If tokenized reserve assets are going to serve as collateral and support lending, treasury management, and settlement across on-chain finance, their backing must remain continuously verifiable.
Today, Matrixdock has completed its fourth consecutive semi-annual independent reserve audit with Bureau Veritas. For the first time, the audit extends beyond Matrixdock’s tokenized gold product (XAUm) to include its tokenized silver product (XAGm). More than another audit milestone, this reflects Matrixdock’s broader commitment: building reserve assets that institutions, ecosystem partners, and builders can use with confidence.
Two Years of Continuous Verification. One Operating Standard.
By completing two years of reserve audits with the same independent auditor, Matrixdock has established a consistent verification process. That continuity gives Bureau Veritas a deeper understanding of Matrixdock’s reserve structure and positions them to better identify inconsistencies should they arise. Recurring audits are a form of proof: a verification process that operates consistently over time.
As tokenized assets become increasingly integrated into financial infrastructure, long-term trust is built through continuous operation.
The Reserve Transparency Stack
Reserve transparency at Matrixdock is built in layers of verification that together give holders ongoing visibility into the assets backing each token. Matrixdock calls this the Reserve Transparency Stack.
Independent Verification: Inside the July Audit
Bureau Veritas physically verified the underlying precious metal reserves, confirming that reserve holdings remain consistent with Matrixdock’s records.
As in previous audit cycles, the inspection was conducted bar by bar covering 574 gold and silver bars from LBMA-accredited refiners across three institutional vault facilities:
- Malca-Amit Singapore (conducted on 3 July 2026)
- Brink’s Hong Kong (conducted on 8 July 2026)
- Brink’s Singapore (conducted on 15 July 2026)
Each bar was individually weighed and measured. 26 gold bars have been added since the H2 2025 audit, and 66 silver bars are included for the first time this cycle.
Gold (XAUm)
- Total gold audited: 508 bars
- Equivalent weight: 16331.184 troy ounces
- XAUm circulating supply: 16331.179 tokens
- EVM chains (Dune): 11242.657 tokens
- Sui network (Suiscan): 2677.413 tokens
- Solana network (Solscan): 1575.248 tokens
- Stellar network (Stellar expert): 771.552 tokens
- Approximate market value: USD $66.09 million, based on gold at $4,046.86 per troy ounce
Silver (XAGm) – new to this audit
- Total silver audited: 66 bars
- Equivalent weight: 65,934.000 troy ounces
- XAGm circulating supply: 65998.551 tokens
- Ethereum network (Etherscan): 33004.219 tokens
- Sui network (Suiscan): 32990 tokens
- Current ozPerToken value: 0.999021918
- Approximate market value: USD $4.04 million, based on silver at $61.24 per troy ounce
Each bar was reconciled against the relevant vault records with no discrepancies identified. As of the audit date, XAUm reserves were consistent with the circulating token supply, and XAGm reserves were consistent with the circulating token supply when applying the applicable ozPerToken value.
Ongoing Transparency
A semi-annual reserve audit is one layer of verification. Between audits, holders can check monthly reserve asset statements, on-chain proof-of-reserves for the precious metals products, and the Gold Allocation Lookup tool, which maps specific gold bars to tokens so holders can verify the backing directly. Together, these provide a running record rather than periodic snapshots.
Building the Reserve Layer requires continuous improvement. Looking ahead, Matrixdock is evaluating opportunities to work with global third-party service providers that could strengthen asset-level verification for off-chain reserves while preserving client-level privacy.
Continuous Transparency as the Reserve Layer Discipline
Reserve transparency is the foundation that makes reserve assets trusted enough to participate confidently across on-chain finance.
When reserve backing can be verified at any time, a reserve asset can move deeper into on-chain finance: held in treasuries, integrated into financial applications, and used as collateral in lending markets. By reducing uncertainty around backing, verification expands what a reserve asset can do. That is why reserve transparency is a product feature at Matrixdock.
This is the work of building the Reserve Layer for on-chain finance. As tokenized assets evolve from simple representations into financial infrastructure, their quality will be defined by how well their backing holds up to verification, cycle after cycle. The fourth consecutive semi-annual reserve audit reflects Matrixdock’s long-term commitment to building the Reserve Layer.
Read the full Bureau Veritas audit report here.
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