Xbullion's GOLD is an Ethereum token, launched in mid-September 2020, that its issuer says represents one gram of physical investment-grade gold. The project's official site, xbullion.io, is now offline. The main public description of the token is its CoinMarketCap listing, which is marked as a preview page and shows a self-reported supply. Treat the backing claims as statements by the issuer, not as facts anyone has confirmed.
What the token is meant to be
The CoinMarketCap listing describes the token like this:
- Backing: each GOLD represents 1 gram of physical investment-grade gold bullion, described as 9999/LBMA-accredited and sourced through institutional partners.
- Divisibility: tokens divide down to 0.00000001 gram.
- Physical redemption: the minimum is 1,000 tokens (1 kg), with delivery by insured third-party couriers.
- Other redemption: tokens can be redeemed for fiat or traded against other digital assets.
- Audits: the listing says regular audits confirm 1:1 parity with physical gold. It does not name an auditor.
- Chain: Ethereum, with the contract address starting 0x670f…092ead.
Key figures
| Item | Value | Source |
|---|---|---|
| Ticker | GOLD | CoinMarketCap listing |
| Launch | Mid-September 2020 | CoinMarketCap listing |
| Chain | Ethereum | CoinMarketCap listing |
| Maximum supply | 10 billion GOLD | CoinMarketCap listing |
| Circulating supply | About 32,150 GOLD | Self-reported, per CoinMarketCap |
| Total supply | Shown as 0 | CoinMarketCap listing; conflicts with the circulating figure |
| Price, market cap, volume | None listed | CoinMarketCap listing |
The total and circulating figures contradict each other, and there is no live price. Both point to a listing that is no longer kept up to date.
Who is behind it
The xbullion brand belonged to Bullion Asset Management (BAM), a Singapore-based company. According to a March 2021 announcement from ASX-listed Theta Gold Mines, Theta took an equity stake in BAM and described it as working on financing, tokenising physical gold bullion and precious metals trading.
Can you verify this gold token's backing?
Answer four questions from the article's checklist to see how much of a gold token's backing you can check yourself.
Does the issuer have a working official site with current terms?
- Yes, the site works and the terms are current → next question
- No, the site does not resolve or the terms are out of date → The backing can't be confirmed
Are there recent attestation reports from a named accounting firm that match the token's on-chain supply?
- Yes, recent reports from a named firm match the supply → next question
- No, or the auditor is not named → The backing claims are unverified
Is there a bar list or lookup tool with serial-numbered bars you can match to holdings?
- Yes, I can match bars to holdings → next question
- No bar list or lookup is published → The backing claims are unverified
Do the redemption minimum, fees and delivery countries fit your situation?
- Yes, I could actually redeem → All four checks passed
- No, for example the minimum is too large or my country is not covered → The backing is checkable, but redemption doesn't fit you
Without a live issuer, the other claims can't be checked against current terms. xbullion failed this check on 25 October 2026, when its official site did not resolve. If the issuer stops operating, redemption may not be possible even though the token still exists on-chain.
The issuer exists, but you can't match the gold it says it holds to the tokens in circulation. A listing that says audits confirm 1:1 parity but names no auditor does not pass this check.
The gold may be there, but you may not be able to take delivery. xbullion's listing, for example, sets a physical redemption minimum of 1,000 tokens (1 kg), which is far larger than most baht bar purchases.
You can confirm the issuer, attestations, bars and redemption terms yourself. The token still carries custodian risk, liquidity risk and the full price risk of gold.
This checklist only shows whether the backing can be checked. It does not confirm that any custodian holds the gold, it does not rate any token, and it says nothing about tax, fees or whether you should buy.
Gram tokens versus Thai baht gold
The original article was written for readers in Thailand, where gold is weighed differently. The Thai baht unit is 15.244 grams for gold bars, and slightly less, about 15.16 grams, for ornaments. The standard Thai fineness is 96.5% (23K), according to the Singapore Bullion Market Association and the Thailand Futures Exchange contract specification for gold futures.
One gram of 99.99% gold is therefore a different product from a gram's worth of 96.5% Thai gold, and the prices will not match one to one. The practical difference is unit size. A token divisible to a fraction of a gram can be bought in amounts far below one baht, though the 1 kg minimum for physical redemption is far larger than most baht bar purchases.
How to check any gold-backed token
A gold token is only as good as the custodian's promise and your ability to check it. For comparison, here is what an established issuer publishes:
- PAX Gold (PAXG): each token is "one fine troy ounce of a London Good Delivery gold bar", held by Paxos Trust Company in LBMA vaults in London. Paxos publishes monthly attestation reports. Its lookup tool shows the serial number, weight and vault of the bar behind tokens held in on-chain Ethereum and Solana wallets, but not tokens held at custodial platforms. Holders can redeem for Good Delivery bars, or for USD at current gold prices.
- Tether Gold (XAUt): its issuer describes it as a "digital token backed by physical gold" and publishes its storage, redemption and attestation terms on its own site.
Before buying any gold token, check four things:
- A live issuer: a working official site and current terms. Xbullion fails this test, since its site is offline.
- Named attestations: recent reports from a named accounting firm that match the token's on-chain supply.
- A bar list or lookup: serial-numbered bars that you can match to holdings.
- Redemption you can use: a minimum size, fees and delivery countries that fit your situation.
Risks
- Custodian risk: the token is worth only what the custodian actually holds and will hand over.
- Issuer continuity: if the issuer stops operating, redemption may not be possible even when the token still exists on-chain. With xbullion's site offline, this is the main risk for GOLD holders.
- Liquidity: a token with no listed price or volume may be hard to sell at a price close to the gold value.
- Gold price: the token still carries the full price risk of gold, including the effects of interest rates and changes in demand.
