DGLD opens one-ounce PAMP gold on Solana via SwissBorg
DGLD, one fine troy ounce of allocated PAMP gold, is now native on Solana through SwissBorg. New tokens use their own bars, not a bridged Ethereum supply.
DGLD is now a native token on Solana, and the risk that changes is which bars back it. Gold Token SA, the MKS PAMP company that issues DGLD, said on October 5, 2026 that the Solana supply is allocated gold of its own, not a bridge of the Ethereum and Base bars. Each token is co-ownership of one fine troy ounce of allocated PAMP gold vaulted in Switzerland. SwissBorg is the named app route, not proof that every wallet or jurisdiction can buy.
The release puts DGLD on Solana's Token-2022 standard, with liquidity managed by Arrakis and each chain's tokens on their own bars. It gives no Solana ounce count. The audits page publishes the mint dg1dmo6NZNagkwB6EAfUeaco6CFXFLRhb1KCrsqXTVz.
SwissBorg's October 9 note says clients can buy and sell DGLD in the app. Arrakis runs that book through its proprietary automated market maker (propAMM) via Hadron, as it already does on Base and Ethereum. Liquidity is third-party and can change. SwissBorg is not the issuer. The offeror, on that note and on SwissBorg's DGLD page, is Gold Token SA, Promenade de Saint Antoine 10, 1204 Geneva. SwissBorg says the white paper was prepared under the Markets in Crypto-Assets Regulation (MiCAR), that no European Union authority has approved the marketing communication, that DGLD is not a stablecoin and not pegged to gold, and that the price may differ from spot.
Raphael Mankopf, managing director at Arrakis, said in the October 5 release: "For DGLD on Solana, we manage liquidity through our custom PropAMM, concentrating it where trading actually happens." Alexander Petoud, chief commercial officer at SwissBorg, said: "Our community is looking for direct access to high-quality physical Swiss gold through a token." Neither sentence pegs DGLD to bullion.
The release calls the holding co-ownership under Swiss law, not an unsecured claim on the issuer. SwissBorg places the gold with MKS PAMP SA, in segregated, insured storage at PAMP SA's facility in Castel San Pietro, and says there is no storage or management fee while a token is held. Creation and burning fees are initially 0.20% each, before third-party delivery costs. Only an authorised participant creates DGLD, by delivering London Bullion Market Association (LBMA)-certified gold. Everyone else buys in the secondary market. Delivery from one gram is subject to know-your-customer, anti-money-laundering and sanctions checks, and the issuer may refuse it.
A token burned for metal is not a fund share sold back into a market. That is why tokenised Treasury products and stablecoins whose terms can delay a redemption are a different question from chain settlement. Gold Token SA says it works in a limited set of jurisdictions and relies on reverse solicitation outside Switzerland. On SwissBorg's page, nobody is obliged to provide liquidity or support the price.
The audits page links July 2026 reports from Halborn and Adevar Labs, and MKS PAMP inventory lists through September 2026. It does not state a Solana ounce total or a bar serial. The Gold Mapper is the bar lookup SwissBorg describes. SwissBorg's price page lists price, market cap and circulating supply as not available.
DGLD first launched in 2019. MKS PAMP took full ownership of Gold Token SA in November 2025, SwissBorg's page says. The issuer calls itself a virtual-asset service provider and a member of VQF, a self-regulatory organisation supervised by FINMA. Under MiCAR, SwissBorg classes DGLD as neither an asset-referenced token nor e-money: a notified white paper, not an approved one. The refinery, the vault and the issuer sit in one group, which is why a Swiss custody label that outruns the check behind it is the wrong comfort.
What the Solana book does not show
What comes next is liquidity, not a gold price. Kurt Hemecker, chief executive of Gold Token SA, described decentralised finance (DeFi) as an ambition, not a live book:
"Launching natively on Solana through SwissBorg makes allocated Swiss gold easier to own, move and use while laying the groundwork for applications across collateral, treasury management and DeFi."
Arrakis is the named Solana liquidity provider, and that liquidity can change. SwissBorg says DGLD already trades against USD Coin (USDC) on Uniswap for Ethereum and Base, and on Aerodrome for Base. It names no Solana exchange. Other token work on Solana has been a claim on a portfolio, not a bar. Until Gold Token SA publishes an ounce figure for this chain, delivery stays a procedure.
This article is informational analysis only and is not financial, investment, or trading advice. Cryptocurrencies are highly volatile and can lose substantial value rapidly. Past performance and historical patterns do not guarantee future results. Do your own research and consult a regulated financial adviser before making any investment decision.
Reporting by Karthik Subramanian. Filed 12 October 2026, 02:28 GMT.
Digital Assets Correspondent
Karthik Subramanian is a founder, writer, and technology consultant with nine years in the crypto ecosystem.
