Written by: Conflux

Spot gold has nearly erased all of its gains this year.

But the truly important change is not in the price.

It lies in the fact that—someone is rewriting the "rules of gold."

As everyone is anxious about the short-term fluctuations of gold, the World Gold Council has partnered with consulting giant Boston Consulting Group (BCG) to propose a completely new system: Gold as a Service.

It sounds very technical and abstract, but if expressed differently, it is actually quite simple: they want to create a "gold-backed stablecoin infrastructure." Moreover, it will be an institutional-level, standardized, globally unified version.

Rewriting the Rules

On the surface, this matter can easily be misunderstood. Many people think that this is just another blockchain gold product similar to Tether Gold (XAUT) and Pax Gold (PAXG).

But this time, it is entirely on a different level.

This time, the World Gold Council does not just want to launch a product, but to establish a complete set of "industry foundational rules."

They are attempting to standardize all the critical aspects of the entire digital gold system:

• Gold custody
• Asset reconciliation
• Compliance framework
• Redemption mechanism

In other words: in the past, projects were "fighting their own battles," but now, they aim to build a set of "gold-backed foundational financial infrastructure."

Flaws of On-Chain Gold

Why is this important?

Because today’s on-chain gold has a fundamental problem—system fragmentation and lack of standards.

Different projects cannot interconnect, making it difficult to unify pricing, which also complicates access for institutions at scale.

The essence of "Gold as a Service" is to build a unified standard: to integrate "physical gold custody" with "on-chain asset issuance." You can think of it as establishing a real "digital highway" for gold.

In simple terms, it is like a bridge, tightly connecting the physical custody of gold with the digital management systems of tokenized gold products.

The core value of this system lies in addressing the current pain points in the digital gold sector, paving the way for large-scale institutional participation:

• Standardized issuance and management: reducing institutional access costs
• Enhancing interchangeability: improving market liquidity efficiency
• Embedded auditing and verification: meeting institutional compliance needs
• Interoperability with existing financial systems: clearing funding channels
• Improving lending liquidity: freeing up capital use efficiency.

David Tait, CEO of the World Gold Council, pointed out sharply: "Financial services are undergoing a 'rapid and pervasive digital transformation,' and gold must evolve accordingly to maintain its status in the global financial system."

Re-Financialization

According to data from RWA.xyz, in the past 12 months, the entire RWA market size has grown by 340%. Among them, tokenized commodities represented by gold, with a volume of 5.5 billion dollars, account for 20% of the total value of on-chain RWA.

This data is sufficient to demonstrate that a trend is very clear: gold is being re-financialized, becoming "a financial tool on-chain."

Currently, on-chain gold can:

• Transfer 24/7
• Serve as collateral
• Enter the lending market
• Generate yields

Meanwhile, as a pioneer of digital gold, XAUT and PAXG have already achieved remarkable results: XAUT has a market cap as high as 2.6 billion dollars, growing by 17% over the past year; PAXG follows closely with a market cap of 2.3 billion dollars.

This means that bringing gold on-chain has become an accelerating structural trend.

True Competition

For thousands of years, gold has been important because of its—scarcity, stability, and trust. Now, it is no longer just a "safe-haven asset," but is starting to transform into a "foundational currency layer" that can participate in global capital flows.

And the true competition has also changed: it is no longer about who holds the gold, but rather—who defines the rules of gold's operation in the digital world.

*This content is for reference only and does not constitute any investment advice. The market carries risks, and investment should be approached with caution.

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