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Methodology/Verification/XAUT

OCB — Verification Runbook

XAUT

Tether

Publishedonchainbenchmark.com·Methodology →
—Overview
01The Rubric
02The Pipeline
03Change Log
04Reproduce
05Coverage
06Citations

XAUT — Verification Runbook

Instrument: Tether Gold Issuer: Tether Asset class: Commodity (physical gold, 1:1 backed) Last verified: 2026-06-02 Status: Live on Ethereum. Composite score 38/100. One OCB-side gap (Yield, shared with PAXG) + one issuer-side gap (Transparency).

1. Address provenance

Ethereum

  • Contract: 0x68749665FF8D2d112Fa859AA293F07A622782F38 (XAUT token, 6 decimals)
  • Contract pattern: ERC-1967 TransparentUpgradeableProxy (AdminUpgradeabilityProxy).
  • Price model: peg_one. No onchain price oracle found on Read as Proxy. Each token represents 1 troy oz. Valuation = totalSupply() * offchain_gold_spot. LBMA collector not wired (same as PAXG).
  • Verification: Verified contract on Etherscan, 6 decimals confirmed.
  • Governance: owner() = 0xC6CDE7C39eB2f0F0095F41570af89eFC2C1Ea828. Classic Gnosis MultiSigWallet (Stefan George / ConsenSys, Solidity 0.4.16). required = 3, owners count = 6 — 3-of-6 multisig. Verified 2026-06-01 via Read Contract. Significantly stronger governance posture than PAXG's single EOA.
  • Confidence: ≥98%

XAUT is single-chain in our coverage (Ethereum only).

2. Scoring evidence

Yield Accuracy — 5/25

  • Approach: XAUT has no yield by design. The Yield Accuracy dimension scores against the LBMA gold spot price.
  • Source for published rate: LBMA collector not wired. Same gap as PAXG.
  • Score: 5/25.
  • Gap: temporary_collector_gap. OCB-side. Closes for both PAXG and XAUT in one step.

Liquidity — 8/25

  • Approach: market liquidity vs supply.
  • Score: Moderate. XAUT has DEX presence; less than PAXG.

Transparency — 0/25

  • Approach: four sub-signals.
  • attestationFreshness: 0. Investigated 2026-06-01 — Tether publishes periodic reserve breakdowns for USDT but not a dedicated per-token XAUT attestation report. No machine-fetchable reserve report URL found.
  • disclosureConsistency: 0.
  • regulatoryStanding: Tether is the issuer — material trust signal.
  • governanceQuality: 3-of-6 multisig is strong (better than PAXG's single EOA on this dimension).
  • Score: 0/25 reflects the issuer-side absence.
  • Gap: issuer_undisclosed — confirmed absence, not a measurement failure.

Concentration — 25/25

  • Approach: top-10 holders excluding documented addresses.
  • Score: 25/25. Well-distributed.

3. Gap attribution

DimensionScoreGapWhat would close itIf closed
Yield5/25temporary_collector_gapLBMA gold spot collector (same as PAXG)55-61 composite
Transparency0/25issuer_undisclosed — confirmed absenceTether publishes a per-XAUT reserve attestation report at a stable URL (same shape Paxos does for PAXG)62-68 composite, peer PAXG

XAUT is the clean comparison case: same asset class as PAXG, similar onchain mechanics, but Tether has not published per-XAUT attestation while Paxos has. The asymmetry is choice-driven, not structural.

4. Pending items

  • LBMA gold spot collector. OCB-side. Closes for both XAUT and PAXG in one step.
  • Open request to Tether: publish a per-XAUT reserve attestation report (similar pattern to USDT reserves, but per-token rather than aggregate).
  • Quarterly monitor: tether.to for new XAUT-specific transparency content.

5. Change log

  • 2026-06-02: First runbook draft. Tether reserve absence verified 2026-06-01.
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