The World Gold Council (WGC), together with the Boston Consulting Group (BCG), has proposed a new open platform to modernize how gold functions in digital financial systems. In a white paper titled “Gold as a Service,” the WGC outlines a shared infrastructure to support the issuance and operation of scalable, interoperable digital gold products.
The platform would link physical custody of bullion with the digital systems used to issue and manage tokenized gold, standardizing processes such as custody coordination, reconciliation, compliance and redemption. The WGC says this approach could reduce operational complexity, improve access, and create greater consistency across digital gold offerings.
Crypto-native tokenized gold products like Tether Gold (XAUT) and Pax Gold (PAXG) currently use their own custody, compliance and redemption models. The WGC’s proposed standard aims to make tokenized gold more attractive to institutional participants by embedding audits and assurance, increasing fungibility, enabling interoperability with existing financial rails, and improving liquidity for lending and borrowing markets.
WGC CEO David Tait emphasized that as financial services undergo rapid digital transformation, gold must adapt to remain relevant in the global financial system. “Shared infrastructure can help gold become more accessible, more easily traded and fully integrated into modern financial systems — ensuring it remains as relevant tomorrow as it has been for millennia,” he said. Matthias Tauber, managing director and senior partner at BCG, added that the issue is no longer whether gold will be digitized but how it can be integrated into modern finance without compromising its physical integrity.
Tokenized commodities, including gold, account for roughly $5.5 billion — about 20% of the on-chain value of tokenized real-world assets (RWAs), according to RWA.xyz. The tokenized RWA market has expanded rapidly, with a reported 340% growth over the past year as demand for gold has risen. Tether’s tokenized gold product has a market capitalization of about $2.6 billion, up 17% over the past 12 months, while Pax Gold’s market cap stands near $2.3 billion, per CoinGecko data.
Activity in the space continues to grow: crypto exchange Bybit recently launched a yield-bearing tokenized gold product that allows users to earn interest on Tether Gold.
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