On chain gold is currently mainly backed by physical gold tokens PAXG and XAUT, which are the best part of asset tokenization development (excluding stablecoins) and the most widely held tokenized asset on Ethereum. The current total market value is around 4-6 billion US dollars. On Ethereum, ranked by the number of holders, PAXG (Pax Gold) has approximately 90000 holders; XAUT (Tether Gold) has about 40000 holders, far more than other token assets (such as some treasury bond tokens, mostly less than 20000 holders). (Token Terminal April 2026 data) At present, on chain gold is mainly on Ethereum. On chain gold is not only a "digital gold bar", but can also be used as collateral in Ethereum DeFi (Aave and other protocols), traded on DEX such as Uniswap, and provide liquidity. Holders can transfer, borrow, and earn profits 24/7 at any time, which is far less liquid than Ethereum on other chains. Institutions and individual investors are more willing to place gold on the chain with the strongest liquidity and the best portfolio. If 10% of gold is carried on the chain in the future, it would be worth 1.4-1.6 trillion US dollars based on its current value. Considering that its value will continue to increase in the future, it is conservatively estimated that it will also be worth trillions of US dollars. From this perspective, the tokenization of assets that Ethereum will carry in the future, and the scale of gold alone, is not small.