On February 9, 2026, Eva Meng, head of Matrixdock, the RWA platform under Matrixport, attended the ITA 2026 RWA Global Summit and participated in a roundtable discussion on the theme of "Gold RWA and Stablecoins". Eva shared her first-hand views based on her personal observations and practical experience on the relevant issues and scaling conditions of Gold RWA in actual operation.
The premise of Gold RWA is not a concept, but whether physical ownership can be exercised.
During the roundtable discussion, Eva mentioned that the concepts of "gold tokens," "gold stablecoins," and "gold RWAs" are often used interchangeably in the current market, but they differ in asset structure and rights attributes. Matrixdock is currently focusing on promoting gold RWAs based on full-value, standardized physical gold. She stated that the core of gold RWAs lies not in their form or conceptual packaging, but in whether they truly correspond to enforceable physical gold ownership and whether the related arrangements can be implemented and operated in a real-world environment.
Eva further stated that only when the path of holding, subscribing to, and redeeming physical gold is clearly defined can the gold RWA have a realistic basis for being understood and used by the market and institutions.
The real test of national-level practice: Can the redemption mechanism withstand multiple rounds of stress tests?
Drawing on Bhutan's national-level gold RWA project, Eva points out that the challenges faced in promoting such projects do not primarily stem from the concept or product design itself, but rather from a series of specific issues encountered during actual operation.
She stated that the prerequisite for launching the project was a clear understanding of the local rules for holding, trading, and redeeming gold, including who can hold, who can trade, and who can complete the redemption. Since the subscription and redemption of RWA gold ultimately require physical delivery in the local area, this stage is more about communication and coordination costs.
Building on this, Eva mentioned that the certainty of primary market subscriptions and redemptions at the execution level is crucial for the smooth operation of the system—when a user initiates an operation, it is of paramount importance whether the system can provide a definite quote and complete the settlement within a reasonable time.
In the long run, Eva further emphasized that the key to determining whether the gold RWA has the foundation for large-scale operation lies in whether the redemption mechanism can withstand continuous and multiple rounds of stress tests. She stated that under normal market conditions, price fluctuations around physical gold are acceptable; however, the true test of its reliability is whether the system can maintain the feasibility and certainty of the redemption channel when continuous and large-scale redemption demands occur.
In response to the question of "what issues should be prioritized for gold stablecoins or gold RWAs to gain wider acceptance from the public and the mainstream financial system," Eva stated that the key to scaling up these assets lies not in the issuance format or concept itself, but in whether the redemption mechanism can maintain its continuous and stable operation under high-stress scenarios. Only by maintaining its feasibility through multiple rounds of stress testing can these assets gradually gain the trust of the market and the mainstream financial system.
