全球經濟不確定性加劇與黃金市場再度風靡，使「數位黃金」——以實體金條作為儲備的加密貨幣——再受關注。
2025 年，因通膨升溫、貿易緊張及避險需求，金價已攀升至歷史新高（約每盎司 3,400 美元）。例如，根據路透社報導，2025 年 5 月因美國再揚關稅威脅和美元走弱，金價單週大漲超過 2%，突顯其危機避險地位。
根據世界黃金協會數據，全球央行 2024 年積極儲備金條（全年購買超過 1,000 公噸），而黃金 ETF 於 2025 年初也湧現大量資金流入。在這種背景下，加密創業團隊推動如 Tether Gold（XAUT）、Pax Gold（PAXG）等通證，每一單位皆可兌換實體黃金，作為美元穩定幣的替代方案。支持者認為這類通證結合區塊鏈流動性與黃金長期價值，而批評者則指出其規模有限且高度依賴託管方。
本文審視黃金支持穩定幣能否成為穩定且具流動性的新避風港，對比 XAUT、PAXG 等之市值、應用與監管現狀，評估其作為危機避險資產的可靠性，並探討若美元走弱，黃金穩定幣是否仍僅屬利基資產，或能躍居主流。
什麼是黃金支持穩定幣？
黃金支持穩定幣是一種將價值 1:1 錨定於儲藏庫實體黃金的加密貨幣。每一通證代表一定重量（通常是一盎司或一克）由託管方保管的黃金。「黃金支持穩定幣就是以 1:1 實體黃金為儲備、存放於安全保管庫的數位通證。」使用者購買時，相應實物黃金入庫並鑄造新通證；贖回時，發行方焚毀通證並交付金條。可信發行方會定期經第三方審計或背書來確認儲備。實際運作時，XAUT 或 PAXG 等通證本質上就像「數位黃金存摺」：可全天候在區塊鏈持有或交易，價格隨現貨金價浮動，與美元價值脫鉤。
因其追蹤的標的是黃金而非法幣，黃金通證長期來看相對美元更穩定，兼具「黃金抗通膨與區塊鏈便利性」——結合黃金的抗通貨膨脹能力與危機避險屬性，並具備高度可攜、可分割、可編程特質。例如，黃金通證可用於去中心化金融（DeFi）協議的抵押品，或加載於加密借記卡上，這些都是實體金條做不到的應用場景。
有分析師指出，這讓黃金通證為「數位貨幣提供了硬資產支撐」，實現無需黃金實體保管卻能抗通膨的效果。換言之，它旨在將黃金的可信賴保障與區塊鏈之便利，融合於「波動加密市場中的穩定價值」。
但這種模式也帶來全新權衡。與法幣穩定幣（例如 USDT、USDC）持有現金或國債不同，黃金通證需依賴私人託管人及物流。其穩定性與儲備透明、託管人誠信高度相關。由於實體黃金流動性較差且移動成本高，黃金穩定幣通常有較高手續費及贖回門檻（詳下文）。儘管如此，這類產品開創了「以鏈上持有數世紀價值儲存」的獨特利基。問題是，在經濟壓力加劇時，這領域會否仍然小眾或逐步壯大。
黃金市場背景
黃金支持通證之吸引力，主要來自 2024–2025 年黃金強勢及避險角色。2025 年上半年，金價年增逾三成，突破每盎司 3,400–3,500 美元。驅動因素諸如全球貨幣寬鬆、通膨升高、地緣政治緊張（如美國貿易衝突、戰事疑慮）與央行需求。舉例來說，世界黃金協會報告指出，2024 年各國央行淨購金條超 1,000 公噸（為數十年新高），並有 95% 受訪央行今年預計會繼續增購。
黃金相關 ETF 也獲大量資金流入——光 2025 上半年即達 383 億美元。金融市場普遍視黃金為「經典危機避險」、「反美元」資產，在法幣走弱時能保值。例如 2025 年 5 月，路透社提到關稅憂慮與美元走弱刺激金價周線大漲 5%，投資人尋求資金避風港。
強勁的市場背景鼓勵通證發行方加發數位黃金。舉例來說，2025 年 8 月黃金大漲時，新聞報導 XAUT 代幣創造近 4.37 億美元。整體而言，黃金通證市場規模仍偏小。根據 CoinGecko，至 2025 年 9 月，所有代幣化黃金項目的總市值僅約 25.7 億美元；而 2025 年稍早甚至僅 15–17 億（如 2025 年 3 月約 15 億美元、年中約 17 億美元）。相比之下，法幣支持穩定幣則達數千億美元。
根據高盛與業界調查，至 2025 年年中整體穩定幣市場達 2,500–2,700 億美元，其中 USDT 與 USDC 就超過 2,300 億美元。也就是說，即使創新高，數位黃金通證市占仍遠不及 1%。
黃金通證領域內，目前龍頭為 Tether Gold（XAUT）與 Pax Gold（PAXG），CoinGecko 2025 年報告指出，這兩者占「貴金屬代幣化」市值約 84%。截至 2025 年年中，XAUT 市值約 8–8.2 億美元，PAXG 約 7.8–7.9 億美元。規模次之的專案如 AurusGOLD、Kinesis KAU、CACHE Gold 等僅佔少數百分比。整體來看，即使合併，商品型穩定幣的總市值也不到美元穩定幣的 1%。總結來說，黃金支持穩定幣成長迅速，但相較主流美元穩定幣仍屬利基市場。
黃金通證主流代表（XAU₮ 和 PAXG）
Tether Gold（XAU₮）——2020 年由 USDT 背後團隊發行，XAU₮ 為以太坊 ERC-20 通證，每單位對應一盎司倫敦良好交割金條。2025 年第二季，Tether 宣布監管持有約 7.66 公噸黃金（逾 259,000 盎司），支持約 246,500 個 XAU₮ 通證。以金價每盎司 3,400 美元計算，流通總值約 8 億美元，與 CoinGecko 數據相符。XAU₮ 經由像 BDO 等審計機構查核儲備，Tether 亦公佈所持金條的資訊，黃金皆存放於瑞士保管庫。法規上，XAU₮ 為 Tether 關聯公司 TG Commodities Ltd 於薩爾瓦多的數位資產法框架下發行，而非歐美監管。由於完全以特定金條為儲備，每一 XAU₮ 持有者可在 Tether 平台查核金條序號，確保透明。
XAU₮ 通證於多個加密交易所（Bitfinex、Bybit、KuCoin、BingX 等）流通，最初釋於以太坊和波場鏈。2025 年中 Tether 推出跨鏈版「XAUt0」，可透 LayerZero 技術（如在 Telegram TON 上）實現更多 DeFi 場景整合。XAU₮ 美元價格基本貼近金價，2024 年中至 2025 年中，漲幅約 40%，緊隨黃金行情。每枚 XAU₮ 大約 3,300–3,400 美元，交易量較小：日均 1000–2000 萬美元高峰期偶有破 1.5 億美元；與 USDT 的多億級日量相較仍屬低，但在黃金通證市場已屬最具流動性的之一。
理論上，XAU₮ 持幣人可兌換實體金條，實務上僅大戶適用。依 Tether 規則，必須出示 430 枚 XAU₮（約 12.4 公斤、逾 140 萬美元）方能獲 400 盎司良好交割金條。雖然小額（最低 0.01 XAU₮）能在交易所買賣，但一般用戶僅能換成美元或加密貨幣出場。Tether 最低場外購買門檻為 50 XAU₮（約 16.5 萬美元），鎖定機構流動性。監管方面，XAU₮ 不受美國機構審查，2023 年初將結構遷至薩爾瓦多，尋求法規明確。有投資者指出 XAU₮ 缺乏美國官方託管（不像 PAXG 具信託地位），但強調每枚 XAU₮ 全額以實體金條專戶儲備，無重複質押。
Pax Gold（PAXG）——由受紐約州金融廳（NYDFS）監管的 Paxos 信託公司營運，結構類似：每一代幣對應一盎司倫敦良好交割金條。2019 年在獲得法律意見確認屬數位商品而非證券後，NYDFS 核准 Paxos 發行 PAXG。Paxos 的金條存放於可信託管商（如 Brink’s），通證持有人透過信託持有黃金的合法所有權。Paxos 隨後在其他司法管轄區也獲得執照（例如新加坡 MAS 許可，以及阿布達比 FSRA 監管），展現全球合規布局。
截至 2025 年年中，PAXG 市值約與 XAU₮ 相當（約 7.8–8 億美元）——CoinGecko 與 Paxos 公開存證皆在 8 億附近。Paxos 每月公佈黃金儲備證明，並針對鏈上交易酌收小額手續費（約 0.02 PAXG）... minting/redeeming. There is no custody fee beyond that built-in charge. Like XAU₮, PAXG trades on major exchanges (Binance, Coinbase, Crypto.com, Kraken, etc.) giving it broad access and relatively higher daily volume. Market observers note that PAXG benefits from Paxos’s regulated trust status, its liquidity on popular venues, and use in DeFi. For instance, MakerDAO added PAXG as an acceptable collateral for DAI loans (at a conservative loan‑to‑value ratio) in 2021, and it appears on various decentralized exchanges and lending platforms. Overall liquidity for PAXG tends to exceed that of XAU₮: as one analysis notes, PAXG averages $50–80 million in daily trading volume vs. $30–50 million for XAU₮, reflecting its listings on Coinbase/Binance and active use in DeFi pools.
