Matrixdock has completed its fourth straight semiannual independent reserve audit, with Bureau Veritas confirming that the company’s tokenized gold and silver products were fully backed by physical metal held in professional vaults in Singapore and Hong Kong.
The audit covered Matrixdock’s gold-backed token, XAUm, and its newly added silver-backed token, XAGm. It found that the physical reserves matched the company’s internal records and that circulating token supply was aligned with the amount of metal held in custody across several blockchain networks.
Bureau Veritas, an international inspection and certification agency, reviewed 574 precious metal bars in total. The count included 508 gold bars and 66 silver bars, all sourced from refiners certified by the London Bullion Market Association. The metals were stored in three vaults operated by Malca-Amit in Singapore and Brink’s in Hong Kong and Singapore.
Each bar was individually weighed and measured during the assessment. Bureau Veritas said the physical inspection confirmed that the metals held in custody were consistent with Matrixdock’s records, with no discrepancies reported.
The latest review extends Matrixdock’s reserve verification record into a second consecutive year with the same independent inspection body. It also brings the company’s silver token into the audit process for the first time, expanding its transparency program beyond tokenized gold.
Matrixdock said the process forms part of its broader “Reserve Transparency Stack,” a framework designed to combine independent assessments, monthly reserve reports, on-chain proofs of reserves and asset-level lookup tools.
The audit comes as demand for tokenized real-world assets continues to grow, especially for products tied to traditional stores of value such as gold and silver. Tokenized physical assets had reached about $27.5 billion in market value by the end of March 2026, while tokenized gold alone had climbed to roughly $6.2 billion earlier this year.
Gold reserves matched XAUm supply
The audit found that XAUm was backed by 16,331.184 troy ounces of gold as of the July 2026 audit dates. Matrixdock reported 16,331.179 XAUm tokens in circulation, leaving the reserve total effectively aligned with the circulating token amount.
Based on a gold price of $4,046.86 per troy ounce, the audited XAUm reserves were valued at about $66.09 million.
The circulating XAUm supply was distributed across four blockchain networks. The largest amount was on EVM-compatible networks, with 11,242.657 tokens. Sui accounted for 2,677.413 tokens, Solana held 1,575.248 tokens and Stellar had 771.552 tokens.
The review confirmed that the gold bars held in custody matched Matrixdock’s internal allocation records. This means the company’s reported token supply was supported by physical bullion that had been checked against bar-level data, rather than only a general reserve statement.
For tokenized commodities, that distinction is important. A metal-backed token depends not only on price exposure to the underlying asset, but also on verifiable custody, accurate supply records and reliable reporting between off-chain reserves and on-chain circulation.
Matrixdock’s audit process was designed to address that connection. The company’s Gold Allocation Lookup tool allows holders of XAUm to check bar-to-token mappings, including details tied to specific metal bars. That mechanism is intended to give users a clearer view of how digital claims relate to physical reserves.
Silver token included for the first time
The July audit also reviewed XAGm, Matrixdock’s tokenized silver product, for the first time. Bureau Veritas inspected 66 silver bars with a combined weight of 65,934 troy ounces.
Matrixdock reported a total XAGm supply of 65,998.551 tokens. That supply was split between Ethereum and Sui, with 33,004.219 tokens on Ethereum and 32,990 tokens on Sui.
Unlike the gold token, the silver token uses an ozPerToken parameter. Matrixdock reported an ozPerToken ratio of 0.999021918, meaning each XAGm token represented slightly less than one troy ounce of silver. After adjusting for that ratio, Bureau Veritas found that the silver reserves aligned with the circulating token supply.
Using a silver price of $61.24 per troy ounce, the XAGm reserves were valued at about $4.04 million.
The addition of silver broadens Matrixdock’s precious metals offering and gives traders another tokenized commodity option beyond gold. Silver often trades differently from gold because it has both monetary and industrial demand drivers. In tokenized form, however, the core requirement remains the same: the digital token must be matched by physical metal held in custody.
The audit’s inclusion of XAGm shows that Matrixdock is applying its reserve review process to new products as they are launched, rather than limiting independent verification to its more established gold token.
How the audit was conducted
Bureau Veritas reviewed the physical metal bars held across the three vault locations. The inspected inventory included gold and silver bars sourced from LBMA-certified refiners, a standard widely used in the global precious metals market.
The inspection process involved checking each bar against Matrixdock’s records. Bureau Veritas weighed and measured the bars individually to confirm that the physical inventory matched the company’s reported reserve data.
