“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
Tokenized gold and commodities. Verified reserves and redemption rights.
Tokenized gold is a right against the issuer, backed by metal in custody and reconciled with its reserves. For tokenized commodities, we build platforms that link tokens to inventory and handle redemption when the right provides for it. Inventory-secured debt follows a different model, with interest and a maturity date.
They trust Metlabs with their commodity tokenization projects
Why now
Why tokenize commodities now?
The wholesale gold market already runs almost entirely on unallocated accounts, which are book-entry claims on the banks that hold the metal. In March 2026 the World Gold Council proposed shared infrastructure for digital gold. A commodity issuance rests on custody, reserve reconciliation and redemption.
+90%
of wholesale OTC precious metals trading clears through unallocated accounts
Platform
Tokenized gold platform with reserves and redemption
Tokenized commodities depend on reconciling tokens with inventory. We custom-build the link between custodian, auditor and holder, from the deposit of a lot to its redemption.
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Lot and custody records
Weight, purity, serial number, assay and location of every lot, linked to the custodian and the insurance covering it.
KYC onboarding
Email or wallet sign-up, identity and jurisdiction checks, and acceptance of the redemption terms before any purchase.
Inventory-linked issuance
Circulating supply only grows with eligible inventory on deposit and shrinks with every redemption, loss or lot withdrawal.
Proof of reserves
Periodic reconciliation of circulating tokens against inventory, with the independent auditor's report published.
Physical redemption
Delivery requests with minimum, location and timing, token burning and a receipt from the custodian. For an asset-referenced token, redemption carries no fee, as MiCA requires.
Issuer console
Transfer pauses, custodian incidents, losses and lot withdrawals, and reports for the reserve auditor.
Institutional custody, integrated
We integrate custody and key management providers through their APIs, including Fireblocks, BitGo, Coinbase Prime, Anchorage Digital, Copper and Ledger Enterprise. Depending on the provider and model, keys are managed with MPC or multisig so that none depends on a single device. If the token is a security, custody on behalf of clients is provided by an authorized entity.
Structure
Tokenized commodities, allocated lots and secured debt
Almost always a right against the issuer or custodian, not direct ownership of the goods. Only the legal structure can allocate specific lots to the holder, and that difference decides what happens if the issuer becomes insolvent.
| Criterion | Allocated lot | Unallocated inventory | Inventory-secured debt |
|---|---|---|---|
| What the holder receives | A right over identified bars or lots | A contractual claim on a pooled inventory | A bond secured by the inventory |
| Usual framework in the EU | MiCA as an asset-referenced token, unless each token is unique and non-fungible | MiCA as an asset-referenced token, unless it is a financial instrument | Securities market rules |
| Lifecycle | Until redemption or sale of the token | As long as the issuer holds the reserves | Until maturity or early repayment |
| When we recommend it | Precious metals with physical redemption | High-turnover fungible inventory | Inventory financing on a fixed horizon |
The custodian is part of this decision, because inventory segregation depends on its agreement. The token contract only enforces the right those documents set out.
Methodology
How we tokenize commodities, step by step
Gold with physical redemption, warehouse inventory or financing secured by stock follows four phases. Custody leads in all of them, because proof of reserves, redemption and what happens if the issuer becomes insolvent all depend on it.
We study the commodity, its quality, the warehouse or vault that holds it and the target investor, and define what the token represents, a right over allocated lots, a claim on pooled inventory or a bond secured by the stock. The output is the issuance structure, with its cover against the inventory.
The law firm classifies the token as a MiCA asset-referenced token, a financial instrument or a unique token, and sets the custody of the reserve, the security over the inventory and the offering route. That opinion also decides what the token can do, such as being redeemed for the physical good.
The white label platform provides the issuer's brand and domain, KYC onboarding, SEPA or stablecoin subscription, ERC-3643 tokens and the console. Lot records, proof of reserves and physical redemption are custom-built when the model needs them.
The issuance reaches investors through the issuer's network, a placement agent or specialist channels, and we measure how many go on to subscribe. Afterward we handle reserve reconciliation, redemptions or interest payments and reports with the issuer.
Assets
Which commodities can be tokenized?
Those with standardized grades, measurable inventory and a custodian able to certify it. The more heterogeneous the product, the more information each lot needs.
Precious metals
Gold, silver, platinum and palladium with documented weight, purity and vault.
Industrial metals
Copper, aluminum, nickel and zinc in warehouses with recognized grades.
Agriculture
Coffee, cocoa, grains and cotton with a warehouse receipt for each lot.
Energy commodities
Oil, gas and refined products, with their own rules and delivery terms.
Timber and biomass
Lots with species, origin, forest certification and chain of custody.
Commercial inventory
Warehoused stock that secures financing with documented collateral.
Reviews
What do our clients think of Metlabs?
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“One of the pioneering firms in web3 solutions, digital assets and tokenization, recognized for its innovation and solid reputation across Spain and Latin America.”
Jorge CorredorLawyer, Rincón Cuéllar & Asociados
“Great professionals at structuring tokenized projects, with technical command and attention to detail that inspire full confidence at every stage of the work.”
