From gold bars to on-chain collateral, gold has been used for thousands of years, while tokenization has taken only a few—Under the PAXG/XAUT dual-oligopoly setup, putting still-unmined mining rights on-chain is the next powder keg.

PAXG1.77%
XAUT1.79%
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Professor Lin Chen from the University of Hong Kong: Digital gold is shifting from an "hedge asset" to a "programmable financial primitive"
This forum pointed out that tokenized gold will become the core connection between physical assets and DeFi by 2026.
The total market capitalization is $6.1 billion, with PAXG/XAUT accounting for about 95%;
2025 saw a surge in trading volume, with DEX transactions reaching $440 million, enabling 24/7 trading for global price discovery.
It is evolving from a store of value tool into an interest-bearing programmable financial primitive, widely used for collateralized lending on platforms like Aave.
In the future, applications will include unmined gold mine tokenization, wholesale digital gold, and cross-border payments, with 18 decimal places, 12-second settlement, and blockchain verification driving the digital gold standard era.
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