Matrixdock Unveils First Tokenized Gold Asset on Circle’s Arc Blockchain

Circle's Arc blockchain has launched its first tokenized gold asset, XAUm. Matrixdock issues this token and claims that qualifying sellers can have their cash the same day after selling their gold on the platform. However, according to Matrixdock's own rulebook, it takes three working days for sellers to receive their money.

XAUm is one ounce of gold, held by either Brink’s or Malca-Amit and traceable to a numbered bar. Matrixdock publishes reserve reports and pays for the auditor who checks them. Gold moves slowly everywhere, with London's biggest market settling two days after a trade.

Matrixdock's documentation still advises sellers to wait three working days for their money, but offers same-day cash for eligible sales only. The cash-out window runs on New York hours, which poses some challenges due to the vaults' twelve-hour time difference.

Eva Meng, head of Matrixdock, said 'Gold has been an institutional reserve asset for centuries, but holding it and using it have always been two different things.'