XAGm, issued by Prometheus Solutions Ltd, is a digital token representing allocated physical silver that is backed by London Bullion Market Association (LBMA) accredited physical silver under Matrixdock's Fungible Reserve Standard [S1].

Each XAGm token represents one fine troy ounce of LBMA-accredited physical silver, with value tracking the underlying metal priced against the LBMA Silver Price [S1]. The token carries no native yield, as its economic exposure derives solely from movements in the underlying silver price [S1]. Total token supply corresponds to physical silver held with the issuer's custody framework, verified through independent physical audits and onchain Proof of Reserves feeds [S1][S2].

Prometheus Solutions Ltd, operating as Matrixdock, has a British Virgin Islands nexus, with the token issued through a bankruptcy-remote special purpose vehicle whose equity is held under a purpose trust, segregating reserve assets from Matrixdock's corporate balance sheet [S3][S4]. Matrixdock states it makes no offer to buy or sell any securities or other instruments and will not treat users of the website as its clients [S5]. Secondary holding and transfer are permissionless, while primary minting and redemption require KYC onboarding, with screening against OFAC, UN and EU sanctions lists [S6][S3]. Reserves are segregated and bankruptcy-remote from other product lines [S4].

XAGm is issued onchain under Matrixdock's Fungible Reserve Standard, with token supply tracking vaulted silver [S1]. Minting requires KYC onboarding, and reserves are verified through independent physical audits by Bureau Veritas, regular vault asset statements, and onchain Proof of Reserves feeds [S2][S7].

<Sources
  retrievedAt="2026-06-19"
  items={[
    { id: "S1", url: "https://www.matrixdock.com/stbt" },
    { id: "S2", url: "https://www.matrixdock.com/transparency/underlying-assets" },
    { id: "S3", url: "https://www.matrixdock.com/aml-statement" },
    { id: "S4", url: "https://www.matrixdock.com/transparency/bankruptcy-remoteness" },
    { id: "S5", url: "https://www.matrixdock.com/" },
    { id: "S6", url: "https://www.matrixdock.com/xaum" },
    { id: "S7", url: "https://www.matrixdock.com/transparency/transparency-panel" },
  ]}
/>


# Matrixdock Silver Total value locked Methodology

## 1. Overview

Total value locked (TVL) is calculated as the total value of assets deposited in or tokenized by Matrixdock Silver. For Matrixdock Silver, this is represented by the tokenized value of silver custody and user deposits made off-chain, which is reflected on-chain as the circulating market capitalization of the Matrixdock Silver asset. This metric is utilized as a leading indicator for the adoption, growth, and utility of the silver-backed asset within the decentralized finance ecosystem.

## 2. Data sources

- **Circulating market cap**: Derived from the circulating market cap of Matrixdock Silver, covering supported blockchains with TON excluded

## 3. Step-by-step calculation

### Component A: Matrixdock Silver market capitalization extraction

- **Purpose**: Extract the circulating market capitalization of Matrixdock Silver
- **Logic**: Daily circulating market capitalization values for Matrixdock Silver are extracted from the upstream asset metrics layer. The asset identifier is mapped to the product identifier, and the temporal grain is restricted to daily intervals.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `market_cap_circulating`

### Component B: Schema standardization and validation

- **Purpose**: Standardize data types and validate identifiers
- **Logic**: The extracted market capitalization values are cast to standardized types, with the total value locked summed and grouped by timestamp, grain, data identifier, product identifier, and chain identifier. Identifiers are validated against active chain and project registries to filter out invalid records.
- **Key fields**: `timestamp`, `chain_id`, `product_id`, `tvl`

### Component C: Chain availability filtering

- **Purpose**: Apply chain-level availability rules
- **Logic**: Chain availability filters are applied to restrict the dataset to active periods, with TON explicitly excluded from the final output.
- **Key fields**: `timestamp`, `chain_id`, `tvl`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

Total value locked

Tokenized commodities

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Real-world asset (RWA) issuers

Matrixdock

Matrixdock Silver (XAGm) is a silver-backed token issued by Matrixdock.

The metal is held in vaults in Singapore and Hong Kong operated by Malca-Amit and Brink’s in a bankruptcy-remote structure, is attested by Bureau Veritas, and carries an annual storage fee of 0.3%.

Retail investors and institutions can mint and redeem directly with Matrixdock after completing KYC.

XAGm has been issued on public blockchains since March 2026 and is native to Ethereum and Sui.

Matrixdock SilverXAGm