Tokenized Precious Metals
Every tokenized precious metal we can measure onchain — gold, silver, platinum and palladium — sized in troy ounces at spot and scored on the same RWA rubric as the rest of our coverage. Gram-denominated and ounce-denominated tokens are normalized to a single ounce basis, so their supply can be compared and summed. Gold and silver are measured coverage; platinum is one disclosed name; palladium is a disclosed absence.
Measured metal
$6.13B
across 3 of 4 metals
Gold quality
76.91
Tokenized Gold Index level
Silver measured
$215.25M
tokenized silver we measure
Names measured
12
6 of 12 scored
A gram is not an ounce. One troy ounce is 31.1034768 grams.
Tokenized metals split into two families: a token can be one troy ounce of metal (PAX Gold, Tether Gold, Kinesis Silver) or one gram (Kinesis Gold, Comtech, VeraOne, the Aurus family). A four-dollar gram-gold token and a four-thousand-dollar ounce-gold token hold the same metal per unit of weight — until both are put on one basis, their supply figures cannot be compared or summed. Every ounce on this surface is normalized to a single troy-ounce basis before it is valued — a gram token’s supply is divided by 31.1034768 first. Get that wrong and a gram token reads roughly thirty-one times too large; the “1 token =” column on every panel shows exactly which basis each name uses.
$5.92B of tokenized gold, 1.43M oz.
Priced at $4.13K / troy oz · gold spot (Chainlink XAU/USD, 00:00 UTC close) · observed Oct 20, 2026
OCB Index
Tokenized Gold Coverage Index
$215.25M of tokenized silver, 3.73M oz.
Silver is thin and concentrated: Kinesis Silver (KAG) is the overwhelming majority of the tokenized silver we measure, with Matrixdock (XAGM) and Aurus (tSILVER) a thin tail. That concentration is the honest early-capture finding — we measure the category now, before it broadens, so we own the series when it does. It is a first-class slice, deliberately NOT a standalone silver index: an index of one dominant token plus dust would be a single-name tracker.
Priced at $57.78 / troy oz · silver spot (Chainlink XAG/USD, 00:00 UTC close) · observed Oct 20, 2026
| Ticker | Issuer | 1 token = | Supply (oz)▼ | Supply (USD) | Weight | Score / 100 | Evidence |
|---|---|---|---|---|---|---|---|
| KAG | Kinesis Kinesis (Stellar fork) | 1 troy oz | 3.67M oz | $212M | 98.4% | 66 / 100Developing | |
$247.53K of tokenized platinum, 146 oz.
Tokenized platinum is thin. We measure one physically-backed, redeemable platinum token — Aurus tPLATINUM (tXPT). Perpetual or synthetic platinum (e.g. Ostium) is out of scope by definition: it is not spot-backed metal. We catalogue the one name we can measure now to own the platinum series as the category forms.
Priced at $1.69K / troy oz · LBMA platinum price · observed Sep 29, 2026
| Ticker | Issuer | 1 token = | Supply (oz)▼ | Supply (USD) | Weight | Score / 100 | Evidence |
|---|---|---|---|---|---|---|---|
| TXPT | Aurus Ethereum | 1 gram0.0322 oz | 146 oz | $248K | 100.0% | Rating pending | Onchain-verified |
TXPT 146 oz · total 146 oz · 0 of 1 scored
No tokenized palladium exists onchain today.
We measure no physically-backed, redeemable tokenized palladium — the category has not formed onchain. This is a disclosed absence, not a hidden gap: we would measure palladium the moment a real spot-backed token exists. Listing it keeps the metals set whole and honest.
We keep palladium in the set so the metals map is whole. The moment a material, physically-backed, redeemable tokenized palladium exists onchain, it is measured here — the empty panel is the finding until then.
What we hold out of the denominators, and why.
A metals-backing measurement is only honest if the exclusions are stated. A bridged wrapper would double-count ounces already measured; a fund or ETF proxy is not allocated metal; a private-credit fund with a metal in its name is not tokenized metal. Each is held out with a reason, never silently dropped.
| Held out▲ | Metal | Reason |
|---|---|---|
| ETF/fund-proxy silver (SLVR, fSLVR, SLVon) | silver | Fund/ETF wrappers, NOT allocated bullion. Including them in a metals-BACKING view would publish a wrong claim — a token backed by an ETF share is not a token backed by metal. Held out with a stated rule. |
| Silver-named RWA credit (Centrifuge New Silver) | silver | A private-credit fund that happens to carry 'silver' in its name — not tokenized silver metal. Excluded from the bullion denominator so a name collision never inflates the silver figure. |
| Tether Gold bridged (XAUT0) | gold | LayerZero lock-and-mint wrapper of XAUT, already counted via its native deployments; including it would double-count the same ounces. |
How this is measured.
Supply is read from each active deployment’s onchain totalSupply, converted to token units with the contract’s own decimals, then normalized to troy ounces with the catalog’s grams-per-token factor. Ounces are valued at the spot price for that metal at the 00:00 UTC close: gold and silver from the Chainlink XAU/USD and XAG/USD feeds, platinum from the LBMA price (withheld while that source is unavailable).
Scores are the OCB RWA rubric — the same rubric the rest of our coverage is scored on — anchored to each name’s primary deployment. Every constituent is included regardless of score: this is coverage, so a low score is a finding, not a filter.
Evidence basis is labelled per name. Onchain-verified names have supply read from a public chain. Issuer-attested names (Kinesis Gold and Silver, on a permissioned Stellar fork) have supply the issuer attests to and holder concentration we cannot independently read — included so the measurement is complete, disclosed so no reader mistakes the basis.
This is a coverage surface, not an index: it publishes no level series of its own. The one genuine index level here is the live Tokenized Gold Coverage Index, which the gold panel borrows.