Gold, the true store of value, is approaching $3,000 and is currently trading above $2,700, printing all-time highs in the process.
As the yellow metal extends gains, capital may flow into Bitcoin, the digital alternative, pushing the world’s most valuable coin above $74,000.
3 Tons of Gold Tokenized
Although gold and Bitcoin have advantages, as suave likes liquid BTC, one owner seems to be interested in both.
A recent analysis by Arkham, a blockchain intelligence firm, revealed that one fund holds more than $250 million in Tether Gold. In the real world, this token fruit weighs 3 tons.
Currently, the owner of this token stash is unknown. However, using AI, Arkham guesses that the 3 tons of gold belong to RhinoFi. According to on-chain data, the layer-2 bridge has processed assets worth more than 2.3 billion from more than 48.8 million transactions. In the meantime bridges 31 chains, connecting more than 2 million accounts.
Tether Gold is technically a stablecoin that tracks the value of real world gold. As of October 22, more than 246,520 digital gold tokens had been minted on Ethereum. In accordance with Ethplorerthere are 2,618 token holders making over 39,500 transfers.
While it cannot be immediately determined that RhinoFi controls approximately 50% of all Tether Gold in circulation, tokenization is increasing. The success of USD-backed stablecoins like USDT and USDC and their widespread adoption, especially in developing countries, explains why they are here to stay.
BlackRock Confident, Over $2.4 Billion of US Treasuries, Bond Lives Onchain
Converting real-world assets into tokens on public ledgers like Ethereum or Polygon makes it easy for users to transfer and gain exposure. The CEO of BlackRock predicts that the token market will command billions in the next few years.
Coingecko data shows assets of more than 7.9 billion tokens. Most of them are in Ondo, Pendle, and Mantra. Beyond Tether Gold, other tokenized alternatives include Pax Gold and Quorium.
In addition to gold, real estate and United States Treasuries have been tokenized. BlackRock, one of the world’s largest asset managers, is currently issuing BUIDL on Ethereum.
looking at Data for rwa.xyzover $2.4 billion of United States treasuries, bonds, and other cash equivalents have been tokenized. BlackRock’s BUIDL currently manages over $550 million in token wealth.
Insert image from Pexels, chart from TradingView
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