Tokenized gold led by Tether's XAUT and Paxos's PAXG, collectively holding 97% market share with on-chain trading volume exceeding $4 billion, is rapidly evolving into a key component of Risk-Weighted Assets (RWA). Gate Research highlights the structural differences between tokenized gold and traditional gold ETFs, including around-the-clock divisibility and on-chain composability, as well as greater reliance on custody and compliance. Currently, competition between platforms mainly focuses on gold index governance for perpetual futures. Gate is building a full-stack trading marketplace integrating spot, leveraged ETFs, CFDs, and perpetual futures, unifying holding, leverage, and hedging within a single account framework.

XAUT0.08%
PAXG0.06%
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