favor, publishes terms for XAGm, moves the owner and operator roles to multisigs or timelock contracts that cover the block list and forced transfer, and puts the reserve feed in the hands of a party other than the minter.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Matrixdock: XAUm Token Terms and Conditions (last revised October 21, 2025) · primary · accessed 2026-09-23
  Supports: Matrix Mining Limited issuer, legal and beneficial ownership; bailee, allocated or unallocated, value accrues to the Token Issuer, security interest to the issuer, transferable only to eligible persons, BVI law
• Matrixdock: Gold XAUm white paper (16 Sep 2024) · primary · accessed 2026-09-23
  Supports: PoR mint budget, dynamic allocation, quarterly audits, time-locked privileged operations, fees
• Matrixdock: Silver XAGm white paper (17 Mar 2026) · primary · accessed 2026-09-23
  Supports: fractional ownership, not legally binding, ozPerToken and 0.30% fee, 30 days notice of fee change
• Bureau Veritas: audit report SGMSG-26-00478 (17 July 2026) · primary · accessed 2026-09-23
  Supports: 508 gold and 66 silver bars weighed, list furnished by Matrix HK, ICBC vault system reference
• Matrixdock docs: Physical Gold Custody · primary · accessed 2026-09-23
  Supports: Brink’s and Malca Amit, purpose trust, Appleby and Hamilton, US$50M insurance, quarterly audits
• Matrixdock docs: What is XAUm? · primary · accessed 2026-09-23
  Supports: holding permissionless, KYC to mint and redeem, bankruptcy remoteness
• Matrixdock docs: XAUm Contract Address · primary · accessed 2026-09-23
  Supports: contract addresses by chain, retired chains
• Matrixdock docs: XAGm Token Design · primary · accessed 2026-09-23
  Supports: ozPerToken, reconcileSupply
• Matrixdock docs: Prohibited Countries/Regions · primary · accessed 2026-09-23
  Supports: EU excluded, US not listed
• Matrixdock: XAUm product page · primary · accessed 2026-09-23
  Supports: supply and bars on 2026-09-23, minimums, mint and redeem prices
• Matrixdock: XAGm product page · primary · accessed 2026-09-23
  Supports: supply and ounces on 2026-09-23, minimums and fees
• XAGm implementation on Ethereum (Sourcify exact match) · primary · accessed 2026-09-23
  Supports: forcedTransfer, updateAnnualFeeRate up to 10%, addToBlockedList, delayed upgrade and mint
• XAUm reserve feed on Ethereum (Sourcify exact match) · primary · accessed 2026-09-23
  Supports: owner-set reserve, owned by the operator key

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The most administered layer sets the position’s effective control grade; that is a control description, not a quality or suitability score.