以下文章来源于36氪财经 ，作者黄绎达 张帆 36氪财经 . 36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 金价有望迎来新一轮超涨行情。 文 ｜ 黄绎达 编辑 ｜ 张帆 来源｜ 36氪财经（ID:krfinance） 封面来源 ｜ IC Photo 从8月下旬以来，金价进入了新一轮的疯涨模式，并不断刷新历史新高。截至发稿，COMEX黄金在10月17日盘中一度站上4392美元/盎司，再度刷新历史新 高，最近6个交易日的累计涨幅高达10%。而且，从8月20至10月16日这短短不到2个月的时间里，金价区间涨幅甚至达到了惊人的30%。 金价又又又又又创新高了。 图：COMEX黄金期货价格与泰达黄金代币和PAXG币总市值；资料来源：wind，DefiLlama，36氪 在我们的"透视图"文章《美联储降息靴子落地，金价的全球豪赌时刻，来了》中的一个核心判断是：美联储降息时金价一定会涨。随着当地时间9月17日， 美联储宣布降息后，金价应声上涨，上述判断已经兑现。除此以外，文中也指出黄金稳定币持续扩容将为金价提供长期支撑，金价与黄金稳定币规模的长期 正向关系，亦印证了上述逻辑。 那么，金价近期连创新高与黄金稳定币总 ...

Core Viewpoint - The article discusses the transformation of physical gold into on-chain digital assets through Real World Asset (RWA) products, highlighting its role as a bridge between traditional finance and the digital economy, while exploring the international development models, challenges, and future prospects of gold RWA [2][3]. International Development Models of Gold RWA - The global gold RWA market exhibits diverse development patterns, shaped by the financial infrastructure, regulatory environment, and market characteristics of different countries and regions [5]. - In the United States, the market is driven by strict regulatory frameworks, with the SEC classifying most RWAs as securities, leading to a market-driven model where private innovation precedes regulatory guidelines [6]. - Europe adopts a legislative-led approach, balancing innovation and regulation, with initiatives like DORA and MiCA to standardize crypto and token businesses, fostering an innovation-friendly environment [7]. - Japan employs a pragmatic regulatory strategy, gradually amending laws to create space for gold RWA development, focusing on compliance and risk control rather than rapid innovation [8]. - Hong Kong aims to become an Asian hub for gold RWA through proactive policies, promoting tokenized gold investment products and enhancing its position as a digital financial center [9]. Challenges Facing Gold RWA Development - Gold RWA faces multiple challenges, primarily in regulatory compliance, technical risks, and market acceptance [11]. - Regulatory and compliance challenges include ensuring clear ownership of physical gold, legal recognition of gold RWA, and adherence to various jurisdictional regulations, complicating cross-border transactions [12]. - Technical risks involve ensuring data security, accurate rights mapping on the blockchain, and addressing vulnerabilities in smart contracts and private key management [13]. - Market acceptance is growing, with a compound annual growth rate exceeding 30%, but liquidity remains a significant issue, as the market lacks a robust liquidity structure to support trading activities [15].

Core Viewpoint - The combination of gold and stablecoins has advantages, but future development needs to overcome certain obstacles. If mechanisms are improved, gold-backed stablecoins can serve as a store of value and, under specific conditions, as a means of payment and settlement [1][5]. Group 1: Gold Stablecoin Overview - Gold stablecoins are emerging as a new favorite in the cryptocurrency market, following the popularity of dollar-backed stablecoins. They are cryptocurrencies pegged to gold, sharing characteristics such as value stability and decentralization [2]. - The gold stablecoin market is currently dominated by two main players: Tether's XAUT and Paxos' PAXG, each holding nearly half of the market share. As of June 2025, the market capitalization of gold stablecoins is projected to reach $1.6 billion, accounting for approximately 0.67% of the total stablecoin market [2]. Group 2: Advantages of Gold Stablecoins - Compared to gold ETFs and futures, stablecoins enhance the convenience of gold trading through their decentralized nature: - They eliminate time and space constraints, allowing for global transactions at any time via blockchain technology. - They lower investment barriers by enabling fractional ownership of gold bars, with the ability to split ownership down to six decimal places (approximately 0.02 yuan). - They reduce transaction costs, with low fees (e.g., PAXG charges 0.02%) [3]. Group 3: Challenges Facing Gold Stablecoins - There are three main challenges that gold stablecoins must overcome: - The inherent conflict between the monetary functions of gold and stablecoins. Stablecoins primarily enhance payment and settlement functions, while gold serves more as a store of value, making their combination somewhat forced [4]. - Gold stablecoins have not fully realized their potential for value stability. The low number of holders leads to low trading turnover, shallow market depth, and significant deviations from London gold prices [4]. - There are issues with credit verification that contradict the decentralized and trustless nature of blockchain. Regulatory frameworks for physical collateral-backed stablecoins are still lagging, with existing legislation primarily covering fiat-backed stablecoins, leaving gold stablecoins facing compliance uncertainties [4].

Core Insights - The combination of gold and stablecoins presents advantages, but future development requires overcoming certain obstacles [2][5] - The gold stablecoin market is currently dominated by two main players: Tether's XAUT and Paxos' PAXG, each holding nearly half of the market share [3][4] Market Overview - As of June 2025, the market capitalization of gold stablecoins is projected to reach $1.6 billion, accounting for approximately 0.67% of the total stablecoin market, making it the third-largest category after USD stablecoins and crypto-collateralized stablecoins [3][4] Advantages of Gold Stablecoins - Gold stablecoins enhance the convenience of gold trading due to their decentralized nature, allowing for global transactions at any time [4] - They lower investment barriers by enabling fractional ownership of gold bars, with the ability to split ownership down to six decimal places (approximately 0.02 units) [4] - Transaction costs are reduced, with PAXG charging a minimal fee of 0.002% [4] Challenges Facing Gold Stablecoins - There is a natural conflict between the monetary functions of gold and stablecoins, as stablecoins emphasize payment and settlement, while gold primarily serves as a store of value [5] - Gold stablecoins have not fully realized their value stability attributes, resulting in low trading turnover and shallow market depth [5] - Regulatory uncertainties exist regarding the compliance of gold-backed stablecoins, as current frameworks primarily address fiat-backed stablecoins [5]