Tokenized Gold Coverage Index
A coverage index of tokenized gold — every measurable token whose supply we can read onchain, regardless of score. Supply is measured in troy ounces and valued at gold spot, and scored on the same RWA rubric as the full market. The quality spread is the product: a low verified-capital share is a finding, not a failure.
Measured supply
$5.88B
▲ 3.4% / 30d
Quality score
76.91
▲ 2.65 / 30d
Verified capital
$1.82B
31% of supply · score ≥ 85
Constituents
4
4 of 4 scored
Priced at $4.14K / troy oz · gold spot (Chainlink XAU/USD, 00:00 UTC close) · observed Oct 19, 2026
The index measures quality, not size: 76.9 out of 100.
The level is not a capital total — dollar amounts and their movement live in the strip above. It is the supply-weighted quality score of every constituent, on the 0–100 rating scale, recomputed daily. On a coverage index a low level is the finding, not a malfunction: it rises when constituents score better or supply shifts toward stronger issuers, and falls when either reverses. Because gold supply is measured in ounces, a move in the gold spot price changes the dollar totals without touching this quality level.
Coverage
$1.82B of $5.88B tokenized-gold supply is institutional-grade today (30.9%), across 4 scored constituents.
Latest published index level · Oct 20, 2026
OCB Index
Tokenized Gold Coverage Index
4 names, measured in ounces and dollars.
Each constituent’s supply is read onchain as a token count, converted to troy ounces (one token, one ounce) and valued at the gold spot price at the 00:00 UTC close. Ounces are the stable number — they change only when tokens are minted or burned; the dollar column moves with the gold price. Weight is share of the measured ounces.
| Instrument | Issuer | Native chains | Supply (oz) | Weight | Score | Tier | Supply (USD) |
|---|---|---|---|---|---|---|---|
| KAU | Kinesis | Kinesis (KAU) | 128K oz | 9.0% | 60 | Developing | $529.97M |
| XAUt | TG Commodities (Tether) | Ethereum · BNB Chain | 841K oz | 59.2% | 72 | Institutional-grade | $3.48B |
| PAXG | Paxos | Ethereum | 439K oz | 30.9% | 92 | Verified Capital | $1.82B |
| XAUM | Matrixdock / Matrixport | Ethereum · BNB Chain · Solana · Plume | 13K oz | 0.9% | 51 | Limited | $52.05M |
XAUt 841K oz · PAXG 439K oz · KAU 128K oz · XAUM 13K oz · total 1.42M oz · $5.9B · top-1 59.2% · 5 chains · 4 constituents · 4 of 4 scored · methodology v1.0-gold-coverage
Only about a third of tokenized gold clears the ≥85 institutional bar.
Of $5.88B in measured tokenized-gold supply, $1.82B — 30.9% — sits in an instrument scoring 85 or above. That is the Verified-Capital ratio, and on a coverage index it is not a grade on our curation: every measurable name is in the denominator whether it scores well or badly. A concentrated, largely retail market where one name carries most of the quality is exactly the structure the number is built to surface — the spread is the product, not a defect.
What sits outside the measured denominator, named here.
A coverage index is only as honest as its denominator, so any name left out is named here, not buried. Kinesis Gold (KAU) is now in the index as an issuer-attested Tier-2 constituent — its supply is attested and its holder concentration is withheld, disclosed by tier rather than by exclusion. What remains excluded is a structural double-count, not a coverage gap.
Tether Gold bridged (XAUT0)
≈ $111M excluded
LayerZero lock-and-mint wrapper of XAUT already counted via its native deployments; including it would double-count the same ounces.
A weak name that can be measured stays in the index, scored low, next to a strong one.
Gold-backed, measurable onchain, and reported as it is.
A constituent is included if all three hold:
One token, one troy ounce of allocated physical gold.
The universe is tokenized gold specifically — an explicit member list, not an automatic asset-class sweep. A rule that admitted names by category would silently absorb the next tokenized silver or platinum into an index whose name, denominator and disclosure all say gold. Membership is a decision we make and disclose, not a category an instrument falls into.
Supply verifiable by OCB, per deployment, onchain.
Every ounce in the denominator is a supply figure we read ourselves from the contract — not restated from an aggregator. Where an instrument cannot be independently measured onchain, it is excluded as a disclosed coverage gap, never a silent drop (see the exclusions below).
A weak name stays in, scored low, next to a strong one.
Four coverage-weighted dimensions, scored from onchain evidence.
Gold is scored on OCB’s RWA rubric — the same one applied across every real-world-asset index — independent of issuer self-reporting. The band a member lands in follows directly from the total, and on a coverage index a low band stays on the page next to its peers.
The four dimensions
Governance, legal structure, and issuer standing — the onchain-readable backbone of quality, and our highest-coverage dimension.
Ownership distribution and transfer velocity — an onchain-native behavioral signal unique to OCB, measured across nearly the full covered universe.
Exit capacity: DEX depth and stated redemption rights. Mostly issuer-declared; onchain depth measured where available.
Whether an issuer's published value or yield claim can be independently verified against a public attestation or benchmark — the thinnest-signal dimension, machine-verifiable for only a minority of issuers today, which is why it is weighted lightest.
Verified capital over measured supply — same measure, every index.
The OCB Tokenized Gold Coverage Index computes the same pair of numbers as every other OCB index: measured supply (all supply across the 4 constituents, in ounces valued at gold spot) and verified capital (the share of that supply sitting in an instrument scoring 85 or above). The raw reading is the supply-weighted quality score, raw reading = Σ (score × supply) / Σ supply, on the 0–100 scale. The published index level is (raw reading ÷ raw reading at inception) × 100, rebased to 100 at inception and chain-linked at each reconstitution; the Verified-Capital ratio is Σ verified supply / Σ total supply × 100, with the bar at 85. A low ratio is the quality spread the index surfaces. The rubric is published, versioned, and reproducible.
Every dollar figure on this page is ounces × the gold spot price, $4.14K per troy ounce, observed Oct 19, 2026. When a price is missing or older than a week, the dollar figure is withheld; the ounce counts stand on their own.
Cite: OnChain Benchmark (OCB). OCB Tokenized Gold Coverage Index, methodology v1.0-gold-coverage. Retrieved from onchainbenchmark.com/index/tokenized-gold.
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