Tokenised Gold in 2026: PAXG, XAUT, XAUM and Gold on Stellar

Tokenised gold at a glance

Ordered by total value on rwa.xyz, 9 October 2026, when rwa.xyz priced gold at $4,142.20 an ounce.

Token	Issuer / custody	Value	On Stellar?	Physical redemption
Tether Gold (XAUT)	TG Commodities, El Salvador; Swiss delivery	$3.00B	No issuer token	430 XAUT minimum
Paxos Gold (PAXG)	Paxos Trust Company; London vaults	$1.81B	No issuer token	Over 430 PAXG
Matrixdock Gold (XAUm)	Matrix Mining (BVI); vaults in Asia	$56.5M	Yes, $4.22M	32.148 XAUm (1 kg)
WisdomTree Gold Token	WisdomTree Digital Movement (US)	$2.0M	Yes	Sold through WisdomTree Prime

Tokenised gold by the numbers (October 2026)

Measure	Value	Source
XAUT / PAXG holders	143,652 / 112,940	rwa.xyz
XAUm supply	13,632 oz across BNB Chain, Ethereum, Solana, Stellar, Plume, Sui	rwa.xyz
XAUm on Stellar	1,028.7 oz ($4.22M), 37 holders	rwa.xyz
Commodity RWAs on Stellar	$6.27M, two assets	rwa.xyz
Aquarius XAUm/USDC pool	About $265K liquidity, about $4.8K daily volume	Aquarius API
XAUm one-year return	3.6% (in dollars, tracking gold)	rwa.xyz

For scale: Stellar's entire distributed RWA market was about $3.58B on the same day, so gold is a rounding error on Stellar, where tokenised money funds dominate. The wider demand picture is in who is buying RWAs in 2026.

How to choose

• You want the deepest liquidity: XAUT and PAXG, on Ethereum and the other chains their issuers support.
• You want a regulated US issuer: PAXG (Paxos describes itself as an OCC-regulated trust company) or WisdomTree's Gold Token.
• You want gold on Stellar specifically: XAUm is the token with Stellar liquidity and a collateral market; WisdomTree's token is held through its own app.
• You may want physical metal: XAUm's one-kilogram (32.148-token) minimum is far lower than the 430-token minimums for PAXG and XAUT.
• You want to borrow against gold on Stellar: only XOXNO's Commodities spoke is configured for it.

Tether Gold (XAUT) — the largest gold token

XAUT is Tether's gold token, issued by TG Commodities S.A. de C.V. under El Salvador's digital asset law, per rwa.xyz. Each token is one troy ounce. At about $3.00B and 143,652 holders it is the largest gold token, mostly on Ethereum, with smaller balances on BNB Chain, Monad and Arbitrum.

rwa.xyz lists a 0.25% fee on both subscriptions and redemptions, and physical delivery for 430 XAUT or more, plus 0.25% and costs, shipped to an address in Switzerland; holders can take cash settlement instead. KYC is required for primary-market access. The trade-off is jurisdiction: an El Salvador-regulated issuer rather than a US or EU one, which affects what recourse holders would have.

Paxos Gold (PAXG) — the regulated US option

PAXG represents one fine troy ounce of a London Good Delivery bar held in LBMA-accredited London vaults and custodied by Paxos Trust Company. Paxos says it is regulated by the US Office of the Comptroller of the Currency, publishes monthly attestations, and charges no on-chain transfer or storage fees. rwa.xyz values it at about $1.81B.

Paxos lists PAXG on Ethereum and Solana. rwa.xyz records physical redemption for verified users requesting more than 430 PAXG, with a time arranged for delivery of London Good Delivery bars. Below that size, the practical exit is selling the token. PAXG's advantages are regulation and transparency; its limits are chain coverage and the large physical minimum.

Matrixdock Gold (XAUm) — the gold token on Stellar

XAUm is Matrixdock's gold token, one token per troy ounce of 99.99% LBMA gold in vaults in Asia. Matrixdock's own stellar.toml lists its Stellar contract, CC2RBGYN…VAGO, as live. rwa.xyz counts 1,028.7 XAUm ($4.22M) on Stellar out of a $56.5M total, with 37 Stellar holders.

rwa.xyz names the issuer as Matrix Mining Limited, a British Virgin Islands company, with a special-purpose trust set up to ring-fence holders' assets from Matrixport's creditors. It lists Brink's as custodian in Singapore and Hong Kong, physical audits by Bureau Veritas every six months, no management fee, the mint fee waived until XAUm reaches $100M, and a 0.25% redemption fee. Minimums are $10,000 for redemption into stablecoins and 32.148 XAUm, one kilogram, for physical delivery. KYC is required.

On 9 October Matrixdock's site quoted a mint price of $4,215.39 and a redeem price of $4,183.67, a spread of about 0.75%. On Stellar, XAUm is a Soroban token with 9 decimals (we read its name, symbol and decimals from the contract), not a classic Stellar asset with a trustline.

