As RWAs gradually move from proof-of-concept to structural development, tokenized gold is becoming one of the few asset classes that continues to attract attention from both the traditional financial system and the crypto market. Unlike other forms of RWAs that rely on legal structures, cash flow assumptions, or regional policy environments, gold itself possesses a globally unified pricing mechanism, a long-term liquidity base, and mature physical delivery standards, making it an important sample for testing whether "on-chain assets possess verifiability and long-term operational capability."
Because of this unique characteristic, industry discussions surrounding tokenized gold have clearly shifted from the early focus on "feasibility" and "compliance" to a focus on structural issues such as the underlying asset correspondence, physical custody arrangements, and information disclosure methods. During this phase, third-party research institutions, through comparative analysis of mainstream gold token schemes, are gradually becoming an important reference path for the market to understand this sector.
A research framework for tokenized gold: a market analysis from a third-party perspective
Against this backdrop, digital asset research platform Falcon Finance recently published a research article, " The Digitalization of Bullion: A Deep Dive into Tokenized Gold and How to Earn from It, " which provides a comprehensive overview of current tokenized gold projects. The research presents several representative gold token schemes through tables and project analyses, allowing readers to observe the differences in structural design among different projects through comparison.
Within the research framework established by Falcon Finance, XAUm, the gold token launched by Matrixdock, the RWA platform under Matrixport, was included in its research scope of "The Big Five of Gold Tokens," and was presented alongside several international gold token solutions.
Multi-path practice of tokenized gold: from asset form to structural design
By showcasing multiple gold token projects, Falcon Finance's research demonstrates the diverse practices of tokenized gold across different structural paths. The projects exhibit clear differences in aspects such as the gold pricing method for each token, physical gold custody arrangements, and asset structure design.
These differences are not simply a matter of superiority or inferiority, but rather reflect the various ways in which tokenized gold can be implemented under different use cases and design orientations. By presenting different solutions within the same research framework, the research provides 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 specific case study among various practical paths for tokenized gold.
XAUm's asset structure and custody logic
XAUm is a gold-backed token launched by Matrixdock. Each XAUm represents 1 troy ounce of physical gold bar conforming to LBMA standards, and its underlying asset is physical gold reserves.
According to publicly disclosed information, the physical gold corresponding to XAUm is primarily held in professional vault systems in Singapore and Hong Kong. Relevant gold reserve information is continuously disclosed in a verifiable manner, and combined with third-party verification mechanisms, a continuously verifiable correspondence is established between the quantity of gold reserves, the specifications of gold bars, and the supply of XAUm tokens on the blockchain.
This design approach, centered on physical custody, continuous disclosure, and verifiable correspondence, allows XAUm to emphasize asset authenticity and long-term transparency across different practices of tokenized gold. In Falcon Finance's research, similar custody arrangements and structured information are presented as important, parallel components.
Industry significance of being selected for the five major research areas
In the still evolving niche market of tokenized gold, the fact that this project has been included in a systematic presentation and comparison by a third-party research institution signifies that it has entered the international research and discussion arena. Falcon Finance's research, based on publicly available information, presents different gold token schemes side-by-side, rather than being based on commercial partnerships or business adoption.
XAUm's inclusion in the research scope of the top five gold token projects reflects its product structure and practical path, making it one of the important samples considered by international research institutions when observing the tokenized gold market. This type of research often provides the market with a longer-term, structured perspective, rather than short-term product evaluations.
Conclusion
As tokenized gold gradually moves from the proof-of-concept stage to a more complex operating environment, 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 paths 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 study of the tokenized gold market, providing a representative real-world case for observing the diverse practices in this sector and offering a clear reference for understanding the possible future development direction of tokenized gold.