鑄造/贖回。除了內建收費之外，沒有額外的託管費。和 XAU₮ 一樣，PAXG 在主流交易所交易（Binance、Coinbase、Crypto.com、Kraken 等），因此擁有廣泛的接觸面和相對較高的日交易量。市場觀察者指出，PAXG 受益於 Paxos 受監管信託地位、熱門平台上的流動性，以及其在 DeFi 領域的應用。例如，MakerDAO 於 2021 年將 PAXG 列為可接受的 DAI 貸款抵押品（以保守的貸款成數），並且它也出現在各種去中心化交易所和借貸平台上。整體而言，PAXG 的流動性往往超越 XAU₮：如某分析所指出，PAXG 的日均交易量為 5,000 至 8,000 萬美元，而 XAU₮ 則為 3,000 至 5,000 萬美元，反映出其在 Coinbase/Binance 上的掛牌以及在 DeFi 池中的活躍使用。
Other Gold Tokens: A number of smaller projects exist, though none approach the scale of XAU₮/PAXG. Examples include AurusGold (AWG, each token = 1 gram gold), Kinesis (KAU, 0.25g units), CACHE Gold (CGT), and others. These have very limited circulation and on-chain liquidity (often just thousands or millions in market cap). Newer schemes (like hybrid tokens combining gold with other assets) are emerging but likewise small. In practice, investors concentrate on the two market leaders. As one analysis put it, “PAXG and XAU₮ together constitute the vast bulk of trading volume and market cap in this sector, whereas the rest have negligible volume or market presence”. Some early gold tokens (e.g. Perth Mint Gold Token, VNXAU) have seen little adoption or even exit (the former winding down by 2025). This fragmentation underscores that the industry remains dominated by a few trusted issuers.
其他黃金代幣：市面上存在一些規模較小的黃金專案，但皆無法與 XAU₮/PAXG 媲美。例如 AurusGold（AWG，每枚代幣=1克黃金）、Kinesis（KAU，0.25克單位）、CACHE Gold（CGT）等。這些代幣的流通及鏈上流動性極為有限（市值通常只有數千或數百萬美元）。也有一些較新的方案（例如將黃金與其他資產結合的混合型代幣）出現，但規模同樣很小。實務上，投資人多集中在兩大龍頭。如一則分析所說：「PAXG 與 XAU₮ 合計占據該領域絕大多數的交易量與市值，其他代幣交易與市佔都微不足道」。部分早期黃金代幣（例如 Perth Mint Gold Token、VNXAU）幾乎未被採用甚至已經退場（前者將於 2025 年關閉）。這種分散化凸顯此產業依然由少數可信發行人主導。
Liquidity and Trading
Liquidity for gold-backed coins is rising but still modest. Trading typically happens on crypto exchanges rather than over-the-counter bullion markets. Both XAU₮ and PAXG are listed on multiple centralized exchanges. XAU₮ is heavily traded on Bitfinex (Tether’s sister exchange) and Asia‑focused platforms like KuCoin and Bybit. PAXG is available on global giants such as Binance and Coinbase, as well as exchanges like Crypto.com and Kraken.
黃金掛鉤代幣的流動性正在提升，但規模仍有限。其交易通常發生於加密貨幣交易所，而非場外的現貨貴金屬市場。XAU₮ 與 PAXG 都在多家中心化交易所掛牌。XAU₮ 主要在 Bitfinex（Tether 旗下交易所）及以亞洲為主的平台如 KuCoin、Bybit 大量交易；PAXG 則可在如 Binance、Coinbase 等國際巨擘，以及 Crypto.com、Kraken 等交易所買賣。
These listings give PAXG broader reach, and indeed trading data suggest PAXG enjoys higher average volumes than XAU₮. In mid-2025 PAXG daily volume was often in the $50–80 million range, compared to $30–50 million for XAU₮. Both pale beside major fiat coins: by comparison, USDT sees tens of billions per day. Nevertheless, within the niche of gold tokens they are the clear liquidity leaders, while smaller tokens often see only thousands or low millions in 24-hour volume.
這些交易所讓 PAXG 擁有更廣大的流通範圍，而交易數據顯示，PAXG 的平均成交量確實高於 XAU₮。在 2025 年中旬，PAXG 的日交易量常在 5,000 至 8,000 萬美元之間，而 XAU₮ 則為 3,000 至 5,000 萬美元。這兩者相較於主流法幣穩定幣還是小巫見大巫（例如 USDT 每日交易額達數百億）。但在黃金代幣這個利基市場中，兩者無疑是流動性的領頭羊，其他小型代幣 24 小時的成交量往往僅有數千到數百萬。
On decentralized platforms, both coins appear in liquidity pools, though typically in specialized pairs (often against stablecoins or wrapped BTC/ETH). For instance, PAXG has significant pools on Curve and Uniswap (several tens of millions of TVL), whereas XAU₮’s DeFi presence has historically been smaller. The recent introduction of XAUt0 (the cross-chain version) aims to boost its on-chain liquidity by enabling multi-chain swaps (e.g. on Telegram’s TON, Ethereum, etc.). In lending markets, Aave’s Ethereum pool accepts PAXG (and in some forks now XAU₮), allowing token holders to borrow against their gold tokens.
