Gold, the original store of value, is closing in on $3,000 and is currently trading above $2,700, hitting new all-time highs.
As the yellow metal rises, capital could flow into Bitcoin, the digital alternative, forcing the world’s most valuable coin past $74,000.
3 tonnes of tokenized gold
If gold and Bitcoin have advantages, the more suave favoring the fluidity of BTC, a holder seems to be interested in both.
A recent analysis from Arkham, a blockchain intelligence company, revealed this wallet contains over $250 million in Tether Gold. In the real world, this symbolic reserve weighs around 3 tonnes.
For the moment, the owner of this tokenized reserve remains unknown. However, using AI, Arkham speculates that the 3 tons of gold belong to RhinoFi. According to on-chain data, the Layer 2 bridge has processed over $2.3 billion in assets from over 48.8 million transactions. He currently bridges 31 channels, connecting over 2 million accounts.
Tether Gold is technically a stable coin that tracks the real value of gold. As of October 22, over 246,520 digital gold tokens have been minted on Ethereum. According to Ethplorerthere are 2,618 token holders making over 39,500 transfers.
Although it is not immediately possible to determine that RhinoFi controls almost 50% of all Tether gold in circulation, tokenization is gaining momentum. The success of dollar-backed stablecoins like USDT and USDC and their widespread adoption, particularly in emerging economies, is why they are here to stay.
BlackRock confident, more than $2.4 billion in US Treasuries and bonds live on chain
Converting real-world assets into tokens on public ledgers like Ethereum or Polygon facilitates transfer and user exposure. BlackRock CEO predicts the tokenization market will be worth billions over the next few years.
Data from Coingecko shows that over $7.9 billion in assets have been tokenized. Most of them are found on Ondo, Pendle and Mantra. Beyond Tether Gold, other tokenized alternatives include Pax Gold and Quorium.
Besides gold, real estate and US Treasuries were tokenized. BlackRock, one of the world’s largest asset managers, is currently issuing BUIDL on Ethereum.
Looking Data from rwa.xyzmore than $2.4 billion in U.S. Treasury bills, bonds and other cash equivalents have been tokenized. BlackRock’s BUIDL currently manages over $550 million in tokenized treasury.
Featured image from Pexels, chart from TradingView
