Hong Kong Gold Exchange to use Chainlink for cross-chain gold token

The Hong Kong Gold Exchange (HKGX) is adopting Chainlink’s Cross-Chain Interoperability Protocol (CCIP) for its gold-backed XGZ token, according to an October 27 announcement by Chainlink reported by crypto.news. This technology will allow the XGZ token, which represents one gram of 99.99% fine gold per digital unit, to move across multiple blockchain networks instead of only on Ethereum. This change could make gold tokens more accessible and tradable for institutional market participants using different blockchain platforms.

Currently, XGZ operates as an ERC-20 token. Each token is linked to physical gold held in vaults approved by HKGX. Redeeming physical gold is only available in multiples of 1,000 tokens, corresponding to one kilogram of gold. The XGZ token can be held and transferred in fractions as small as one hundred-millionth of a gram. GoldZip, the company behind XGZ, publishes a transparency page that lists the bars backing the circulating tokens by serial number and storage location. The company states that independent audit reports are planned, but none have been published as of now.

With the addition of CCIP, holders could move their claims between blockchains supported by Chainlink, including those beyond Ethereum. The protocol is designed to standardize cross-chain transactions while giving issuers control over where and how their tokens are transferred. GoldZip is working with Midas Labs to roll this out for the XGZ token.

Digital mobility, but questions remain about physical gold checks

Making gold-backed tokens mobile across blockchains creates new considerations for how claims are verified and tracked each time a token moves through a new system or jurisdiction. The link between digital units and physical gold in a vault relies on accurate and timely updates to the published bar lists and audit records. GoldZip says it will maintain details of the gold bars and publish third-party audits, but as of October 2026, the audits remain marked as ‘forthcoming’ on their official page.

For someone seeking physical delivery, adding a blockchain network does not change how redemption works. The same criteria apply: only holders with at least 1,000 tokens can redeem for metal, and anti-money laundering checks remain a requirement. While having tokens on more than one blockchain may benefit digital traders, it does not simplify physical verification or delivery for bullion buyers.

We think the most relevant consideration for physical metal buyers is whether regular updates to bar lists, refiner information, and storage details will remain accurate as tokens move across chains, particularly as the issuer moves from Singapore to the British Virgin Islands. This issuer change introduces an extra legal layer for those interested in provenance or the enforceability of physical claims. Until audit reports are routinely published and verified across all supported blockchains, anyone wanting physical gold will need to look beyond token transactions to confirm their claim.

Source: Hong Kong Gold Exchange taps Chainlink for gold token transfers

This article is general information, not investment advice. Facts from other publications are their reporting, linked above.