在去中心化平台上，兩款代幣都可在流動性池中見到，但一般以特定幣對（多半是穩定幣或包裹 BTC/ETH）為主。例如 PAXG 在 Curve 和 Uniswap 上擁有規模可觀的資金池（TVL 數千萬美元），而 XAU₮ 的 DeFi 參與度歷來較小。最近推出的 XAUt0（跨鏈版本）旨在透過支持多鏈兌換（如 Telegram 的 TON、Ethereum 等）來強化其鏈上流動性。在借貸市場方面，Aave 的 Ethereum 池接受 PAXG（部分分叉現在也支持 XAU₮），讓代幣持有人以黃金代幣作為抵押借款。
This growing DeFi integration may improve liquidity slightly, but there are still few dedicated pools outside the CEX orderbooks.
這類 DeFi 整合雖可能稍微提升流動性，但除了中心化交易所的訂單簿外，專屬流動性池仍然不多。
Use in DeFi and Crypto Markets
Gold tokens are beginning to feature in crypto financial services. In lending protocols like Aave or MakerDAO, they serve as a form of high-quality collateral. MakerDAO, for example, authorizes PAXG collateral to mint DAI (though at a conservative collateralization ratio). Users can thus lock gold tokens and borrow stablecoins without liquidating their gold exposure.
黃金代幣已開始出現在各類加密金融服務中。在如 Aave、MakerDAO 等借貸協議裡，黃金代幣被視為一種高品質的抵押品。例如，MakerDAO 授權將 PAXG 抵押以鑄造 DAI（但以保守的抵押率）。用戶因此可以鎖定黃金代幣，借出穩定幣而不需賣出其黃金部位。
Similarly, Aave’s pools (on Ethereum and other chains) accept tokenized gold in exchange for loanable assets. These options create on-chain “gold-backed loans” – effectively giving holders liquidity while retaining a gold position. As one review notes, “Platforms such as Aave and MakerDAO accept tokenized gold as collateral, enabling users to borrow against their gold holdings without selling them.”
同樣地，Aave 的流動性池（在 Ethereum 及其他鏈）接受黃金代幣作抵押，交換可借出的資產。這些方案等於在鏈上創建「黃金抵押貸款」——讓持有者既有流動性，又保有黃金敞口。正如一則評論所說：「Aave、MakerDAO 等平台允許用戶以黃金代幣為抵押借款，使資產持有人能夠在不賣出黃金的前提下靈活調度資金。」
Gold tokens also appear as stable trading pairs. On decentralized exchanges (Uniswap, Curve, etc.) one can swap XAU₮ or PAXG for USDC, ETH or other assets. These pools tend to be less deep than fiat stablecoin pools, but they offer a way for DeFi users to park value in gold. Tokenized gold’s on-chain traceability can, in principle, introduce more transparency to the opaque gold market.
黃金代幣亦可作為穩定幣交易對出現。在去中心化交易所（Uniswap、Curve 等）上，用戶可將 XAU₮ 或 PAXG 與 USDC、ETH 或其他資產互換。這些資金池深度通常不如法幣穩定幣池，但為 DeFi 用戶提供了將價值停泊於黃金的管道。黃金代幣的鏈上可追蹤性理論上有機會為本就不透明的黃金市場帶來更多透明度。
For example, PAXG holders can verify the serial numbers of the backing bars on-chain, a feature that some see as an improvement over traditional gold ETFs. That said, the real-world constraint remains: these tokens circulate like stablecoins, but ultimately large redemptions still require off-chain processes. In normal market conditions, however, they allow crypto users a digital outlet for gold – a “liquidity anchor” in turbulent markets.
例如，PAXG 持有者可以在鏈上查驗其對應黃金條塊的序號，這一特點被一些人認為比傳統黃金 ETF 更進一步。然而，現實上的限制依舊：這些代幣雖類似穩定幣一般流通，但遇到大量贖回終究還是需要鏈下程序。在正常市況下，它們為加密圈用戶提供黃金的數位出路——成為市場動盪時的「流動性錨」。
Overall, gold-backed stablecoins have carved out limited niches in crypto finance so far. They are not widely used for payments or everyday transactions. Rather, they act as financial instruments: a crypto-bridge to gold for investors, traders and institutions. In times of crypto volatility, they can hedge a portfolio without exiting the blockchain. Some gold tokens are even integrated into yield platforms (enabling strategies like staking gold or tokenizing it in real-world asset (RWA) yields). But adoption remains low compared to fiat stablecoins. Most DeFi users remain focused on the top dollar coins (USDT, USDC) which dominate protocol liquidity and collateral composition.
總體來看，黃金掛鉤穩定幣目前在加密金融中僅佔有限利基。不常被用於支付或日常交易，更像是投資人、交易者與機構連接黃金市場的金融工具。在加密波動期，它們可作為鏈上的避險部位。一些黃金代幣甚至已整合進收益平台（如質押黃金、將黃金代幣化以賺取 RWA 收益）。但相對法幣穩定幣，其普及度依然很低。大多數 DeFi 用戶仍以 USDT、USDC 等主流法幣穩定幣為主，這些才是真正主導協議流動性與抵押配置的代幣。
Regulatory and Custody Considerations
Gold-backed coins inhabit a complex regulatory zone at the intersection of commodities and digital assets. In the U.S., there is no dedicated “stablecoin” law covering commodity-pegged tokens. Instead, issuers must navigate SEC and CFTC rules. To date, regulators have largely treated PAXG and similar tokens as commodities (since they represent physical gold) rather than securities.
黃金掛鉤幣種處於商品與數位資產交匯的複雜監管區間。在美國，目前沒有針對商品掛鉤代幣的「穩定幣」專法。發行商只能依循 SEC（證券交易委員會）及 CFTC（商品期貨交易委員會）規定。目前為止，監管機關大多將 PAXG 與同類代幣歸類為商品（因代表實體黃金），而非證券。
The New York Department of Financial Services (NYDFS) explicitly approved Paxos’s issuance of PAXG in 2019, finding it to be a commodity-like digital gold token. Similarly, Tether’s XAUT is structured under foreign law (El Salvador) and would likely fall under CFTC oversight in practice, as with any token backed by a commodity. U.S. law tends to require money-transmission licensing and AML/KYC compliance, but XAUT and PAXG have not been classified as investment contracts so far.
紐約州金融服務署（NYDFS）於 2019 年正式批准 Paxos 發行 PAXG、認定其為具商品屬性的數位黃金代幣。Tether 的 XAUT 則依外國（薩爾瓦多）法律架構，在實務上應也歸屬於 CFTC 監管（如同所有商品掛鉤代幣）。美國法例傾向要求匯款執照以及 AML/KYC 合規，但 XAUT 與 PAXG 目前尚未被歸類為投資契約。
The situation may evolve under broader crypto legislation. The U.S. GENIUS Act (2025) and subsequent federal stablecoin laws focus on “payment stablecoins” pegged to sovereign currencies, and do not directly address commodity-backed coins. It’s possible that gold tokens could be left outside some regulatory regimes. On the other hand, stablecoin rules in the EU explicitly cover “asset-referenced tokens,” which would include any coin pegged to gold or commodities.
