Original source: Matrixport

On November 18, 2025, the global one-stop crypto financial platform Matrixport held an AMA event themed "Building the On-Chain Gold Economy: How Matrixdock and Creek Collaborate to Create a Sustainable On-Chain Yield Network," inviting Josh, the head of business development at Matrixdock, and Damian, co-founder of Creek, to engage in an in-depth discussion on the trend of gold tokenization, the on-chain application of XAUm, and sustainable yield models. This discussion revealed a new positioning for gold in on-chain finance and showcased the latest development directions in the RWA sector.

Gold Enters the Third Stage of On-Chain Transformation: From Static Store of Value to Native DeFi Asset

Josh, the head of Matrixdock, pointed out that the development of gold is undergoing three stages: in the initial physical gold stage, there was significant asset stagnation and extremely low liquidity; during the ETF stage, although the investment threshold was lowered, it was still limited by trading hours, high redemption thresholds, and cumbersome processes. Now, gold is entering the third stage, the on-chain era: achieving 24/7 global liquidity, wallet-to-wallet transfers, being usable as collateral in DeFi, and allowing for real yield without leaving the vault.

In this stage, gold is no longer just a store of value but has become part of the on-chain financial infrastructure. The core goal of Matrixdock and Creek is to establish gold as an on-chain underlying asset that combines security, liquidity, and yield.

The Underlying Asset Path of XAUm: Full Transparency from Physical Gold to On-Chain Token

XAUm is a physical gold token issued by Matrixdock, with each token corresponding to 1 troy ounce of physical gold, securely stored by Brinks and Malca-Amit in vaults in Hong Kong and Singapore. Its issuance process strictly follows the principle of "physical first, no over-issuance": after users initiate a mint request with stablecoins, Matrixdock will off-ramp the stablecoins to fiat currency and then purchase the corresponding amount of gold from LBMA-certified refineries. Only after the gold bars are stored, and asset proof and audit updates are completed, will XAUm be officially minted, ensuring that the number of on-chain tokens matches the physical gold in the vault.

Users can obtain XAUm through multi-chain DEXs, the Matrixdock dApp, or the Matrixport App, covering various scenarios including CEX, DeFi, and mobile.

On-Chain Yield Generation for Gold: Creek Unlocks Structured Yield Models for XAUm

In the Sui ecosystem, Creek introduces a structured yield model for gold. When users stake XAUm in Creek, it is split into GR (Gold Reserve, representing the stable portion of gold's value) and GY (Gold Yield, representing the volatile yield portion of gold).

This splitting mechanism gives gold stronger on-chain composability: conservative users can hold both GR and GY and recombine them back into XAUm at any time; while users looking to enhance capital efficiency can use GR as collateral to borrow GUSD, thus participating in more DeFi strategies.

Over 70% of the protocol's revenue sources (including lending interest, flash loan fees, and transaction fees) will be returned to GY/GUSD holders. With this design, gold not only maintains its stable value attribute but also possesses the ability to generate sustainable yields, allowing it to truly integrate into the DeFi ecosystem.

Sui Becomes the Key Foundation for Gold On-Chain: Move Builds a Secure Base for RWA

Matrixdock chose to deploy XAUm on Sui based on the following considerations:

● The Move language natively supports asset and permission management, providing higher security.

● Sui has a high-quality user base with strong interactions, suitable for core asset layouts like gold.

● The deep liquidity of USDC on Sui provides a critical starting point for RWA.

● Circle natively supports Sui, significantly reducing friction costs in the gold purchasing process.

● Sui officially regards gold as a core anchor asset in the on-chain financial ecosystem.

On this basis, Creek also fully utilizes Move's security features to achieve more efficient contract design. For example, complex flash loan logic requires hundreds of lines of code in EVM, while in Move, it can be completed with only a few lines of code, greatly reducing the attack surface of smart contracts.

The Creek testnet has attracted over 4 million users to date, with 500,000 users completing the entire interaction process. With the mainnet launch, both parties will introduce more collaborations in the Sui ecosystem, including lending protocols, yield products, and liquidity pools, providing richer infrastructure for the on-chain application of gold.

XAUm Will Expand to Multi-Chain, On-Chain Gold Standard Asset is Taking Shape

Josh stated that currently, tokenized gold accounts for less than 0.01% of the global gold market, indicating significant growth potential in the future. Next, Matrixdock will focus on advancing the following directions:

● Establish XAUm as a core asset with a hundred-million TVL scale on Sui.

● Expand more scenarios: lending, LP Vault, Basis Trading, Looping, etc.

● In the next 6–12 months, expand XAUm to multiple mainstream public chains.

● Already integrated with institutional partners like BitGo, Cactus Custody, Crypto.com, Binance, OKX, and will continue to expand.

With the acceleration of multi-chain expansion and institutional adoption, XAUm is rapidly evolving towards the standard of on-chain gold as a universal asset (gold standard on-chain).

Leveraging Matrixdock's institutional-grade gold infrastructure, Creek's structured yield model, and Sui's underlying security architecture, gold is transforming from a traditional store of value into a core on-chain asset that is liquid, collateralizable, composable, and capable of generating real yields. In the future, gold will no longer be just a part of the RWA sector but will become a key infrastructure of the Web3 financial system, driving the comprehensive formation of the on-chain gold economy.

This article is from a submission and does not represent the views of BlockBeats.

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