颠覆性提案，黄金交易也要“上链”了

Core Viewpoint - The World Gold Council has proposed a revolutionary plan to launch a physical gold-backed digital token in London, aiming to transform the trading, settlement, and collateralization of gold [3][6][10]. Group 1: Digital Gold Initiative - The initiative, named "Upstream Digital Gold," seeks to enhance the transparency, trustworthiness, and accessibility of the gold market through digital means [6][8]. - The "Gold Bar Integrity" (GBI) program aims to create a blockchain-based, tamper-proof database for compliant gold, allowing buyers to verify the integrity of their investments [7][8]. - The initiative is expected to inject new vitality into the global physical gold trading market, which is valued at approximately $930 billion [3][10]. Group 2: Market Context and Timing - The proposal comes at a time when central banks have been purchasing over 1,000 tons of gold annually, reflecting a significant increase in demand for safe-haven assets amid rising geopolitical risks [10][11]. - The digital gold initiative is seen as a response to the need for gold to transition from a "solid" asset to a "liquid" financial asset, enhancing its liquidity and usability in capital markets [10][11]. Group 3: Challenges of Asset Tokenization - Unlike stablecoins backed by standardized assets, physical assets like gold face challenges such as lack of standardization and high cross-border transfer costs [12][15]. - Concerns about the authenticity of on-chain assets remain, as current methods to track physical gold are costly and may not guarantee full transparency [12][15]. - The success of digital gold will depend on establishing unified standards and enhancing transparency in custody and delivery systems [15].