相關情況隨更廣泛的加密立法可能有所演變。美國的 GENIUS Act（2025）及其後的聯邦穩定幣法例，重點都在錨定主權貨幣的「支付穩定幣」，並未直接涉及商品掛鉤代幣。黃金代幣或有可能被排除在部分規管機制之外。另一方面，歐盟的穩定幣規範則明文涵蓋「資產參考型代幣」，包括任何掛鉤黃金或其他商品的幣種。
Under Europe’s MiCA framework, token issuers must be licensed and meet strict reserve, transparency and capital requirements. In fact, Paxos publicly notes that PAXG would fall under MiCA’s artificial token rules (as a commodity-based token requiring disclosures). This means that in Europe, gold token projects must publish whitepapers, undergo prudential checks, and satisfy the same consumer protections as other stablecoin projects.
依據歐盟 MiCA 框架，代幣發行商必須持牌並遵守嚴格的準備金、透明度及資本要求。實際上，Paxos 公開說明 PAXG 將屬於 MiCA 的「人工代幣」規範（作為需揭露資訊的商品類代幣）。這意味著在歐洲，黃金代幣專案必須發布白皮書、接受審慎審查，並符合與其他穩定幣同等的消費者保護規定。
Elsewhere, rules vary. Some Asian and Middle Eastern financial hubs (e.g. Singapore, Hong Kong, Dubai) have been relatively open to innovative tokens, provided issuers comply with licensing, KYC/AML and auditing. Paxos obtained approval to offer PAXG in Singapore through its Major Payments Institution license, for example. Regulatory experts note that “regulatory maturity is now a competitive advantage” for gold-token issuers. In practice, top projects emphasize robust audits, insurance and legal structures to reassure users. Nonetheless, the decentralized trading of tokens means any user can buy XAUT or PAXG anywhere; enforcement primarily targets issuers and large traders. The key point is that, for now, gold tokens are largely a “gray area” asset under evolving crypto rules.
其他地區規範各有不同。部分亞洲及中東金融重鎮（如新加坡、香港、杜拜）對創新代幣相對開放，只要發行方嚴守牌照、KYC/AML 及審計要求。例如，Paxos 便以大型支付機構執照獲准在新加坡發行 PAXG。監管專家指出，「監管成熟度已成為黃金代幣發行商的競爭優勢」。實際上，頂級專案強調嚴謹的審計、保險與法律結構以保障用戶。不過，去中心化代幣交易使得任一用戶皆可隨地購買 XAUT 或 PAXG，執法重點僅集中於發行方與大戶。目前來看，黃金代幣仍在不斷變動的加密監管體系下大致屬於「灰色地帶」資產。
Custodially, token issuers pledge allocated (segregated) storage of metal. Paxos’s trust charter legally separates the gold backing PAXG from the company’s own assets. Tether similarly claims each XAUT is matched by a numbered gold bar. This model is analogous to gold ETFs (GLD, etc.), where sponsors hold bars in vaults and each share represents allocated metal. From a legal standpoint, token holders have a claim to the physical bullion. However, trust in tokens still ultimately depends on the issuer and auditor. Audit firms have attested to Paxos’s and Tether’s reserves, but scrutiny varies by jurisdiction. Counterparty risk remains: if an issuer became insolvent, delivering the metal could involve lengthy legal processes despite pledged segregation.
在資產託管的層面，代幣發行商承諾提供指定（分離）存放的實體黃金。Paxos 以信託章程將背書 PAXG 的黃金與公司資產依法獨立；Tether 亦聲稱每枚 XAUT 對應一條標號黃金條。這種運作模式類似於黃金 ETF（如 GLD），即有保管人將黃金存放於金庫，每單位股份對應特定黃金。法律上，代幣持有人對實體黃金享有權利。不過，信任基礎最終仍繫於發行商與審計方。會計師事務所已核證 Paxos、Tether 的準備金，但各地查核力道不盡相同。對手風險依舊存在：若發行方破產，即便已經承諾分離資產，金條交付過程仍可能需經冗長法律程序。
On the user side, redemption terms differ. As noted, both XAUT and PAXG impose high minimums for physical delivery (430 tokens per London bar). That makes them impractical for individuals to convert back to metal; effectively, only large institutions redeem bars, while ordinary holders rely on market liquidity to cash out. This aspect highlights one weakness of gold coins: unlike USDC/USDT, which can be redeemed for dollars in any bank account, gold tokens require complex logistics. In a word, “[r]edeeming XAU₮ for gold involves a Brinks truck if you actually take delivery in Switzerland,” making it far less convenient than a bank transfer of dollars. As a result, most users treat these coins as tradable assets rather than redemption instruments – similar to how GLD and other ETFs are held by most investors.
對用戶而言，贖回條件亦有不同。如前所述，XAUT 和 PAXG 實體兌現都設有極高門檻（每條倫敦金條需 430 枚代幣），令一般人實際兌回黃金幾乎不可行；事實上，僅有大型機構會兌付金條，散戶幾乎只能依靠市場流動性賣出換現。這反映出黃金代幣的其中一項劣勢：與 USDC/USDT 可輕鬆兌現為銀行賬戶上的美元不同，黃金代幣的兌換需經繁瑣物流。簡言之，「要把 XAU₮ 換回黃金，若真要在瑞士提領就是得叫來布林克斯運鈔車」，遠遠不如銀行匯款方便。於是大多數用戶將這類幣種當成可交易資產，而非兌現媒介——類似於投資人對 GLD 及其他黃金 ETF 的使用方式。
In summary, the regulatory treatment of gold tokens is still emerging. No major
總結來看，黃金代幣的監管定位尚在形成中。沒有任何主要 ...government has banned them outright, but they operate under multiple frameworks (trust laws, commodities laws, digital asset laws) that enforce transparency, reserve backing and KYC. The leading issuers’ compliance track records (audits, trust charters) provide some confidence. Yet it’s worth noting that oversight can change. For example, Paxos’s BUSD stablecoin ran into enforcement action over US dollars backing; by contrast, PAXG – as a pure asset-backed token – has so far avoided such issues. Still, the legal complexity means gold token projects need to stay agile as rules evolve.
政府並未完全禁止它們，但這些項目依據多種框架（信託法、商品法、數位資產法等）運作，強制要求透明度、儲備支持及 KYC。主要發行商的合規紀錄（如審計報告、信託許可）為市場帶來部分信心。然而，需要注意的是，監管環境隨時可能變動。例如，Paxos 的 BUSD 穩定幣因美元儲備問題遭遇執法行動；相比之下，PAXG 作為純資產支持代幣，迄今尚未出現類似問題。不過，法律上的複雜性意味著黃金代幣專案需隨著政策演變保持靈活。
Strengths: Trust in Gold, Crisis Hedge
優勢：信賴黃金、危機避險
The chief appeal of gold-backed stablecoins is rooted in gold’s time-tested reputation. Gold is a finite, universal store of value immune to monetary policy. It has historically held purchasing power through wars, inflationary episodes and currency crises. As one analyst put it, gold is “finite… immune to the whims of central banks” and “the anti-dollar – a store of value that holds steady when fiat loses footing”. By tokenizing gold, investors can access this stability on-chain without physically buying bars. In a sense, gold tokens offer “the stability of gold with the convenience of blockchain,” providing a hedge against fiat debasement and crypto volatility simultaneously.
