> For the complete documentation index, see [llms.txt](https://vnx.gitbook.io/vnx-global/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://vnx.gitbook.io/vnx-global/vnx-ecosystem/vnxau.md).

# VNXAU

*VNXAU is a gold-backed token issued by VNX Commodities AG across multiple blockchains; VNX Global Ltd does not issue it but may exchange it against fiat or other digital assets through proprietary trading.*

## Overview

VNXAU (the VNX Gold Token) represents an interest in physical gold and is generated **by VNX Commodities AG** (Liechtenstein), not by VNX Global Ltd. VNX Commodities AG retains tokenization of the gold, custody of the underlying metal, and sale of the underlying gold. It sits in VNX's broader **commodity token** family alongside other precious-metal tokens (gold, silver, and others) generated by VNX Commodities AG.

VNX Global Ltd's role is limited: under its DABA Class M licence it may **exchange** VNXAU and other commodity tokens for fiat or other digital assets using its own funds (proprietary trading), and it may facilitate redemption/exchange of commodity tokens at its discretion. Generation and physical-gold custody remain with VNX Commodities AG.

## Key benefits

* **Tokenized gold exposure** — hold gold-backed value on chain, transferable like any other token.
* **Multi-chain issuance** — VNXAU is deployed across multiple blockchains by VNX Commodities AG.
* **Exchangeable within VNX** — convert VNXAU to fiat or other digital assets via VNX Global Ltd's proprietary-trading service, subject to eligibility and screening.

## How it works

VNX Commodities AG tokenizes and custodies the underlying gold and issues VNXAU. When you exchange VNXAU through VNX Global Ltd, the trade is filled from VNX's own funds against a real-time quote — the same proprietary-trading model used for VNX stablecoins and other commodity tokens (see [On-ramp / Off-ramp](/vnx-global/institutional/products/on-off-ramp.md) for the conversion model and [FX Platform](/vnx-global/institutional/products/fx-platform.md) for stablecoin legs).

## Regulatory and risk context

Because VNXAU is generated by VNX Commodities AG and only exchanged by VNX Global Ltd, the issuer-of-record and physical-custody obligations sit outside VNX Global Ltd's balance sheet; VNX Global Ltd's exposure is the proprietary-trading and settlement leg under its [Regulatory Framework](/vnx-global/institutional/regulatory/regulatory-framework.md). Exchange flows apply the [AML CTF Travel Rule](/vnx-global/institutional/regulatory/aml-ctf-travel-rule.md) regime.

## Related

* [Stablecoins](/vnx-global/institutional/products/stablecoins.md)
* [On-ramp / Off-ramp](/vnx-global/institutional/products/on-off-ramp.md)
* [FX Platform](/vnx-global/institutional/products/fx-platform.md)
* [VNX Global Ltd](/vnx-global/vnx-global-ltd.md)
* [Standards and Contracts](/vnx-global/transparency/standards-and-contracts.md)
* [Glossary](/vnx-global/glossary.md)