Francisco BetancourtVerified Google review
“A very professional yet approachable company that empathizes with your doubts and needs. Highly recommended for entrepreneurs with a tokenization project.”
Javier EspasaTokenization entrepreneur
“I have worked with them on several projects and they are very professional. A guarantee that everything turns out perfectly. Without a doubt, 100% recommended.”
Ignacio Fernández JiménezVerified Google review
“We structured the tokenization of real estate projects with them, and I value the team's ability to understand our corporate needs and genuinely solve them.”
Joan MejíaManager, GLOBYNE
“As a blockchain lawyer, I value their experience and professionalism in consulting and executing tokenization projects. Technology partners you can fully trust.”
Vanessa RivasBlockchain lawyer, El Salvador
“Exceptional in every sense. From legal support I value their rigor and transparency: working with Metlabs means professionalism, innovation and security.”
Pedro A. Agúndez MéndezGoogle Local Guide
“They advised us on the feasibility of tokenizing real estate assets in Uruguay with direct, cordial treatment. A professional team, responsive and always available.”
Álvaro Silva SantamaríaCEO, Sp Inmuebles
“Great professionals, very attentive to their clients and always mindful of every detail. Working with their team has been a genuine pleasure from start to finish.”
CriptorentVerified Google review
“Excellent service across blockchain development, asset tokenization and consulting. A very professional team that I recommend wholeheartedly, without reservation.”
José Luis DíazVerified Google review
Regulation
Check the regulation by countryWhich regulation applies to commodity tokenization?
It depends on whether the token purports to keep a stable value or is an investment instrument. A unit referenced to a commodity usually falls under MiCA, and a bond or a share under securities rules.
The first thing we review with your law firm is the custody agreement, because inventory segregation, the reserve audit and redemption all depend on it.
In the European Union, MiCA treats tokens that keep a stable value by referencing commodities as asset-referenced tokens, with an authorized issuer, a segregated reserve held by a credit institution and a redemption right. If the token is a financial instrument, such as a bond, a share or a derivative, MiFID II applies instead of MiCA.
The token moves in seconds while the goods keep their location, grade, loss risk and delivery costs. Customs, sanctions, origin controls and tax still apply to redemption, and in the EU investment gold is exempt from VAT while silver and platinum are not. The delivery terms must state who bears transport and insurance.
- SpainCNMV, Banco de España, SEPBLACFavourable100Oct 2026
- UAECMA, CBUAE, VARA, DFSA, FSRAFavourable95Apr 2026
- SwitzerlandFINMAFavourable90Jan 2026
- El SalvadorCNAD, BCR, SSF, UIFFavourable88Apr 2025
- ArgentinaNational Securities Commission and Financial Information UnitFavourable83Jun 2026
- United StatesSEC, CFTC, FinCENFavourable76Sep 2026
Spain
UAE
Switzerland
El Salvador
Argentina
United StatesOur legal partners
What is tokenized gold and what backs it?
It is a token that represents a right over physical gold held by a custodian, usually LBMA Good Delivery bars in a vault. Its backing lies not in the code but in the custody agreement, the segregation of the metal and periodic proof of reserves audits. In the EU, a token that aims for a stable value referenced to gold usually falls under MiCA as an asset-referenced token.
Does the token make its holder the owner of the commodity?
Only if the contract allocates specific lots to the holder and the applicable law recognizes that ownership. The usual case is a right against the issuer or custodian, and its protection in an insolvency depends on inventory segregation and the legal structure.
Does the token prove the reserves exist?
Not by itself. Evidence depends on the custodian, the physical inventory and independent audits at a defined frequency. The platform publishes those reconciliations and blocks any issuance that would take circulating supply above the reserves the auditor has certified.
Can the token always be redeemed for the physical good?
It depends on the product. A MiCA asset-referenced token grants redemption at all times, in funds at market value or by delivering the metal, with no fee except under a recovery plan (Articles 39 and 46). For physical delivery, the location, jurisdiction and who bears transport and insurance must be explicit.
Can a commodity token be sold at any time?
Not always. Selling tokenized gold to another holder requires an eligible buyer and compliance with transfer restrictions. Redemption against the issuer is a separate right, governed by the product's rules and policy. Reserves and redemption do not guarantee a secondary market or a resale price.
How much does it cost to tokenize a commodity?
It depends on the custody model, the reserve audit and the redemption terms. A lot of metal in a single vault is not the same as agricultural inventory spread across several warehouses. Once feasibility is settled we propose scope and budget.
Asset tokenization
Other assets we tokenize.
Asset tokenization
Articles on tokenization
MiFID II and tokenization: classification, services and limits
MiFID II and tokens: financial instrument classification, investment services and the distinction from MiCA before designing an issuance.
Real Asset Tokenization: How RWA Tokenization Works
How to structure an RWA project: holder rights, issuance, recordkeeping, payments and recovery. What blockchain adds and what depends on the legal arrangement.
What are the differences between security tokens and utility tokens?
How to distinguish financial rights from service access, what legal classification examines and why a token’s name does not determine its regulation.
Take your inventory on-chain, custody first.
We start with the custody agreement and the holder's right, redemption for metal or secured debt, and then design the token.
