Market Trends - The tokenized gold market has experienced significant growth, reaching $36 billion in market capitalization [1] - Tokenized gold market has increased 50x since 2021 [1] - Tether is capitalizing on the USD to onchain transition with USDT [1] - Approximately $30 trillion of gold may migrate onchain [1] Key Players - Tether's XAUT and Paxos' PAXG dominate the tokenized gold market [1] - Paolo Ardoino & Co are key figures related to Tether [1] Tokenization - Tokenized commodities are gaining traction [1] - Tokenized gold is seen as a battle-tested inflation hedge [2]

Core Insights - Tether holds over 11.6 tons of gold bars to back its tokenized gold offering, Tether Gold (XAUT), in response to increasing investor demand for gold [1] - As of September 30, XAUT was backed by more than 375,000 ounces of physical gold, with reserves stored in Switzerland [1] - The market capitalization of XAUT surged to over $1.4 billion in Q3, driven by rising gold prices amid inflation concerns and geopolitical instability, and reached $2.1 billion in October as gold prices hit $4,500 [2] Group 1 - Tether Gold (XAUT) is issued under El Salvador's digital asset framework and is backed 1:1 by a fine troy ounce of gold [1] - The growth in XAUT's market cap was primarily fueled by increased demand from retail investors in emerging markets, as stated by Tether's CEO [2] - Tokenized gold provides a blockchain-based representation of physical gold, making it accessible to investors without the complexities of traditional custody or logistics [3] Group 2 - The rising demand for gold is attributed to inflation concerns, geopolitical instability, and increased purchases from central banks [2] - Tokenized gold allows investors who lack access to traditional financial products like ETFs to invest in gold [3]

Market Trends - Tokenized gold trading volume reached $1 billion for the first time since the 2023 banking crisis [1] Investment Analysis - The report compares $XAUt and $PAXG, analyzing how blockchain is reshaping gold investment [1] Risk Assessment - The report breaks down the potential risks associated with tokenized gold investment [1]

Market Performance - Tokenized gold reached a new all-time high market cap of $328 billion [1] - Tokenized gold market cap rose 21% in 24 hours [1]

Tokenized Gold Supply - The supply of tokenized gold on Ethereum has increased by over 100% since the beginning of the year [1] - Tokenized gold supply is approaching $2.7 billion [1]

Regulatory Approval - Foris DAX Middle East 成为首个获得阿联酋储值设施许可证原则性批准的 VASP [1] Market Trends - 代币化黄金代币市值达到 30 亿美元 [1] Institutional Adoption - 摩根士丹利将允许顾问向客户提供加密货币基金 [1]

Market Overview - Tokenized gold's total market capitalization reached a record high of $302 billion [1]

Deployment & Infrastructure - Tether Gold (XAUt) is now deployed on Avalanche, bringing LBMA-certified gold to DeFi [1] - XAUt will serve as the primary infrastructure for tokenized Tether gold on Avalanche [1] Key Benefits - Avalanche offers fast and low-cost transactions for XAUt [1] - Avalanche provides a composable DeFi environment for XAUt [1]

Market Overview - Tokenized gold on Ethereum is valued at approximately $24 billion [1] - The supply of tokenized gold has increased by about 100% year-to-date [1]

RWA (Real World Assets) Tokenization - Tokenized gold on Ethereum (ETH) reaches $2.2 billion, becoming a significant RWA pool onchain [1] - Each ounce of tokenized gold settles faster on Ethereum than through the traditional global banking system [1] Ethereum Network Advantage - Ethereum facilitates faster settlement of tokenized gold compared to the global banking system, which has been in operation for centuries [1]