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].

智通财经APP获悉，国泰海通发布研报称，相比黄金ETF和期货等其他黄金投资品，稳定币的去中心化 特征提升了黄金交易的便捷程度。黄金稳定币市场目前呈现"双雄分治"的局面，Tether公司发行的 XAUT币和Paxos公司发行的PAXG币各占市场份额的近一半。截至2025年6月，黄金稳定币市场的市值 规模达到16亿美元，约占全部稳定币市值规模的0.67%，是排在美元稳定币和加密货币抵押型稳定币之 后的第三大类稳定币。 相比黄金ETF和期货等其他黄金投资品，稳定币的去中心化特征提升了黄金交易的便捷程度： 降低时空限制：黄金稳定币运行在区块链上，可实现任意时间的全球快速交易; 降低投资门槛：黄金稳定币对应黄金条块的所有权，在交易的过程中可以实现黄金条块的碎片化分割， 最高可分割至小数点后六位(约0.02元); 降低交易费用：黄金稳定币仅收取较低的交易费用(如PAXG币收取万分之二)。 黄金稳定币的发展：需突破三类困难 国泰海通主要观点如下： 黄金与稳定币的结合存在优势，不过未来发展也需要突破一些障碍。如果机制改善，黄金稳定币可以承 担价值储藏的功能，以及特定条件下的支付和结算功能。 黄金稳定币：悄然崛起的"币圈新宠" ...