WisdomTree Gold Token — gold inside an app

WisdomTree's Gold Token is issued by WisdomTree Digital Movement, a US company, and recorded on Stellar or Ethereum as an electronic document of title to physical gold. rwa.xyz values it at about $2.0M with 573 holders. Buying, holding, selling and transferring all happen through WisdomTree Prime.

On Stellar it is a classic asset with the code GOLD, issued by GCK75CK3…2MPJ. Because it lives inside WisdomTree's app and onboarding, it is not something you add to a general Stellar wallet and trade in DeFi. It is the conservative end of the spectrum: a regulated issuer, a narrow distribution channel and no composability.

Gold in Stellar DeFi: Aquarius and XOXNO

XAUm is the gold token with DeFi activity on Stellar. Aquarius lists a XAUm/USDC pool holding about 132,900 USDC and 31.8 XAUm (about $265,000) on 9 October, and XOXNO's published configuration has a Commodities spoke that accepts XAUm and that pool's LP token as collateral.

Aquarius. The XAUm/USDC pool is a constant-product pool with a 0.1% fee and turned over about $4,800 in the day before our check, with no AQUA rewards, per the Aquarius API. Smaller pools pair XAUm with AQUA and with sUSD. A trade of a few thousand dollars will move the price; see the Aquarius AMM explained.

XOXNO. In XOXNO's mainnet configuration on GitHub, the Commodities spoke lists XAUm as collateral-only at 65% loan-to-value, a 75% liquidation threshold and an 8% liquidation bonus, and the XAUm/USDC LP token at 50% LTV and a 60% threshold. XAUm is priced from a Reflector gold (XAU) feed checked against a RedStone XAUm feed, with sanity bounds of $2,500–$12,000. Borrowable assets are USDC, EURC, XLM and PYUSD. The configuration also marks XAUm as not flash-loanable. XOXNO's whole Stellar deployment held about $129,000 on DefiLlama, so this is a small market. Background: Aquarius LP tokens as collateral and leveraged yield farming.

What a gold token actually gives you

A gold token is a claim on an issuer that says it holds metal for you. Its value depends on three things beyond the gold price: whether the metal exists and is ring-fenced from the issuer's creditors, whether you can redeem at your size, and whether the token you hold is the issuer's.

The issuers above answer the first question differently. Paxos publishes monthly attestations; Matrixdock relies on six-monthly Bureau Veritas audits and monthly vault statements, plus a trust structure separating holders from Matrixport; rwa.xyz points to Tether's transparency page for XAUT reserves. None of these is the same as holding a bar in your own name. The second question, redemption, mostly favours large holders: below the physical minimums, your exit is a market sale or a cash redemption through the issuer after KYC. The same issuer-and-custody questions apply to every tokenised asset; see RWA tokenisation on Stellar. The third question is a Stellar-specific problem.

The fake gold problem on Stellar

Anyone can issue a Stellar asset with any code. On 9 October, Horizon's first page of results for PAXG showed 20 issuers, for XAUT 20, and for XAUM 14. Paxos and Tether do not list Stellar tokens, and the only XAUM issuer linked to matrixdock.com is an empty classic asset. Many point to domains imitating BlackRock, JPMorgan, Coinbase or Binance.

A subtler case: a token called GOLD, issued by an account whose home domain is xau.cl, sits in Aquarius pools with about $2.3M of liquidity against XLM and about $800,000 against AQUA. Its stellar.toml states plainly that "XAU & GOLD tokens issued by xau.cl are not backed by physical gold". The name says gold; the issuer says otherwise. Always resolve the issuer or contract to the gold company's own stellar.toml. Wallets differ in how clearly they show this; see the best Stellar wallets.

How these fit together

The big two, XAUT and PAXG, are where gold liquidity lives, and neither has issuer-backed tokens on Stellar. XAUm is the bridge: a smaller issuer that deployed natively on Stellar, found a pool on Aquarius and a collateral slot on XOXNO. WisdomTree's token shows the other model, gold as an account balance in a regulated app. Every model shares the same core risks: the custodian, the issuer's legal structure, and whether you can actually redeem at your size.

The takeaway

Tokenised gold is a $5B market dominated by Tether and Paxos, and their tokens are not on Stellar. On Stellar, XAUm is the usable option, with thin Aquarius liquidity and a small collateral market on XOXNO; WisdomTree's token is for its own app. Before buying any "gold" on Stellar, confirm the issuer or contract against the gold company's own stellar.toml. Gold tokens track gold, so they can fall: XAUm was down 4.5% for the year to date.

Sources: rwa.xyz asset pages (XAUT, PAXG, XAUm, WTGOLD) and Stellar network page, 9 October 2026; paxos.com/pax-gold; matrixdock.com/xaum and matrixdock.com/.well-known/stellar.toml; xau.cl/.well-known/stellar.toml; read-only calls to the XAUM contract on Stellar; Aquarius AMM API; Horizon asset search for PAXG, XAUT, XAUM and GOLD; XOXNO rs-lending-xlm mainnet configuration; DefiLlama protocols API. WhaleHub is the publisher of this article.