1. Introduction
These Product Terms govern the issuance, holding, transfer, trading and redemption of XPTa, Assetiko's tokenized platinum product issued on the XRP Ledger by Assetiko Commodities Ltd.
XPTa is designed to provide tokenized exposure to platinum. Each XPTa represents one fine troy ounce of platinum exposure supported by a physical platinum reserve framework and a published 101.45% reserve coverage model.
By acquiring, holding, transferring or redeeming XPTa, each holder agrees to these Product Terms, the XPTa Reserve Methodology, the Redemption Policy, the Risk Disclosure, the Fee Schedule and any applicable platform or wallet terms.
2. Product description
XPTa is a tokenized platinum commodity product issued on the XRP Ledger. Each XPTa is intended to correspond to one fine troy ounce of platinum exposure through physical platinum reserves.
| Reserve Component | Purpose |
|---|
| Physical Platinum | Primary reserve backing |
| Custody Records | Reserve verification support |
| Insurance Materials | Physical holding protection scope |
| Supported Settlement Assets | Digital redemption and settlement support |
| Restricted Records | Detailed holdings, custodian statements and audit materials by request |
XPTa is not a fiat currency, bank deposit, money market fund, share, unit in an ETF, debt instrument or legal tender.
3. Unit reference
1 XPTa = 1 fine troy ounce of platinum
This unit reference is used for reserve measurement, valuation, issuance and redemption calculations.
Holding XPTa does not mean that the holder owns a specific numbered platinum bar or custodian account. Holder rights are contractual and limited to the rights expressly stated in these Product Terms.
4. Legal nature of XPTa
XPTa represents a contractual right against the issuer according to these Product Terms. Unless expressly stated otherwise in a separate written agreement, XPTa does not provide specific bar ownership, shareholder rights, bank deposit protection, a government guarantee or unconditional physical delivery.
| Right Not Granted | Explanation |
|---|
| Specific bar ownership | Holders do not own identified bullion bars unless a physical redemption is approved and completed. |
| Direct custodian account rights | Holders do not directly control vault accounts, custodian records or insurance arrangements. |
| Shareholder rights | No voting, dividend or equity rights are provided. |
| Bank deposit protection | XPTa is not a bank deposit or insured account. |
| Unconditional physical delivery | Physical redemption is conditional, limited and subject to eligibility. |
5. Reserve methodology
The issuer maintains reserves in accordance with the published XPTa Reserve Methodology. The reserve objective is to maintain reserve assets with a platinum-equivalent value equal to or greater than total XPTa obligations outstanding.
| Reserve Asset | Indicative Policy |
|---|
| Physical Platinum | At least 100% of outstanding XPTa obligations |
| Reserve Buffer | Target published coverage of 101.45% where practical |
| Custody and Verification Records | Maintained for reconciliation, review and restricted-record access |
| Cash, Cash Equivalents and Settlement Assets | Operational settlement support, not primary reserve backing |
These policies may temporarily vary due to issuance activity, redemption activity, market disruption, settlement timing, custodian transfers, operational liquidity needs or extraordinary events.
6. Reserve coverage
The issuer seeks to maintain a reserve coverage ratio of at least 100.00%.
Coverage Ratio = Net Reserve Value / Total XPTa Obligation Value
Total XPTa obligation value is generally calculated by multiplying XPTa outstanding by the applicable platinum reference price. Coverage calculations may reflect fees, liabilities, settlement obligations, valuation adjustments, counterparty haircuts and other product-related deductions.
7. Issuance
New XPTa may be issued when the issuer determines that sufficient reserve assets have been acquired, allocated, confirmed or otherwise made available under the Reserve Methodology.
The issuer may issue XPTa through direct institutional subscription, authorized participant creation, treasury release, market-making operations or other approved issuance channels. The issuer shall not knowingly release XPTa into circulation if doing so would cause reserve coverage to fall below the required threshold.
8. Transfers and holding requirements
XPTa is issued on the XRP Ledger as an issued currency. The issuer may require holders to satisfy eligibility, onboarding, wallet verification, jurisdictional and compliance requirements before they may hold, receive, transfer, trade or redeem XPTa.
If authorized trustline controls are enabled, only approved XRPL accounts may hold or receive XPTa. Transfers may be delayed, rejected or restricted where required by law, sanctions rules, court order, regulatory direction, issuer policy, network conditions, technical issues or compliance review.
9. Trading
XPTa may trade on XRPL markets, including XPTa / USDV, and may also trade against RLUSD, XRP, USDC or other supported pairs. The market price of XPTa may differ from the reference value due to liquidity, demand, supply, volatility, redemption availability, fees, network conditions or market disruption.
The issuer does not guarantee secondary market liquidity, exchange availability, price stability or continuous trading.
