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Tokenized gold and silver bring precious-metal exposure onchain. Learn how XAUm, XAGm, XAUT, PAXG, SLVon and SLVx differ in KriptoK.
Tokenized precious-metal products do not all work the same way. Some tokens represent ownership or a beneficial interest in allocated physical gold held by an issuer or custodian. Others provide economic exposure through a tokenized ETF or another financial instrument. The issuer terms, custody structure, redemption rights, supported networks and eligibility rules determine what a holder actually owns.
Tokenized silver products can use different structures. XAGm is backed by allocated physical silver, while SLVon and SLVx provide exposure linked to the iShares Silver Trust ETF. These structures do not provide identical ownership, redemption or investor rights, so the issuer terms and regional restrictions must be reviewed for each product.
XAUm is issued by Matrixdock, not Ondo Finance. According to Matrixdock, each XAUm represents one troy ounce of 99.99% purity LBMA gold held in professional vaults in Asia. XAUm uses dynamic allocation to gold bars, while a separate NFT structure can be used for fixed bar allocation. Network availability and KriptoK support can change, so verify the network and contract shown in the app before transacting.
XAUt is offered by TG Commodities, part of the Tether group. One XAUt represents ownership of one fine troy ounce of gold on a London Good Delivery bar. Allocation, redemption, fees, eligibility and supported networks are governed by the issuer terms. Secondary-market prices can trade above or below the value of one fine troy ounce of gold.
PAXG is issued by Paxos Trust Company, N.A. Each PAXG represents one fine troy ounce of London Good Delivery gold held on a segregated basis for holders. PAXG is an ERC-20 token on Ethereum and is issued under specific OCC approval. Direct purchase and redemption through Paxos require verification and are subject to legal and regional restrictions.
XAGm is issued by Matrixdock and backed by fully allocated, 99.9% purity LBMA-accredited Good Delivery silver held in professional vaults in Asia. Each token represented one fine troy ounce of silver at launch. XAGm uses Matrixdock's Fungible Reserve Standard, which is designed to account for custody and audit costs over time, so users should verify the current token representation, reserves, networks, redemption conditions and eligibility directly with Matrixdock before transacting.
SLVon is an Ondo tokenized representation of the iShares Silver Trust ETF. It is designed to provide economic exposure to the underlying ETF, including the effect of distributions after applicable deductions. Ondo states that these tokens are not themselves ETF shares and do not give holders the right to receive the underlying shares. Eligibility, redemption, trading hours and off-hours liquidity restrictions apply.
SLVx is the iShares Silver Trust xStock. xStocks describes it as a tokenized ETF product backed by the corresponding underlying asset. It is issued by Backed Assets (JE) Limited and is subject to offering documents, eligibility rules and geographic restrictions. It is not available in every jurisdiction.
Supported networks, token contracts and swap routes can change. A token with the same symbol on another network is not automatically the same product. Use the contract and network displayed by KriptoK, compare them with current issuer documentation, and consider a small test transaction. Onchain transferability does not guarantee continuous liquidity, minting or redemption.
Direct physical-backed gold tokens can reduce the need for the holder to arrange personal storage, but they add issuer, custodian, legal, redemption and smart-contract risk. SLVon and SLVx are tokenized ETF products, so they should not be described as direct ownership of physical silver. Execution speed, spreads, minimums and fees depend on the product, network, liquidity and platform.
Tokenized versions trade on-chain in seconds and can be swapped directly for any other crypto asset. There is no dealer, no storage arrangement on your end, and no minimum purchase beyond what blockchain fees require. The vault storage and insurance is handled by the issuer.
XAUt, PAXG and XAUm are structured around physical gold backing. SLVon and SLVx are tokenized products linked to the iShares Silver Trust ETF. Onchain tokens can be transferred outside traditional market hours, but trading, minting, redemption and pricing may still depend on issuer rules, market hours, eligibility and available liquidity.
XAUM, XAUT, PAXG, SLVon, and SLVx live on-chain, trade 24/7, and sit in your KriptoK self-custody wallet. You can swap them for USDC, ETH, or any other asset at any time without going through a broker.
Availability in KriptoK can vary by network, region and liquidity route. Before swapping, verify the exact token, contract address, network, estimated output, price impact and fees shown in the app. Consider starting with a small amount. A successful onchain purchase does not guarantee that the issuer will allow direct redemption in your jurisdiction.
Full guide: How to Buy RWAs in KriptoK
Gold and silver may behave differently from crypto assets, but correlations change and precious-metal prices can also fall. Tokenized products add risks that physical metal or traditional brokerage holdings may not have, including issuer, custodian, smart-contract, liquidity, price-dislocation and regulatory risk. They should not be treated as guaranteed portfolio stabilizers.
For a broader view of how tokenized commodities and stocks fit together, see What Are RWAs?