Tokenized gold, led by Tether's XAUT and Paxos's PAXG, accounts for 97% of the market share, with on-chain trading volume exceeding $4 billion, and is rapidly developing into a key component of Risk-Weighted Assets (RWA). Gate Research emphasizes the structural differences between tokenized gold and traditional gold ETFs, including 24/7 divisibility and on-chain composability, as well as a higher reliance on custody and compliance. Currently, competition among platforms mainly focuses on gold index governance for perpetual contracts. Gate is building a full-stack trading marketplace that integrates spot, leveraged ETFs, contracts for difference (CFDs), and perpetual contracts, unifying holding, leverage, and hedging within a single account framework.

XAUT-1.33%
PAXG-1.43%
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