黃金穩定幣的主要吸引力來自於黃金經得起時間考驗的聲譽。黃金作為有限且普世的價值儲存媒介，不受貨幣政策影響。歷史上即使經歷戰爭、通膨、貨幣危機，黃金都能維持購買力。正如某位分析師所說，黃金「數量有限……不受央行政策影響」，並且是「反美元——當法幣失去立足點時仍能穩定的價值儲存工具」。透過黃金代幣化，投資人可在鏈上獲得這份穩定性，無需親自購買金條。某種程度上，黃金代幣提供了「黃金的穩定性加上區塊鏈的便利性」，同時對抗法幣貶值與加密幣波動。
This perceived stability has practical implications in turbulent times. During flight-to-safety episodes, gold bullion and ETFs typically rise. Tokenized gold has shown similar behavior. For example, when gold broke through $3,000 in early 2025, crypto investors “rushed into tokenized gold,” buying XAU₮ and PAXG. Sales of gold ETFs hit three-year highs in mid-2025, and some observers believe that growing RWA (real-world asset) demand is boosting XAU₮ issuance. In August 2025, a surge in U.S. tariffs on precious metals reportedly triggered a record $439 million minting of gold tokens that month (reflecting geopolitical drivers). These moves illustrate that gold tokens can act as a portable inflation hedge: if currency debases, tokens still represent a fixed quantity of gold, whose USD value should rise accordingly.
這種穩定性的認知在動盪時期有實際意義。在資金避險潮時，黃金現貨與 ETF 通常上漲，黃金代幣亦有類似表現。例如，2025 年初黃金突破 3,000 美元時，加密投資者「蜂擁進入黃金代幣」，購買 XAU₮ 及 PAXG。2025 年中，黃金 ETF 銷售創下三年新高，有觀察人士認為 RWA（現實資產）需求提升推動 XAU₮ 發行量。2025 年 8 月，美國對貴金屬加徵關稅，據報當月黃金代幣鑄造量創新高，達 4.39 億美元（反映地緣政治動因）。這些動向顯示黃金代幣可作為便攜的通膨避險工具：若貨幣貶值，代幣仍代表固定數量的黃金，其美元價值應隨之上升。
Another strength is trust via transparency. Unlike many crypto assets, gold coins have tangible backing. Leading projects allow holders to verify reserves: for instance, PAXG allows tracking of individual bar serial numbers on-chain. Issuers publish audit reports, and top coins disallow rehypothecation (i.e. they don’t lend out the backing gold). This auditability is seen as a benefit relative to traditional gold markets (which can be opaque) or even some fiat stablecoins (where reserve compositions have been questioned). In theory, users who trust that the gold exists and is not double-pledged can feel more secure in these coins than in wholly unbacked or under-backed digital assets.
另一優勢是透明度建立的信任。與許多加密資產不同，黃金穩定幣是有實體資產作為支持的。主流專案允許持有人查核儲備，例如 PAXG 可在鏈上追蹤每條金條的序號。發行方會公開審計報告，主流代幣明確禁止再質押（即不借出抵押的黃金）。這種可稽核性，相較於傳統黃金市場（經常不透明）或部分法幣穩定幣（儲備組成常遭質疑）都更有優勢。理論上，只要用戶相信黃金確實存在且未被重複抵押，就能更放心地持有這些代幣，遠勝無抵押或抵押不足的數位資產。
Finally, gold coins broaden crypto’s “composability.” By tokenizing the oldest store of value, developers can experiment with new products. Proposals include gold‑backed derivatives, synthetic assets denominated in gold, or gold-indexed savings accounts. This innovation angle is a draw: it promises to fuse traditional asset stability into the fast-moving crypto ecosystem. For example, multi-asset tokens that mix gold with short-term treasuries have been proposed, aiming to combine gold’s hedge with yield generation. In regions with unstable local currencies (e.g. high-inflation countries), tokenized gold can provide an on-chain anchor for savings without needing a local banking system. In sum, gold-backed stablecoins occupy a unique niche of “crypto‑native commodity,” and their strengths lie in appealing to believers in hard‑asset money.
最後，黃金穩定幣擴展了加密世界的「可組合性」。將最古老的儲值工具代幣化，讓開發者能嘗試新產品。比如黃金支持的衍生品、用黃金計價的合成資產，或黃金指數儲蓄帳戶等構想。創新性正是其賣點：讓傳統資產的穩定性融入節奏快速的加密生態。例如有提議推出黃金與短天期國債混合的多資產代幣，期望結合黃金避險與收益能力。在當地貨幣不穩（如高通膨國家）地區，黃金代幣可成為鏈上儲蓄的錨點，無需本地銀行體系。總結來說，黃金穩定幣屬於「加密原生商品」的獨特利基市場，其優勢在於吸引重視硬資產貨幣的群體。
Weaknesses: Centralization, Liquidity and Redemption
劣勢：中心化、流動性、贖回難度
Despite their advantages, gold-backed tokens have significant drawbacks. The most obvious is centralization of custody and trust. Every ounce of backing gold is held by an issuer or custodian (Tether, Paxos, Brink’s, etc.), so token holders must trust these entities. If a custodian were found holding insufficient gold, or if reserves were frozen, the token’s backing could be in doubt.
儘管有上述優勢，黃金支持代幣也有不少缺點。最明顯的是託管與信任的中心化。每一克黃金都由發行者或保管機構（如 Tether、Paxos、Brink’s 等）持有，代幣持有人必須信賴這些機構。倘若保管方出現黃金儲備不足，或儲備遭凍結，代幣的支持基礎就會受到質疑。
Although reserves are audited, historically there have been controversies (e.g. Tether’s USD₮ reserves). Critics warn that gold tokens introduce counterparty layers: while on-chain transfers are decentralized, the actual collateral is not. A failure at any step (mismanagement of vaults, custody fraud, legal seizure) could undermine a token’s peg. An analysis of risks emphasizes that top projects mitigate this by working with trusted vault operators and insurers, but notes that “if the gold reserves are mismanaged, inaccessible or misrepresented, the token’s credibility collapses”. In practice, no major custodial incident has been reported for XAUT/PAXG, but the potential remains.
