Mentioned:
Bringing physical gold onto the blockchain has been on the rise. And it’s also starting to create a relentless source of new buying for physical gold bullion.
What’s happening:
- Gold backed stablecoins have continued to soar in popularity and adoption which has fuelled a multi bullion dollar buying spree of physical gold bullion globally
Who is making moves:
- Tether has now tokenized more than $2B USD of physical gold bullion for their XAUT gold backed stablecoin
- Paxos Trust Company has now tokenized more than $1.5B USD of physical gold bullion for their PAXG gold backed stablecoin
Why it matters:
- Digital asset companies putting gold on the blockchain has been one of the newest sources of demand that has contributed to gold prices reaching new all time highs
Going deeper:
- Streamex (NASDAQ: STEX) also just recently made waves on Wall Street when they launched a $100M USD pre-sale for their new gold backed stablecoin GLDY as well as purchasing their first $25M USD of physical gold bullion to hold directly as an asset
