代币化黄金：为世界上最古老和最值得信赖的资产类别重新定义金融基础设施

Institution Background HKUST Institute for Financial Research The Hong Kong University of Science and Technology (HKUST) Institute of Financial Research isdedicated to addressing critical societal andeconomic challenges through interdisciplinarycollaboration. By collaborating with colleagues in finance, economics, and other disciplines, as wellas industry practitioners and policymakers in Hong Kong, mainland China, Europe and the US, weaim to createan interdisciplinary, international platform that fosters communication and corporationacross different stakeholders, promotes cutting-edge research that tackles practical issues, andinforms industry practitioners and policymakers for better decision making. The institute’s mission is to address critical social and economic issues of our time by combining andleveraging knowledge and resources across different intellectual disciplines and fields, as well asfrom different schools and universities. About Matrixport Founded in 2019, Matrixport is Asia’s largest and one of the world’s leading one-stop digital assetfinancial platforms. It offers an integrated suite of services—including trading, investing, lending,custody, research, and RWA access—through a unified smart account experience. With over USD 6 billion in managed and custodied assets, Matrixport empowers global users tomaximize capital efficiency and long-term asset growth. The company holds multiple regulatorylicenses across major jurisdictions, including trust and lending licenses in Hong Kong, a MoneyServices Business (MSB) license in the U.S., a FINMA asset management license in Switzerland,and a Major Payment Institution (MPI) license in Singapore via its subsidiary Fly Wing. Matrixporthas been recognized by CB Insights as one of the world’s 50 most promising blockchain companiesand is featured in the 2024 Hurun Global Unicorn List and the 2025 Singapore Fintech UnicornIndex. About Matrixdock Matrixdock is a premier platform under Matrixport Group that offers access to high-quality RealWorld Assets (RWA) through advanced tokenization technology. As the first in Asia to introduce atokenized short-term treasury bill product, STBT, Matrixdock earned the Ecosystem ExcellenceTADS Award in 2023 for Trading & Liquidity Solutions. In 2024, Matrixdock launched XAUm, atokenized gold asset fully backed by 99.99% purity gold, providing investors with a trusted andtransparent digital asset linked to LBMA-accredited gold. With a steadfast focus on building a trusted and secure RWA ecosystem for cryptocurrency,Matrixdock aims to provide diversified investment opportunities while setting new standards for trustand governance in the digital asset space. Executive Summary Amid the accelerating digitization, decentralization, and on-chain migration of the global financialsystem, gold—a time-honored asset recognized across civilizations—is entering a new phase ofstructural reinvention. As a unique asset that combines both monetary and intrinsic value, gold haslong served as a global store of value, a hedge against systemic risk, and a cross-border anchor oftrust. Yet, in its traditional physical form, gold remains constrained by low liquidity, high transactioncosts, and limited programmability, which hinder its role in the emerging architecture of digitalfinance. Tokenized gold, fully backed by physical reserves, offers a breakthrough solution to these long-standing constraints. By anchoring real-world gold on-chain and securing ownership throughcryptographic proof, this innovation preserves gold’s scarcity and zero credit risk while addingprogrammability, composability, and instant liquidity. This transformation repositions gold from apassive, vault-bound reserve to an active, system-level financial building block. Compared to fiat-pegged stablecoins or those backed by U.S. Treasuries, tokenized gold offers structuraladvantages—such as censorship resistance, sovereignty neutrality, and non-reliance on credit—which help address core vulnerabilities in today’s stablecoin regimes. With integrated functions across store of value, medium of exchange, and collateral utility, tokenizedgold is well-positioned to become a foundational asset in decentralized finance (DeFi), a cross-border settlement instrument, and a reserve asset for emerging economies. Its evolution into asystem-level asset requires scale—driven by dual engines across on-chain and off-chaininfrastructure. On-chain, it must be embedded deeply within liquidity pools, stablecoin mintingmechanisms, and major wallet applications. Off-chain, it requires seamless integration with tradingplatforms, vault custodians, and international payment networks. The rise of tokenized gold signals the emergence of a new category of global digital assets—onethat operates independently of sovereign monetary systems and is accessible to users worldwide.As this asset class matures, it has the potential to catalyze both institutional and architecturaltransformation across