There's a viewpoint going around that one day in the future, the liquidity of gold tokens might surpass BTC. If this perspective turns out to be correct, who would be the biggest beneficiaries? Even if only 10% of gold gets tokenized, based on its current market value, that would be close to $3 trillion. If 50% gets tokenized, it would be around $15 trillion—a massive scale. Given the current security of blockchains, who can handle assets of this magnitude? As of now, Ethereum and its ecosystem seem to be in a favorable position. Most gold tokens (like PAXG, XAUT) are issued on Ethereum. The increase in liquidity for gold tokens would boost on-chain transaction volume, gas fees, and TVL, benefiting network usage and ETH. Currently, the market value of tokenized gold has exceeded $1.5 billion, accounting for 77% of the RWA commodity category within the Ethereum ecosystem (including L2). If it’s truly possible for gold token liquidity to surpass BTC in the future, this would attract more institutional funds into Ethereum, further driving ETH’s value as the "RWA infrastructure." Other beneficiaries include issuers (like Paxos, Tether) and custodians (like HSBC’s Gold Token, which has already processed $1 billion in transactions). They profit from fees, while investors benefit from lower slippage and faster settlement. The RWA era is almost inevitable, though its development won’t be rapid, and there are still many off-chain custody issues to sort out.