縱使有審計機制，歷史上仍有爭議事件（如 Tether 的 USD₮ 儲備問題）。批評者指出，黃金代幣導入了多一層對手風險：鏈上轉帳去中心化，資產抵押卻是中心化的。只要發生任何一環（庫房管理失當、保管舞弊、法律查封等）出錯，都可能使代幣脫鉤。有風險分析認為，主流專案以值得信賴的保管方及保險來控管這些風險，但也強調「若黃金儲備運作不善、不可及或失實，代幣信譽就崩潰」。實務上，XAUT/PAXG 目前未有嚴重保管事件爆出，但風險始終存在。
Another weakness is liquidity. As noted, daily trading in XAU₮/PAXG is tiny relative to dollar coins. This low liquidity can lead to wider bid-ask spreads and more price slippage for large trades. It also means fewer market makers and higher volatility in token price (in USD terms) when flows surge. In stressed markets, gold tokens might not be as easy to dump as USDT (which trades in billions daily). For example, during a crash, if everyone tried to switch 100% of their stablecoin portfolio from USD coins to gold coins, there simply isn’t enough depth. In technical terms, gold tokens remain “niche” and not part of most crypto builders’ default stacks. Consequently, adoption among decentralized protocols has been limited: only a handful of
流動性也是另一大劣勢。如前所述，XAU₮/PAXG 每日交易量遠不及美元穩定幣。低流動性造成買賣價差擴大、大額交易時更容易滑價，也意味著做市商較少，當資金流入快速時代幣（以美元計價）波動更大。在壓力市況下，黃金代幣遠不如每天成交數十億美元的 USDT 般好換。例如，在市場崩盤時，若所有人都欲將美元穩定幣部位 100% 轉成黃金代幣，市場深度根本不夠。技術上來說，黃金代幣仍屬於「利基市場」，大多數加密應用並未預設支持。因此，去中心化協議採納率有限：僅有少數
DeFi apps accept gold tokens, and no major wallet or payment network offers gold token payments widely. Redemption friction is another drawback. As discussed, neither XAUT nor PAXG is readily redeemable for small amounts of gold or cash without going through a market exchange. XAUT requires 430 tokens to claim one LBMA bar, and PAXG likewise imposes a 430-token minimum for a bar (about 27 kilograms). For an average user, these sizes (worth well over a million dollars) make physical redemption impractical. Even if someone manages to gather 430 tokens, the issuer still requires extensive KYC/AML checks and coordination to deliver bullion.
僅有少數 DeFi 應用接受黃金代幣，也沒有主流錢包或支付網絡廣泛支持黃金代幣付款。 贖回困難也是一大痛點。如前述，XAUT 與 PAXG 都不是隨時隨地可換回小額黃金或現金，必須透過市場交易。XAUT 需持有 430 枚代幣才能請領一條 LBMA 金條，PAXG 同樣設有 430 枚的兌換門檻（一條約27公斤金條）。對一般用戶而言，如此大金額（動輒百萬美元以上），實體贖回極不實際。即使湊齊 430 枚，發行方還需完成繁複的 KYC/AML 查核並協調運送金條。
The only realistic way for most holders to exit is selling tokens for USD (or USDC/USDT) on an exchange, which introduces reliance on third-party markets and takers. This contrasts sharply with fiat stablecoins: redeeming USDC for USD is as simple as wiring a bank transfer in any amount (subject to KYC). In other words, gold tokens cannot fully replicate the seamless electronic redemption of USD coins. The difference was pithily summarized by one report: “Redeeming XAU₮ for gold involves a Brinks truck if you actually take delivery… while redeeming USDC for USD is as simple as a bank transfer”.
多數持有者唯一可行的退出方式，就是在交易所把代幣賣成美元（或 USDC/USDT），這帶來倚賴第三方市場與承接方的風險。對比法幣穩定幣，贖回 USDC 只需銀行轉帳（KYC 規範），多大金額都可以。換句話說，黃金代幣無法完全複製美元穩定幣那種無縫電子贖回體驗。有份報告精要地總結了這個差異：「如果你真的要領 XAU₮ 換黃金得請運鈔車來搬……但 USDC 換美元只要轉個帳就好。」
The cost of storage and operations is also higher for gold tokens. Issuers must pay for secure vaulting, insurance, and audit compliance. These costs are usually built into token fees or spreads. For example, Paxos charges a small but nonzero fee on redemptions (around 0.02 PAXG, plus network gas). Tether similarly includes a sizeable spread when minting or redeeming XAUT. In effect, the “expense ratio” of holding digital gold is higher than for many fiat stablecoins (which often pay interest or have sponsors that subsidize costs). This makes gold coins a more expensive store-of-value product than their fiat peers.
黃金代幣的倉儲與營運成本也更高。發行方必須支付安全庫房、保險及合規審計等費用，這些成本通常內含於代幣手續費或價差裡。舉例來說，Paxos 贖回時會收取小額但不為零的手續費（約 0.02 PAXG 加上鍊上手續費）；Tether 也在 XAUT 鑄造或贖回時收取不小的價差。實質上，數位黃金的「費用率」高於多數法幣穩定幣（後者有時還發給利息或由贊助方補貼成本）。這使得黃金代幣的儲值成本高於法幣類競品。
Finally, a practical limitation is user experience and education. Crypto users are accustomed to dollars, and stablecoins are deeply integrated into exchanges, lending, trading bots, etc. Gold tokens, by contrast, require awareness and special wallets. Until very recently, most wallets and exchanges did not list XAUT or PAXG by default. Users often must manually add contract addresses or navigate new interfaces. This friction keeps adoption low. It also means that for most market participants, dollar coins remain the simpler choice for everyday transactions.
最後一項實際限制是用戶體驗與教育。加密用戶已習慣美元穩定幣，這些幣種深度整合於交易所、借貸、交易機器人等場景；黃金代幣則需要特別注意、專門錢包。直到近幾年，大部分錢包和交易所都未預設顯示 XAUT 或 PAXG，用戶通常要手動加入合約地址或適應新界面。這種摩擦導致採用率低落，也讓美元穩定幣對多數市場參與者而言，仍是最簡便的日常選擇。
In summary, while gold-backed stablecoins offer the unique property of hard-asset backing, they carry trade-offs: increased counterparty complexity, lighter liquidity, cumbersome redemption, and higher costs. As one analysis observed, “[r]edemption of XAU₮ or PAXG for physical gold is not user-friendly for most holders; they effectively function like tradable collateral rather than instantly convertible cash.” These weaknesses explain why, despite gold’s attractions, these coins have not (so far) overtaken USD stablecoins in prominence.
總結來說，黃金穩定幣雖有實體資產支持的獨特性，但也存在多重權衡：對手風險複雜、流動性不足、贖回不便、持有成本高。如某分析所言：「用 XAU₮ 或 PAXG 換實體黃金，對大多數持有人來說極不友善，這些代幣本質上更像可交易的擔保品，而非隨手可換現金。」這些弱點也解釋了為何即使黃金有其吸引力，這些幣種迄今未能取代美元穩定幣的主導地位。
Outlook: Niche, Alternative or Rival?
展望：利基？替代？還是競爭對手？
Looking ahead, several scenarios could unfold for gold tokens. In a base-case scenario, they remain a niche asset class. Their total market size (a few billion) may grow modestly but stay under the radar of mainstream crypto. In this view, XAUT and PAXG continue to serve specialized use cases – treasury diversification by conservative traders, collateral for vaults, and means for crypto-friendly citizens to access gold. Fiat-backed stablecoins and Bitcoin retain the lion’s share of attention.