10. Digital redemption
Eligible holders may redeem XPTa for supported digital settlement assets. The issuer may add, remove, pause or replace supported settlement assets at any time where operationally, commercially or legally necessary.
| Settlement Asset | Network |
|---|
| USDV | XRPL |
| RLUSD | XRPL |
| USDC | Stellar |
| USDT | TRC20 |
Digital Redemption Value = Redeemed XPTa x Platinum Reference Price - Applicable Fees - Settlement Costs
Redeemed XPTa may be burned, locked, returned to treasury or otherwise removed from circulating supply according to issuer procedures.
11. Physical redemption
Physical delivery may be available upon request for eligible holders who redeem 100 XPTa or more. The issuer-approved delivery hubs are London, Zurich, Singapore and Hong Kong SAR. Physical redemption is not offered in the United States. Every request remains subject to written issuer confirmation, custodian capacity, identity verification, compliance review, fees, taxes, duties, delivery logistics and full satisfaction of these Product Terms.
| Requirement | Condition |
|---|
| Minimum Amount | 100 XPTa |
| Delivery Hubs | London, Zurich, Singapore and Hong Kong SAR, subject to availability |
| United States | Physical redemption is not offered |
| Custodian Availability | Platinum must be available through an approved delivery arrangement |
| Identity Verification and Compliance | Required before confirmation |
| Fees, Taxes and Duties | Responsibility of redeemer |
Physical delivery may be fulfilled through custodian release, approved collection, insured shipment or another approved method. The issuer may reject, delay or modify a request if it cannot be completed lawfully, safely, commercially or operationally.
12. Physical redemption residuals
Physical platinum bars may not exactly match the requested redemption amount. Where bar size, bar weight, custodian procedures or delivery mechanics create a residual difference, the issuer may settle the residual digitally, require the holder to adjust the redemption amount, apply a cash or stablecoin adjustment, deliver the closest available bar configuration or use another commercially reasonable method stated in the Redemption Policy.
13. Redemption eligibility
The issuer may require redemption applicants to provide identity, address, wallet ownership, source of funds, tax, sanctions, jurisdictional, delivery and custody documentation. The issuer may refuse redemption where required by law, regulation, sanctions policy, court order, regulatory direction, internal compliance policy, operational risk or incomplete documentation.
14. Fees
XPTa may be subject to issuance, redemption, custody, physical delivery, network, compliance, market disruption, FX or settlement fees. Fees are set out in the XPTa Fee Schedule and may be amended from time to time.
15. Valuation
The value of XPTa is determined according to the published valuation policy. The issuer may use recognized platinum benchmarks, spot platinum data, exchange prices, broker marks, custodian statements, physical platinum records, stablecoin values and other reasonable data sources.
XPTa Reference Value = Net Reserve Value / XPTa Outstanding
During market disruption, the issuer may use backup pricing sources, delayed pricing, fair value estimates, valuation haircuts or adjusted settlement procedures.
16. Reserve reporting
The issuer may publish a reserve transparency dashboard showing selected metrics such as XPTa outstanding, reserve value, physical platinum holdings, platinum-equivalent ounces, coverage ratio and independent review status. Some supporting documents may be restricted and available only to approved parties.
17. Restricted records
Certain records may contain sensitive commercial, custody, operational, counterparty or security information. Restricted records may include detailed custodian statements, bar lists, insurance certificates, verification documentation, internal control procedures, compliance reports, independent review materials and legal opinions.
Exact provider identities, facility addresses, bar or serial lists, transport routes, insurance schedules, internal reconciliations, audit workpapers and counterparty records are confidential. Access may require a verified restricted-record request, legitimate purpose, registered customer status, confidentiality undertakings and issuer approval; records may be redacted, delayed or withheld where security, privacy, contractual, legal or regulatory interests require.
18. No investment advice
The issuer does not provide investment, legal, tax, accounting, financial, commodity trading or regulatory advice. Information published about XPTa is provided for product information purposes only. Holders should conduct their own assessment and seek independent advice before acquiring, holding, transferring or redeeming XPTa.
19. Risk factors
Holding XPTa involves risk, including platinum price risk, reserve asset risk, custody risk, insurance risk, liquidity risk, redemption risk, physical delivery risk, stablecoin risk, blockchain risk, regulatory risk, operational risk, sanctions risk and tax risk.
| Risk | Description |
|---|
| Platinum Price Risk | Platinum prices may rise or fall. |
| Reserve Asset Risk | Reserve assets may lose value or become illiquid. |
| Custody Risk | Custodians, vaults or brokers may fail or restrict access. |
| Liquidity Risk | XPTa markets may lack sufficient liquidity. |
| Redemption Risk | Redemptions may be delayed, limited or refused. |
| Stablecoin Risk | Settlement assets may depeg, freeze or fail. |
| Blockchain Risk | XRPL transactions may be delayed, disrupted or irreversible. |
| Regulatory Risk | Laws may change or restrict the product. |
20. Market disruption events
A market disruption event may include platinum market closure, benchmark unavailability, custodian restriction, brokerage disruption, banking or settlement failure, stablecoin depeg or freeze, XRPL outage, sanctions, court order, regulatory action, force majeure, war, cyberattack, natural disaster or systemic market failure.
