Midas Gold (MGLD) · TestnetEN
A token for the gold itself, one unit to a fixed weight.
MGLD is the second token in the MDLR specification: each unit is one gram of fine gold in allocated bars held on trust. A testnet build has run on Midas Chain testnet 64327 since 8 October 2026, in grams since 10 October, backed by MockXAU, which is not gold. The mainnet token, with bars behind it, is planned for Phase 2 of the rollout.
Testnet only; test MGLD has no value
The MGLD on Midas Chain testnet is a test build. Its reserve is MockXAU, a test token that is not gold and has no value, so test MGLD has none either. There is no mainnet MGLD, no bar, no trustee and no date. A token offered to you today as MGLD with any value is not issued by Krysos.
What runs on testnet today
Testnet has no bars, no trustee and no vault, so an on-chain reserve stands in for the trust. Two contracts, both source-verified on the explorer, deployed on 10 October 2026 in grams. They replace the ounce build of 8 October, which stays redeemable and is no longer listed.
The token
An immutable ERC-20 with 6 decimals and no pause, freeze, blacklist or seize function. Its only minter is the reserve below, fixed at deploy, which may burn only its own balance. A test pins the contract's function list, so no such function can be added without failing the build.
Its only issuer
The reserve created the token in its own constructor, so nothing else can ever mint it. It takes MockXAU first and mints its grams in the same transaction, 31.1034768 MGLD to the ounce; redemption burns MGLD and pays its gold back. Each conversion rounds in the reserve's favour by at most one unit of gold, which stays as cover. No fees. Minting can be paused by a guardian; redemption cannot be paused by anyone.
The invariant
Gold held at or above supply. Every mint re-checks it and is refused while it fails. While it fails, redemption pays each MGLD its share of the gold, never more than one for one, so a shortfall is shared by every holder. No function moves the gold except redemption, and no role can.
What the test build does not do
Fine weight per bar, trustee confirmation before a mint, dual control of mint and burn, the 100 g and kilobar delivery tiers, and attestations. Testnet has nothing to do them with. They belong to the mainnet token, which is a new deployment with an issuer that enforces them.
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, one gram of fine gold
Each MGLD is to represent one gram of fine gold. A bar mints its certified fine weight, its gross weight times its fineness, so a standard kilobar of 999.9 fineness mints about 999.9 MGLD, never 1,000, and proof of reserves counts fine weight. The specification writes the gram; the troy ounce is still open, as set out below.
An immutable token
The specification makes the MGLD 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 MDLR, MGLD is specified to be issued on Midas Chain. Its issuer is proposed as a special purpose subsidiary of Krysos outside Singapore, the United States and the European Union, separate from MDLR's issuer and from the issuer of MIDS, with the bars held for MGLD holders by an independent trust company. None of them has been constituted or appointed.
Delivery in small lots
Physical redemption burns the delivered bar's own fine weight. Beside whole kilobars, the specification gives holders a 100 g delivery tier from launch, so a holder can take their gold without owning a whole bar.
Backing MDLR, counted once (decided)
The layered design, decided on 10 October 2026: the bars back MGLD one for one, and MDLR's reserve holds MGLD tokens, so one stock of gold is counted once. The same bar is never counted for both tokens.
How it differs from MDLR
Both are designed to hold gold, for different ends: MDLR to be a dollar, MGLD to be gold. Today neither holds any: on testnet, both reserves hold MockXAU, which is not gold.
| How it differs from MDLR | MDLR | MGLD |
|---|---|---|
| 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. Planned: PAXG or XAUT at first on mainnet, then MGLD (on testnet: MockXAU, which is not gold) | Fine gold in allocated bars held on trust, one gram per token. No hedge: the holder carries the gold price |
| One token is | One US dollar of value | One gram of fine gold, on testnet and in the specification (decided 10 October 2026) |
| Token contract | Immutable, no freeze function | Specified immutable, no freeze function |
| Status | Testnet, Midas Chain testnet 64327 | Testnet, Midas Chain testnet 64327, in grams; the mainnet token is planned for Phase 2 |
Decisions still open
The specification lists these as undecided. They will be published here when they are made, and not before.
The unit, decided
Decided on 10 October 2026: one gram of fine gold and six decimals, for mainnet and testnet alike. The gram build has run on testnet since the same day, converting at 31.1034768 grams to the MockXAU ounce; the ounce build of 8 October stays redeemable and is no longer listed. The token contract is immutable, which is why a change of unit was a new deployment.
Custody
The custodians that would hold the gold, and the jurisdictions of their vaults.
The legal structure
The issuing jurisdiction, the trustee, and whether MGLD is treated as a fund or as a payment token. Singapore's regulator treats a pooled gold token with no practical right to delivery as likely a collective investment scheme, and its September 2026 consultation proposes treating gold-referenced tokens as stablecoins. Counsel must settle MGLD's structure before it launches.
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 testnet, which is running: MDLR since September and a test MGLD since 8 October 2026. Phase 1 is a limited MDLR mainnet whose gold is PAXG or XAUT, gold tokens from other issuers. Phase 2 launches the mainnet MGLD, once a trustee is appointed and counsel has settled its structure. In Phase 3, after two clean monthly attestations of the MGLD bar pool, MDLR's reserve moves to MGLD. No date is set for any of them.
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 MDLR and test MGLD have no value, and none of the three is on a mainnet.