展望未來，黃金代幣可能出現多種發展情境。基本情境下，它們仍是利基型資產，總市值（數十億美元）或緩慢成長，但不至於受主流加密圈關注。在這個路徑下，XAUT 與 PAXG 繼續服務特定需求——如保守交易者作為資金分散的方式、庫房的擔保品，以及加密友善用戶觸及黃金的管道。法幣穩定幣與比特幣則繼續霸佔市場關注度。
The gold coins’ limitations keep them on the sidelines of most crypto flows. Indeed, as the CoinGecko report notes, at present “commodity-backed tokens represent just 0.8% of the market cap of fiat-backed stablecoins”. If dollar stablecoins remain stable and liquid, and if global finance avoids a major shock, there may be little impetus for mass migration to gold tokens. In this outcome, XAUT and PAXG survive mainly as corner-case instruments rather than mainstream money.
黃金代幣的既有限制讓它們難以進入加密主流資金流。CoinGecko 報告指出，目前「商品型穩定幣僅占法幣型穩定幣總市值的 0.8%」。如果美元穩定幣未出現脫鉤、仍有高度流動性，且全球金融未生大變，那麼大規模轉向黃金代幣的動能可能不高。在這種結果下，XAUT 與 PAXG 多半只會作為偶發、特殊情景工具而存在，而非主流貨幣。
A more optimistic alternative scenario is that gold tokens grow as demand for real assets escalates. This could happen if inflation worries, currency devaluation, or geopolitical conflicts intensify. For example, if confidence in the U.S. dollar falters, investors might seek assets that preserve value. Gold has traditionally done so – and tokenized gold would be the crypto-era way to hold it. Some pundits
更樂觀的替代情境，是隨著現實資產需求升溫，黃金代幣規模大幅成長。若通膨疑慮升高、貨幣貶值或地緣衝突惡化，需求可能會出現這種轉變。例如，一旦投資人對美元信心動搖，他們可能尋求能保值的資產。傳統上黃金能發揮這個角色，而在加密時代，黃金代幣就是數位化的新形式。有些觀察家……argue that even if a small fraction of the multi-trillion-dollar gold market shifts on-chain, the token market could skyrocket.
主張即使僅有極小部分多兆美元黃金市場轉移到區塊鍊上，代幣市場也有可能出現暴漲。
As one research note quipped: “if even a small fraction of ETF or physical gold flows into tokens, it could multiply token market size”. In this scenario, partnerships between crypto platforms and gold miners or refiners could expand issuance. Tether’s move to create an “Alloy” token (50% gold, 50% dollars) hints at such hybrid strategies. Moreover, institutional interest in stablecoins (now legitimized by regulations like the GENIUS Act) could spill over to commodity tokens if allowed. Goldman Sachs and others have predicted a “stablecoin gold rush” in 2025. If regulators become more permissive of tokenized real assets, traditional investors might use gold coins as a bridge to digital finance.
有一份研究簡評道：「即使僅有少數ETF或實體黃金流入代幣，也可能使代幣市場規模倍增。」在這種情境下，加密平台與黃金礦商或精煉業者的合作，將有助於代幣發行規模擴大。Tether推出“Alloy”混合代幣（50%黃金、50%美元），就是這類混合策略的暗示。此外，機構對穩定幣的興趣（如今隨著GENIUS法案等監管逐漸合法化）若允許，也可能外溢到商品掛鉤型代幣。高盛等機構預測2025年會出現“穩定幣淘金熱”。若監管機構對實體資產代幣化趨於寬容，傳統投資人便有機會把黃金代幣作為數位金融的橋樑。
On the other hand, a pessimistic or competitive scenario is that gold tokens remain stuck in a niche, with crypto’s own “digital gold” (Bitcoin) and mainstream stablecoins limiting their rise. Many crypto advocates already view Bitcoin as the ultimate non-fiat hedge. As noted by analysts, Bitcoin is “often touted as digital gold” and has institutional momentum of its own. If BTC fulfills the store-of-value role for most, fewer users might bother with these newer coins.
反之，悲觀或競爭激烈的情境則是黃金代幣始終停留於利基市場，加密圈自有的“數位黃金”（比特幣）以及主流穩定幣將壓抑其發展。不少加密倡議者已將比特幣視為終極非法幣避險資產。如分析師所說，比特幣“經常被譽為數位黃金”，且自身已具備機構動能。若比特幣已為多數人扮演了價值儲存的角色，會願意嘗試這些新型代幣的使用者可能就更少了。
Similarly, major firms might focus on minting more dollar or euro stablecoins (as MiCA now allows) rather than gold tokens. We could even see regulatory obstacles: if authorities restrict asset-backed tokens (fearing fraud or market fragmentation), growth could be curbed. The recent crackdown on Terra’s algorithmic stablecoin might make regulators wary of any new stablecoin issuance, regardless of collateral. In such a case, the gold coins would continue quietly among enthusiasts, never challenging the USD standard.
同樣地，大型企業更可能專注發行更多美元或歐元穩定幣（如MiCA新規已允許），而非黃金代幣。還可能遭遇監管障礙：若監管單位限制資產擔保型代幣（擔心詐騙或市場破碎化），成長將受到壓制。近期對Terra演算法穩定幣的打壓，已讓監管機構對任何形式的穩定幣發行（不論抵押品為何）都保持高度警惕。如此一來，黃金代幣將僅會在小圈子愛好者中默默流傳，無法挑戰美元穩定幣的主導地位。
There are early signs of real-world interest. Asian markets with fiat uncertainty (e.g. markets with weak currencies or capital controls) could adopt tokenized gold more readily. For example, if crypto exchanges list XAUT or PAXG paired with local currencies, people might buy them as gold proxies. In fact, Yellow’s research points out that in markets like Nigeria or Argentina, “residents are increasingly turning to tokenized gold as a stable store of value”. However, uptake has so far been very limited; most global adoption remains hypothetical. Technological factors (like the success of multi-chain bridges for XAUt0) and ecosystem support (like DeFi apps integrating gold) could tip the balance. Another wildcard is tokenization infrastructure: if compliant stablecoin rails expand to include commodity backing, gold tokens might piggyback on that.
已出現初步的現實需求訊號。在法幣價值不穩（如貨幣疲弱或資本管制）的亞洲市場，黃金代幣化或更容易獲得採用。例如，若加密交易所將XAUT或PAXG與當地法幣交易對上架，民眾可能會買它們作為黃金替代品。實際上，Yellow的研究指出，在奈及利亞、阿根廷這類市場，「居民越來越多選擇代幣化黃金做為穩定價值儲存工具」。然而，目前市場接受度仍十分有限，多數全球採用案例仍只是假設。技術因素（例如XAUT多鏈橋方案是否成功）、生態系支持（如DeFi應用是否整合黃金）都有可能改變局面。另一個變數是代幣基礎設施：如果合規穩定幣軌道拓展到涵蓋商品資產作為支持，黃金代幣有望搭順風車。
In a crisis scenario, gold tokens could in theory enjoy a surge. Imagine a sharp dollar collapse or a global banking crisis: dollar‑pegged coins might de-peg or freeze, as happened briefly in March 2023 with USDC. Meanwhile, gold (and thus gold tokens) would likely spike in USD terms. In that environment, holders of XAU₮ or PAXG would see their token value soar relative to failing fiat assets – effectively preserving wealth. Because they are crypto assets, tokenized gold would still be accessible globally, unlike bricks-and-mortar vaults.