The vault locations were operated by two major secure logistics and custody providers. Malca-Amit managed one vault in Singapore, while Brink’s operated vault facilities in Hong Kong and Singapore.
The use of established vault operators is significant because tokenized metal products rely on the custody chain as much as the blockchain record. A token can show circulation and movement on-chain, but the underlying asset remains off-chain in a physical storage facility. Independent inspection is one of the key methods used to connect the digital record with the physical asset.
Bureau Veritas found no mismatches between the metal held in custody and Matrixdock’s internal records. For XAUm, the physical gold reserves mirrored the circulating supply. For XAGm, the reserves aligned with the token supply after accounting for the stated ozPerToken ratio.
Transparency tools remain central to the model
Matrixdock continues to publish monthly reserve reports and on-chain proofs of reserves. The company also provides the Gold Allocation Lookup tool, which lets token holders check how specific tokens are connected to physical gold bars.
The company said it is evaluating cooperation with additional third-party institutions to strengthen asset-level verification. Any expansion of third-party checks would need to balance transparency with data privacy, especially because vault records, bar serial numbers and ownership mapping can involve sensitive custody information.
Reserve transparency has become a central issue for tokenized real-world assets. Unlike purely digital crypto assets, tokenized commodities depend on a bridge between blockchain-based tokens and physical assets that must be stored, insured, audited and protected.
For traders, the strength of that bridge determines whether a tokenized product can serve as a reliable representation of the underlying asset. Regular audits, on-chain supply checks and public reporting are designed to reduce uncertainty around whether the claimed backing actually exists.
Matrixdock’s approach combines periodic independent inspection with more frequent reporting. Semiannual audits provide physical reserve verification, while monthly reports and on-chain data offer more regular visibility into supply and backing levels.
Tokenized metals gain ground
The wider market for tokenized physical assets has expanded sharply as blockchain platforms move beyond purely digital tokens and into real-world asset products. Precious metals have been among the most active categories because gold and silver already have deep global markets, transparent pricing and established custody systems.
By the end of March 2026, tokenized physical assets had reached roughly $27.5 billion in total market value. Tokenized gold accounted for about $6.2 billion earlier this year, reflecting steady demand for blockchain-based versions of traditional bullion exposure.
Gold-backed tokens are often used by traders seeking a digital instrument tied to a long-established store of value. Silver-backed tokens remain smaller as a category, but they may attract interest from users looking for exposure to a metal with both financial and industrial characteristics.
The appeal of tokenized metals is based on convenience and settlement flexibility. A trader can move a token across supported blockchain networks without directly handling physical bars, arranging vault access or relying on traditional bullion transfer systems. At the same time, the token’s credibility depends on the ability to redeem, verify or otherwise confirm the underlying reserve.
This is why independent inspection remains important. Without physical audits, tokenized metal products risk becoming little more than claims on unseen inventory. With repeated verification, issuers can provide stronger evidence that token supply stays within the limits of the metal held in custody.
Reserve discipline matters as products expand
Matrixdock’s latest audit shows how reserve discipline is becoming a competitive requirement in the tokenized asset market. As products spread across multiple networks, issuers must track not only total supply, but also supply distribution across chains.
XAUm is already available across EVM-compatible networks, Sui, Solana and Stellar. XAGm has initially been distributed across Ethereum and Sui. Multi-chain availability can improve access and liquidity, but it also increases the need for careful supply controls, especially when tokens are minted, burned or bridged between networks.
The audit did not report any discrepancy between reserves and token circulation. That finding supports Matrixdock’s claim that its metal-backed products remain aligned with the physical gold and silver held in custody.
Still, recurring verification will remain necessary. Precious metals prices move constantly, token supplies can change and blockchain networks can introduce operational complexity. The purpose of repeated audits is to ensure that reserve backing is not only valid at launch, but remains valid as the products scale.
Matrixdock said its transparency framework is designed to keep assets traceable and audit-ready as tokenized products move into broader financial uses, including asset management, lending and settlement. Those use cases require dependable collateral records, clear ownership mapping and confidence that digital units are backed by real assets.
The latest Bureau Veritas review gives Matrixdock another independent confirmation point as it expands beyond gold into silver. For the wider tokenized commodity market, it also highlights a basic standard that is likely to become more important as adoption grows: digital tokens tied to physical assets need regular proof that the assets are actually there.
Interested in real-world asset tokenization? Learn how tokenized commodities compare to tokenized equities in modern markets.
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