During a disruption, the issuer may delay issuance, suspend redemptions, change pricing sources, apply valuation adjustments, modify settlement procedures, pause transfers or take other commercially reasonable actions.
21. Suspension rights
The issuer may suspend or limit issuance, transfers, trading support, redemptions or physical delivery due to legal or regulatory requirements, sanctions obligations, market disruption, reserve shortfall, custodian or broker failure, suspicious activity, fraud, error, security incident, network disruption, operational maintenance or protection of holders and reserve integrity.
22. Undercoverage event
An undercoverage event occurs when the issuer determines that the reserve coverage ratio has fallen below 100.00%. Upon an undercoverage event, the issuer may suspend new issuance, add reserve assets, rebalance reserves, use issuer capital where appropriate, limit or delay redemptions, publish a notice if material and take commercially reasonable action to restore coverage.
23. Excess coverage
If the reserve portfolio exceeds required coverage, the issuer may retain the excess as a reserve buffer or manage it according to the Product Terms and Reserve Methodology. No holder has a claim to excess reserves unless expressly stated in these Product Terms.
24. Tax responsibility
Each holder is solely responsible for determining and satisfying any tax obligations arising from acquiring, holding, transferring, trading or redeeming XPTa. The issuer may request tax information and may withhold, report or deduct amounts where required by law.
25. Compliance and restricted jurisdictions
XPTa may not be available in all jurisdictions. Physical redemption is limited to approved arrangements in London, Zurich, Singapore and Hong Kong SAR and is not offered in the United States. The issuer may restrict access by person, jurisdiction, wallet, platform, transaction type or redemption route, and may reject or suspend any holder or transaction where it believes there may be sanctions, money laundering, terrorist financing, fraud, market abuse, regulatory, tax reporting, circumvention or operational risk.
26. Wallets and private keys
Holders are responsible for maintaining control of wallets, private keys, seed phrases and signing devices. The issuer is not responsible for losses caused by lost private keys, compromised wallets, incorrect destination addresses, phishing, malware, user error, irreversible blockchain transactions or unsupported wallets and networks.
27. Network and token standard
XPTa is issued on the XRP Ledger. The issuer may also support wrapped, bridged or mirrored versions of XPTa on other networks, but such versions may be subject to separate terms. A holder must not assume that XPTa on another network has the same rights, redemption treatment or transferability as native XRPL XPTa unless expressly stated by the issuer.
28. Amendments
The issuer may amend these Product Terms, the Reserve Methodology, the Redemption Policy, the Fee Schedule or related documents. Material amendments may be published on the XPTa product page. Emergency amendments may take effect immediately where required to protect the product, holders, reserves, legal compliance, settlement integrity or operational security.
29. Termination or product wind-down
The issuer may terminate, wind down or restructure XPTa if it determines that continued operation is not commercially, legally, operationally or technically viable. Upon wind-down, the issuer may stop new issuance, suspend secondary support, establish a final redemption window, liquidate reserve assets, pay eligible holders in supported settlement assets, apply final valuation and fees, and burn, lock or retire redeemed tokens.
30. Limitation of liability
To the maximum extent permitted by applicable law, the issuer shall not be liable for indirect, incidental, consequential, punitive, special or exemplary damages, including loss of profit, opportunity, data, market loss, trading loss, tax liability or blockchain transaction error. The issuer's liability, if any, shall be limited to the express redemption rights stated in these Product Terms, subject to eligibility, reserve availability, fees, compliance requirements and applicable law.
31. No guarantee
The issuer does not guarantee the market price of XPTa, continuous liquidity, continuous redemption availability, physical delivery in every jurisdiction, no tracking difference, no regulatory change, no custodian, broker or counterparty failure, no blockchain disruption or any investment return.
32. Governing law
These Product Terms shall be governed by the laws stated in the final published Product Terms and applicable issuer documentation. Any dispute shall be resolved according to the dispute resolution process stated in the final published Product Terms, which may include courts, arbitration or another agreed forum.
33. Product documents
These Product Terms should be read together with the XPTa Reserve Methodology, XPTa Redemption Policy, XPTa Risk Disclosure, XPTa Fee Schedule, XPTa Valuation Methodology, XPTa Transparency Reports, the Physical Delivery & Confidential Records Policy, and applicable onboarding and compliance documents.
If there is a conflict between these Product Terms and any summary page, dashboard, marketing page or non-binding product description, these Product Terms prevail.
34. Summary statement
XPTa is Assetiko Platinum, a tokenized platinum commodity product issued on the XRP Ledger. Each XPTa is intended to represent one fine troy ounce of platinum exposure supported by a physical platinum reserve framework, custody records, insurance materials, verification materials and operating liquidity. Eligible holders may redeem digitally into supported settlement assets, while physical delivery may be requested from 100 XPTa in London, Zurich, Singapore or Hong Kong SAR, subject to written confirmation; it is not offered in the United States.
Holder rights are contractual and subject to these Product Terms, the Reserve Methodology, the Redemption Policy, applicable fees, compliance requirements, market conditions and applicable law.