危機情境下，黃金代幣理論上可能有爆發性增長。假設美元突然崩跌，或全球銀行業危機爆發：美元掛鈎穩定幣可能會脫鈎或凍結（2023年3月USDC就短暫出現過此情況）。同時黃金（及黃金代幣）在美元計價下將大漲。這種局勢下，XAU₮或PAXG持有者相對於失去價值的法幣資產，會看到其代幣價值大幅上升——本質上成功保值。由於這些屬於加密資產，代幣化黃金可在全球不受阻取得，遠優於實體金庫的限制。
Even if formal redemption became impossible during a crash, the tokens could trade peer-to-peer at high prices. This “digital gold” use case is exactly what proponents envision when they say these tokens provide stability outside the traditional financial system. Of course, this is speculative. It assumes trust in the issuers remains through the crisis, and that enough people accept tokens as payment or trade. But it remains a potential counterfactual: if the dollar truly implodes, gold tokens would not collapse in USD value (they would gain), whereas USDT/USDC would be as good as worthless. In that light, gold-backed stablecoins could emerge as one of the few surviving crypto currencies.
即使危機中官方贖回渠道一度中斷，這些代幣仍能在用戶之間以高價P2P交易。這正是所謂“數位黃金”場景——擁護者認為這些代幣代表了脫離傳統金融系統的穩定性。當然，這一切還帶有推測性，前提是發行方的信任度不崩潰，且有足夠多人願意用這些代幣付款或交易。但這確實構成一種潛在反例：如果美元徹底崩潰，黃金代幣的美元價格不僅不會崩跌，反而會上漲；而USDT/USDC將淪為毫無價值。在此情境下，黃金穩定幣有可能成為少數能倖存的加密貨幣之一。
At this point, however, hard data on future adoption is scarce. Most industry reports describe gold tokens as a “corner” of the crypto market with strong niche interest but big hurdles. Even gold’s recent rallies have only modestly moved token markets (the ~$2.6B token cap is just a fraction of gold’s $13 trillion world market). The next few years will tell if institutional capital or retail investors push these coins beyond novelty. For now, the safest bet is that they coexist alongside fiat stablecoins: a small “diversifier” rather than a replacement.
但到目前為止，有關未來普及的客觀數據仍然稀少。多數業界報告都將黃金代幣界定為加密市場的一個“角落”，有一定利基需求但障礙甚高。即使近年黃金大漲，也只為代幣市場帶來有限提振（約26億美元市值，不及全球黃金13兆市值的零頭）。未來幾年或能驗證，機構資本與散戶是否會讓這些代幣超越新奇階段。目前看來，最穩妥的預測是它們將與法幣穩定幣並存：作為多元化的“小配角”，而非取而代之。
Final thoughts
Gold-backed stablecoins in 2025 occupy a fascinating middle ground between old and new money. They tap into gold’s enduring safe-haven appeal at a time when many worry about inflation, geopolitics or a weakening dollar. In theory, a token like XAU₮ or PAXG offers a form of digital gold that could protect against fiat turmoil. In practice, their market remains limited. The combined capitalization of gold tokens is a few billion dollars – tiny next to the hundreds of billions in fiat-backed coins. Liquidity, redemption logistics and regulatory complexity ensure they stay on the fringes for now.
2025年的黃金穩定幣，正好站在新舊金融體系的交界。它們結合了黃金長期避險的吸引力，特別在眾人憂慮通脹、地緣風險或美元走弱的時候顯得突出。理論上，XAU₮或PAXG這類代幣可做為“數位黃金”，用以防範法幣動盪。實際上，其市場規模仍有限。黃金代幣總市值僅有數十億美元，遠低於法幣支撐型穩定幣的數千億市值。目前流動性、贖回機制與監管複雜度，都讓黃金穩定幣只能處於邊緣地帶。
Yet gold tokens are improving: liquidity has steadily grown, more exchanges list them, and even DeFi protocols now accept them. User experience is slowly getting better (multi-chain access, custodial upgrade). If global instability intensifies, these coins could suddenly look far more relevant than they are in calm markets. Conversely, if stablecoin infrastructure settles on fiat-pegged solutions and Bitcoin remains dominant, gold tokens may simply persist as specialty assets for a few believers.
不過，黃金代幣正在改善：流動性穩步增長、上架交易所數目增加，甚至DeFi協議也開始接受。用戶體驗也在進步（例如多鏈接入、託管服務升級）。若全球亂局加劇，這些代幣在動盪市況下可能突然變得格外需要。反過來說，若穩定幣基礎設施最終以法幣掛鈎方案為主，比特幣持續主導，加上市場平穩，黃金代幣或許就只是部分信仰者的特殊資產。
Ultimately, whether gold-backed stablecoins become major rivals to dollar coins or remain niche hedges will depend on factors outside crypto’s control: the health of the dollar and banking system, government policies on crypto, and continued faith in gold itself. For now, most crypto users treat XAU₮ and PAXG not as everyday money but as trading or savings vehicles tied to gold’s price. They provide a “programmable” gateway to gold, but they do not (yet) offer the seamless liquidity of cash-backed stablecoins. As one analyst observes, gold brings “trust and timelessness,” while fiat brings “scale and speed” – and those trade-offs mean gold tokens have both unique appeal and clear limits.
最終，黃金穩定幣會否成為美元穩定幣的主要對手，還是僅為利基避險工具，將取決於加密圈外的因素：美元及銀行體系健康程度、政府對加密的政策，以及對黃金本身的信心。目前，多數加密用戶仍將XAU₮、PAXG視為與金價掛鉤的交易或儲蓄工具，而不是日常貨幣。這類代幣提供了“可編程”的黃金進出口大門，但尚未帶來現金支撐穩定幣那種無縫流動性。正如一位分析師所言，黃金帶來的是“信任與永恆”，而法幣帶來的是“規模與速度”——這些取捨也意味著黃金代幣有其獨特吸引力和明確限制。
In the end, gold-backed stablecoins may prove a hedge in extreme scenarios – but even in 2025 they are best understood as an experimental bridge between traditional bullion markets and modern crypto rails. Investors should weigh their long-term reliability and regulatory future carefully. At present, they are neither a mainstream substitute for USDT/USDC nor a doomed sideshow – but a small, growing complement, whose ultimate fate hinges on both gold’s fortunes and crypto’s evolution.
總結來說，黃金穩定幣或許確實可在極端情境發揮避險效用——但即使到了2025年，它們仍應被視為傳統黃金市場和現代加密金融之間的實驗性橋樑。投資人應謹慎衡量其長期可靠性及監管前景。目前來看，黃金穩定幣既非USDT/USDC的主流替代品，也不是註定邊緣化的失敗產物——而是個規模較小但正在成長的補充性選項，其命運取決於黃金價值的消長與加密產業的發展。