吴说获悉，据 Coinglass 数据，XAUT、PAXG 和 XAU 三种黄金资产的合约持仓量均已进入前 20，其 中 XAUT 持仓量达 5.2 亿美元，PAXG 达 3.86 亿美元，XAU 达 2.3 亿美元。 （来源：吴说） ...

The idea that investors would eventually trade their gold and silver for Bitcoin hasn’t happened yet. In fact, the opposite is occurring. In the past year, instead of crypto replacing precious metals, we are seeing a trend where crypto money moves to gold whenever the economy gets shaky. While Bitcoin, Ethereum, and XRP prices have dropped, investors have shifted their capital into gold. This is happening even though gold and silver have recently been more volatile than people are used to. It seems that w ...

The price of gold has gone up 85.56% in the past 12 months—it currently sits at over $5,100 on the Comex continuous contract—so if you bought some a year ago, you are probably pretty happy. But if you are a jewelry maker or retailer who needs to buy gold repeatedly as part of your manufacturing operations, you’ve got a logistical headache. You can wait until all your current inventory has been sold and then use that cash to buy more gold for new products. But that takes time, and while you are waiting the ...

Core Viewpoint - Tether has launched a new unit of measurement called "Scudo" for its gold-backed stablecoin XAUT, aiming to enhance the use of gold in payment systems [1][2]. Group 1: Introduction of Scudo - Tether introduced "Scudo," which is defined as one-thousandth of a troy ounce of gold, equivalent to one-thousandth of the value of its gold-backed token XAUT, currently valued at approximately $4.48 [1][2]. - The term "Scudo" has historical roots dating back to the 16th century, used to describe various Italian coins, and is derived from the Latin word for "shield" [4]. Group 2: Market Context and Growth - Tether cites ongoing inflation concerns, interest rate uncertainty, record central bank gold purchases, and increased demand for safe-haven assets as factors creating an opportunity for gold to regain its status as a widely accepted payment medium [2][7]. - The market capitalization of Tether's XAUT has reached $2.3 billion, growing nearly threefold over the past year, with Tether claiming to hold 116 tons of gold valued at nearly $17 billion as of the end of Q3 2025 [2]. Group 3: Competitive Landscape - The introduction of Scudo is seen as a response to the competitive landscape in the gold token market, particularly with Paxos launching PAXG, a gold-backed digital asset that has also seen significant growth [6][9]. - Paxos' PAXG has a market capitalization of $1.7 billion, having doubled in the past year, and is now the only gold token issued under federal regulatory oversight following approval from the Office of the Comptroller of the Currency [9]. Group 4: Accessibility and Adoption - Tether emphasizes that the introduction of Scudo lowers the entry barrier, allowing anyone to own, price, and trade a small portion of gold, which is considered a trusted asset [5]. - Paolo Ardoino, Tether's CEO, stated that gold is proving to be a significant store of value alongside Bitcoin, and the digitalization of gold through XAUT is a step towards broader accessibility [5].

Cryptocurrency Swaps Trends - MetaMask 用户本周热门兑换包括 Chainlink ($LINK)[1] - YeeErc20 ($YEE) 也受到 MetaMask 用户的关注[1] - Paxos Gold ($PAXG) 是 MetaMask 用户本周热门兑换的加密货币之一[1] - SPX ($SPX) 同样出现在 MetaMask 用户的热门兑换列表中[1] - Aave ($AAVE) 也是 MetaMask 用户本周关注的加密资产[1]

Market Overview - Tokenized gold market capitalization has exceeded $42 billion [1] - The tokenized gold market has grown by 147% in six months [1] Market Share - Tether's XAUT and Paxos' PAXG control approximately 90% of the tokenized gold market [1]

Cryptocurrency Swaps on MetaMask - Top swapped cryptocurrencies on MetaMask this week include LINK (@chainlink), PAXG (@Paxos), AAVE (@aave), YEE (@YeeErc20), and REKT (@RektCoin) [1] Potential Investment Opportunities - The listed cryptocurrencies represent potential investment opportunities within the decentralized finance (DeFi) and cryptocurrency space [1] Market Trends - The data reflects current trends in cryptocurrency trading activity on the MetaMask platform [1]

RT MEXC_Listings (@MEXC_Listings)New 0 fee spot trading pairs added:🔵 $PAXG/USDC @Paxos & $ZEN/USDC @horizenglobal🔵 Trading starts: Dec 2, 2025, 09:00 (UTC)Details: https://t.co/lpLknGckES https://t.co/YRAc0wtMQx ...

Core Insights - The rise of Real World Assets (RWA) is transforming the financial landscape by tokenizing physical assets like real estate and art on blockchain, creating a new market for digital securities [1][2] - Despite the impressive growth in RWA market size, challenges such as liquidity issues and regulatory constraints remain significant hurdles [3][6] Group 1: Definition and Market Overview - RWA refers to the tokenization of tangible assets, allowing them to be traded on blockchain, which revolutionizes asset liquidity and trading [2] - The market for tokenized non-liquid assets is projected to reach $16 trillion by 2030, representing nearly 10% of global GDP [2] - As of mid-2025, approximately $24 to $25 billion of RWA has been successfully migrated to blockchain, a significant increase from under $5 billion in early 2023 [3] Group 2: Market Dynamics and Challenges - The RWA market is dominated by private credit and tokenized U.S. Treasury bonds, with BlackRock's BUIDL token valued at $2.42 billion and Ondo Finance's OUSG token at $1.76 billion, together accounting for nearly 20% of the market [3] - Despite high market valuations, RWA assets often serve as "on-chain savings accounts" for institutional and high-net-worth investors, leading to low trading activity [3][6] - Liquidity issues are prevalent, with tokenized real estate and art facing severe trading challenges, often resulting in significant price discrepancies [6][8] Group 3: Driving Factors Behind RWA Popularity - The disparity in yields between decentralized finance (DeFi) protocols and U.S. Treasury bonds has driven capital towards the latter, enhancing the appeal of tokenized bonds [5] - Traditional financial institutions are increasingly entering the RWA space, providing legitimacy and support for the market [5] - RWA offers democratized investment opportunities, allowing smaller investors to access high-value assets that were previously out of reach [5] Group 4: Structural Barriers to RWA Development - Regulatory challenges exist as many RWA tokens are classified as securities, limiting market participation due to compliance requirements [7] - The lack of a unified trading platform leads to fragmented liquidity, making price discovery inefficient and increasing transaction costs [7] - The unique nature of each RWA asset complicates valuation, creating significant bid-ask spreads and hindering market participation [8] Group 5: Future Pathways for RWA - A hybrid market structure combining centralized and decentralized platforms may provide a solution to current challenges, allowing for compliant issuance and trading [9] - Utilizing collateralized lending models can enhance liquidity for RWA holders without necessitating asset sales [9] - Establishing standardized asset disclosures and valuation frameworks will help reduce information asymmetry and improve market efficiency [9][10]

Tokenization Growth - Tokenization 不仅限于稳定币，其他资产类别的增长也不容忽视 [1] - 黄金的 Tokenization 在过去 5 个月内显著增长 [1] Gold Tokenization Metrics - XAUT 的市值为 21 亿美元 [1] - PAXG 的市值为 13 亿美元 [1] - 黄金 Tokenization 的市值自 2021 年以来增长了 50 倍 [1] - 黄金 Tokenization 的总市值为 39 亿美元，而黄金作为一种资产的价值达数万亿美元 [1]