XAUMD · PlannedEN
A token for the gold itself, one unit to a fixed weight.
XAUMD is the second token in the USDMD specification: each unit is to represent a fixed weight of allocated physical gold. It is planned for Phase 2 of the rollout. It has not been deployed on any network, and it cannot be bought, minted or redeemed.
Not available yet
XAUMD does not exist on any network, testnet included. There is no contract address, no price and no date. A token offered to you today as XAUMD is not issued by Krysos.
What it is designed to be
Everything below is from the specification. It describes a design, not a product, and it can change until the token is deployed.
One token, a fixed weight of gold
Each XAUMD is to represent a fixed weight of allocated physical gold, one to one. How much gold one token is has not been decided; see the open decisions below.
An immutable token
The specification makes the XAUMD token contract immutable, and gives the token contracts no pause, blacklist, freeze or seize function. Once deployed, that code cannot be changed.
Issued on Midas Chain
Like USDMD, XAUMD is specified to be issued on Midas Chain. Its issuer, like mainnet USDMD's, has not been constituted: the proposal is a special purpose subsidiary of Krysos, separate from the issuer of MIDS.
How it differs from USDMD
Both are designed to hold gold, for different ends: USDMD to be a dollar, XAUMD to be gold. Today neither holds any. XAUMD does not exist, and test USDMD's reserve is MockXAU, which is not gold.
| How it differs from USDMD | USDMD | XAUMD |
|---|---|---|
| Aims to track | One US dollar | The price of gold |
| Backing | Gold, with its price exposure offset by a short gold position, plus a buffer above supply (on testnet: MockXAU, which is not gold) | Allocated physical gold, one to one. No hedge: the holder carries the gold price |
| One token is | One US dollar of value | One gram or one troy ounce of gold: not decided |
| Token contract | Immutable, no freeze function | Specified immutable, no freeze function |
| Status | Testnet, Midas Chain testnet 64327 | Planned for Phase 2; not deployed |
Decisions still open
The specification lists these as undecided. They will be published here when they are made, and not before.
The unit
One XAUMD will equal either one gram or one troy ounce of gold (about 31.1 grams). The token contract is immutable, so the unit has to be fixed before it is deployed.
Custody
The custodians that would hold the gold, and the jurisdictions of their vaults.
The issuer's licence
The issuing jurisdiction and the licence path. The specification requires a licensed issuer before anything is issued on a mainnet.
Whether a token no one can freeze is lawful
The specification gives the token no freeze function, and names this as the first open legal question: whether the chosen jurisdiction permits a token its issuer cannot freeze. The no-freeze design depends on the answer.
Where it sits in the rollout
The specification rolls out in phases. Phase 0 is the USDMD testnet, which is running. Phase 1 is a limited USDMD mainnet and needs a licensed issuer, real allocated gold, a live hedge and a first attestation. Phase 2 raises the caps and launches XAUMD. No date is set for Phase 1 or Phase 2.
Nothing on these pages is an offer, a solicitation or a recommendation to buy, sell or hold any asset, in any jurisdiction. No MIDS has been minted, test USDMD has no value, and XAUMD does not exist yet.