Token Teknoloji Gram Gold and Gram Silver (GRAMG, GRAMS)

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.

GRAMG and GRAMS are Avalanche tokens at one gram of gold and one gram of silver, issued by Token Teknoloji A.Ş. in Istanbul. On 2026-09-23 there were 48,000 GRAMG and 4,063,800 GRAMS, all in a handful of issuer and exchange wallets, unmoved since June; the trading CoinGecko reports happens inside Bitlo, a Turkish exchange, off chain. No token terms exist. The product pages say metal is held as collateral and that the token gives the holder ownership; the only agreements are an exchange-style user agreement that never mentions the tokens. The bank letters Token Teknoloji published, the latest from August 2024, show metal accounts in its own name, and its reserve page now returns 404. The only exit is converting to Turkish lira on Bitlo. Single keys can freeze, pause, and wipe any balance. The assessment is adverse.

Research triggers: events that reopen the assessment or shelf decision
• Token Teknoloji publishes token terms that give holders a claim on the metal, with a redemption process
• An independent firm reports on the gold and silver behind the tokens
• A role key changes, or an address is frozen or wiped
• Supply appears on Ethereum or Polygon, or the tokens leave issuer and exchange wallets

The research file

What the holder owns

The GRAMG page says one gram of physical gold is held as collateral for each token made, more than 90% of it at the Central Bank of the Republic of Turkey. The GRAMS page says the token “gives ownership directly to the person.” Neither statement is in a contract. The user agreement and usage conditions read as a generic exchange agreement (section 5 is even headed with Bitlo’s name) and do not mention reserve tokens, metal, or redemption. The archived reserve page names Kuveyt Türk, Ziraat Katılım, VakıfBank, and Akbank, and gold at the central bank through FATSİ at Ziraat Katılım. The letters from those banks show gold and silver deposit accounts held by Token Teknoloji itself. A holder has marketing copy and no claim anyone could enforce.

How a holder gets out

The product pages offer one exit: convert to Turkish lira on bitlo.com. There is no metal redemption, no fee schedule, and no timetable. Bitlo is on the Turkish capital markets board’s list of licensed crypto platforms; Token Teknoloji is not, and publishes no registration number or licence. Because the tokens sit in exchange wallets, a Bitlo customer holds an exchange balance, not the token.

Who controls the contracts

Both tokens run the same verified StableCoin contract, not upgradeable, deployed at the same addresses on Avalanche, Ethereum, and Polygon; only Avalanche has supply. A compliance manager can `freeze` any address and `pause` the token; an enforcement manager can `wipe` any balance, moving it to the supply manager and burning it; the supply manager mints and burns. Every role is a single private key. The contract also keeps a KYC list, but the two checks that would enforce it are commented out of the transfer hook, so it gates nothing.

The ounce tokens

Token Teknoloji also issues ONS Gold (ONSG) and ONS Silver (ONSS). Their pages say they are backed by GRAMG and GRAMS, and the reserve wallet the site links holds exactly 3,110.35 GRAMG for 100 ONSG and 466,552.15 GRAMS for 15,000 ONSS. They add no metal of their own, so Ketju leaves them out of coverage as copies of the gram tokens.

Comparison and decision

Against PAX Gold there is no comparison to draw: GRAMG and GRAMS have no terms, no redemption for metal, no current reserve evidence, and single-key wipe powers. The assessment reopens if Token Teknoloji publishes token terms that give holders a claim on the metal and a current, independent reserve report.

Sources

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

• Token Teknoloji: Gram Gold (GRAMG) product page · primary · accessed 2026-09-23
  Supports: gold held as collateral, central bank custody, lira conversion on Bitlo
• Token Teknoloji: Gram Silver (GRAMS) product page · primary · accessed 2026-09-23
  Supports: ownership claimed in marketing
• Token Teknoloji: Kullanıcı Sözleşmesi (user agreement) · primary · accessed 2026-09-23
  Supports: no reserve-token terms, natural persons over 18, account suspension
• Token Teknoloji: Rezerv Kanıtları, Wayback capture of 2026-04-15 · primary · accessed 2026-09-23
  Supports: custodian banks, bank letters of 2024
• Token Teknoloji: ONS Gold (ONSG) product page · primary · accessed 2026-09-23
  Supports: ONSG backed by GRAMG
• GRAMG contract on Avalanche (Routescan verified source) · primary · accessed 2026-09-23
  Supports: freeze, pause, wipe, KYC checks commented out, single-key roles

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.