As RWA (Real-World Assets) gradually progresses from proof-of-concept to structural development, tokenized gold is becoming one of the few asset classes that consistently attract attention from both the traditional financial system and the crypto market. Unlike other forms of RWA that rely on legal frameworks, cash flow assumptions, or regional policy environments, gold itself possesses a globally unified pricing mechanism, a long-term liquidity foundation, and mature physical delivery standards. These characteristics make it an important benchmark for testing whether "on-chain assets can achieve verifiability and long-term operational viability."
Due to this uniqueness, discussions around tokenized gold have clearly shifted from early questions of "feasibility" and "compliance" to a focus on structural issues such as the relationship with underlying assets, physical custody arrangements, and methods of information disclosure. At this stage, third-party research institutions are increasingly becoming an important reference for market understanding by presenting mainstream gold tokenization schemes through comparative analysis.
A Research Framework for Tokenized Gold: A Market Overview from a Third-Party Perspective
Against this backdrop, the digital asset research platform Falcon Finance recently published a research article titled "The Digitalization of Bullion: A Deep Dive into Tokenized Gold and How to Earn from ItThis study focuses on a comprehensive review of current tokenized gold-related projects. The research content presents multiple representative gold tokenization schemes through tables and project analyses, enabling readers to observe structural design differences among various projects through comparison.
Within the research framework developed by Falcon Finance, the gold token XAUm launched by Matrixdock, the RWA platform under Matrixport, has been included in its research on "The Big Five of Gold Tokens." XAUm is presented alongside multiple international gold token solutions in a parallel comparison.
Multi-Path Practices of Tokenized Gold: From Asset Forms to Structural Design
By presenting multiple gold token projects, Falcon Finance's research demonstrates the diverse practices of tokenized gold under different structural approaches. The relevant projects show clear differences in aspects such as the pricing method of gold per token, arrangements for physical gold custody, and asset structure design.
These differences are not merely judgments of superiority or inferiority, but rather reflect various implementations of tokenized gold under different usage scenarios and design orientations. By presenting different approaches within the same research framework, the relevant studies provide the market with a reference perspective for observing the current structure of the tokenized gold market.
Within this research framework, XAUm is used as one of the samples, serving as a concrete example of the various practical approaches to tokenized gold.
XAUm's Asset Structure and Custody Logic
XAUm is a gold-backed token launched by Matrixdock. Each XAUm token corresponds to one troy ounce of physical gold bars that meet the LBMA standards, and is backed by physical gold reserves as its underlying asset.
According to publicly disclosed information, the physical gold corresponding to XAUm is primarily held in professional vault systems in Singapore and Hong Kong. Relevant information about the gold reserves is continuously disclosed in a queryable format and combined with third-party verification mechanisms. This ensures an externally verifiable and ongoing correspondence between the quantity of gold reserves, the specifications of the gold bars, and the supply of XAUm tokens on the blockchain.
This design approach, centered on physical custody, continuous disclosure, and verifiable token-to-asset correlations, enables XAUm to emphasize asset authenticity and long-term transparency among different tokenized gold implementation models. In Falcon Finance's research, similar custodial arrangements and structural information are presented as equally important components.
The Industry Significance of Being Selected in the Five Major Research Areas
In the tokenized gold sector, which is still evolving, being included in systematic presentations and comparisons by third-party research institutions signifies that the project has entered the international research and discussion arena. Falcon Finance's related research is based on publicly available information, presenting different gold tokenization schemes side by side, rather than being based on commercial cooperation or business adoption.
The inclusion of XAUm in the research scope of the top five gold tokenization projects reflects that its product structure and implementation approach have become one of the key samples considered by international research institutions when observing the tokenized gold market. Such research typically provides the market with a more long-term, structural perspective, rather than short-term product evaluations.
Conclusion
As tokenized gold gradually moves from the proof-of-concept stage toward more complex operational environments, the market's focus on gold tokens is shifting from short-term trading attributes to more fundamental issues such as asset structure, physical custody arrangements, and long-term verifiability. In this process, the design approaches adopted by different projects will continue to be scrutinized by research institutions, market participants, and the regulatory environment.
XAUm has been included in Falcon Finance's systematic research on the tokenized gold market, providing a representative real-world case that reflects the diverse practices within this sector. It also offers a clear reference for understanding the potential future development of tokenized gold.