當黃金達到新歷史最高$ 3,500時

上週，金牌加密貨幣的總市值達到20億美元，高於2020年的1285萬美元。

When gold hit a new all-time-high of $3,500 on Tuesday it put the spotlight on gold-backed tokens — a discrete class of cryptocurrencies that’s quickly capturing interest.

當Gold在周二的新歷史最高售價3,500美元時，它將焦點放在了Basg Basd Basd Bask Basks的標誌上，這是一類離散的加密貨幣類，很快引起了興趣。

Last week the total market cap of gold-backed cryptocurrencies reached $2 billion, up from about $12.85 million in 2020. With Goldman Sachs predicting gold will hit $4,000 by the middle of next year, should investors make gold-backed tokens a staple in crypto portfolios?

上週，金牌的加密貨幣的總市值達到20億美元，高於2020年的1285萬美元。隨著高盛（Goldman Sachs）預測，到明年中旬，如果投資者將金牌的標記成為加密貨幣組合中的主食？

The potential benefits are persuasive but limited utility in decentralized finance (DeFi) is a serious drawback. That could be about to change.

潛在的好處是有說服力的，但在分散財務（DEFI）中有限的效用是一個嚴重的缺點。那可能會改變。

What are gold-backed cryptocurrencies?

什麼是金牌的加密貨幣？

Gold-backed cryptocurrencies are blockchain-based tokens redeemable for a specific measure of gold, typically 1 token for 1 troy ounce (31.3g) of gold.

黃金支持的加密貨幣是基於區塊鏈的代幣，可用於特定的黃金量度，通常為1個Troy盎司（31.3G）的黃金令牌。

They differ from mainstream assets like Bitcoin in that they are less subject to volatility, while their divisibility, transportability, and interoperability give them advantages over paper and physical gold.

它們與像比特幣這樣的主流資產有所不同，因為它們較少受波動性的影響，而它們的可裂，可運輸性和互操作性使它們比紙張和實物黃金具有優勢。

Gold-backed cryptocurrencies offer a unique blend of stability and innovation by bridging the gap between gold — the original safe haven –and the dynamic world of crypto and blockchain. They offer investors an alternative inflation hedge and a shield from market volatility.

金黃色的加密貨幣通過彌合黃金之間的差距（原始的避風港）與加密鍊和區塊鏈充滿活力的世界，從而提供了穩定和創新的獨特融合。他們為投資者提供了替代通貨膨脹對沖，並為市場波動提供了盾牌。

However, their integration into the broader crypto ecosystem is still a work in progress, with three core challenges yet to be overcome: regulatory uncertainties, liquidity constraints, and limited DeFi use cases.

但是，它們整合到更廣泛的加密生態系統中仍在進行中，尚未克服三個核心挑戰：監管不確定性，流動性限制和有限的Defi用例案例。

Where tradition and innovation intersect

傳統與創新相交的地方

Crypto purists often say Bitcoin makes gold redundant since BTC shares similarities with the precious metal like capped supply and decentralized control. In unsettled times, however, gold’s ancient trading history and global acceptability have only strengthened its reputation as the world’s go-to safe haven.

Crypto純粹主義者經常說比特幣會使黃金多餘，因為BTC與貴金屬（如封頂供應和分散控制）具有相似之處。然而，在不安的時期，戈爾德的古老貿易歷史和全球可接受性只會增強其作為世界首選避風港的聲譽。

Bitcoin’s reliability as an inflation hedge is still up for debate while gold’s safe-haven status has been tested again and again. Through times of systemic risk — war, recession, high inflation, and other economic upheavals — its helped investors mitigate losses.

比特幣作為通貨膨脹對沖的可靠性仍在進行辯論，而黃金的安全狀態已一次又一次地進行了測試。在系統性風險的時期 - 戰爭，衰退，高通貨膨脹和其他經濟動盪 - 它有助於減輕損失。

Since Donald Trump assumed office in January 2025, the market trajectories of gold and Bitcoin have diverged. Between January 20 and February 7, 2025, risk assets saw a sharp correction as the risk of a global tariff war stoked investor fear about rising inflation and slowing economic growth.

自唐納德·特朗普（Donald Trump）於2025年1月上任以來，黃金和比特幣的市場軌跡已經分歧。在1月20日至2025年2月7日之間，風險資產採取了急劇的糾正，因為全球關稅戰爭的風險使投資者擔心通貨膨脹率上升和經濟增長放緩。

Bitcoin prices have fallen from their all-time high of $109,356 on January 20, 2025, to around $85,894 on March 20. During this period, the broader cryptocurrency market lost roughly $500 billion in market capitalization.

比特幣的價格從2025年1月20日的歷史最高點降至3月20日的85,894美元。在此期間，更廣泛的加密貨幣市場在市值中損失了約5000億美元。

In contrast, demand for safe-haven assets has driven gold prices to multiple record highs since President Trump took office. The precious metal has surged as much as 6.6%, rising from $2,700 per ounce to a recent peak of $3,030 per ounce.

相比之下，自特朗普總統上任以來，對安全資產的需求使黃金價格達到了多個創紀錄的高價。貴金屬飆升了6.6％，從每盎司2,700美元上升到最近的每盎司3,030美元的峰值。

A recent report from rwa.xyz notes that gold and Bitcoin remain fundamentally different.

rwa.xyz的最新報告指出，黃金和比特幣基本上不同。

“Prevailing narratives that call Bitcoin ‘digital gold’ overlook the unique qualities of each asset,” the firms’ analysts wrote. “Investing into gold is exposure to gold's longstanding use case as a status symbol, inflation-hedge, and store of value. Investing into Bitcoin is exposure to a new technology, characterized by decentralized consensus, near-instant settlement, and arbitrary, programmable transactions.”

這些分析師寫道：“呼籲比特幣為“數字黃金”的敘述忽略了每種資產的獨特品質。” “投資黃金是對黃金的長期用例，作為狀態象徵，通貨膨脹和價值存儲。投資比特幣是接觸新技術的，其特徵是分散的共識，近乎固定的解決方案和任意的可編程交易。”

Gold as a tokenized asset

黃金作為令牌資產

For crypto investors, gold-backed tokens can offer the best of both worlds, combining gold’s low-risk, safe-haven properties with blockchain advantages like global accessibility, instant settlement, low fees, and 24/7 trading.

對於加密投資者而言，金牌的代幣可以提供兩全其美的最佳，將黃金的低風險，安全的物業與區塊鏈的優勢相結合，例如全球可及性，即時解決，低費用，低費用和24/7交易。

Unsurprisingly, gold-collateralized tokens like Tether’s XAUT and Paxos’ PAXG have surged in popularity in 2025 as investors seek ways to protect their portfolios against global uncertainties.

毫不奇怪的是，隨著投資者尋求保護其投資組合免受全球不確定性的保護方法，諸如Tether的Xaut和Paxos之類的金色代幣在2025年受到了普及。

In its report, rwa.xyz noted that investors are taking advantage of 24/7 crypto markets and tokenized products to gain instant exposure to gold during risk events, particularly on weekends (when traditional markets are closed).

RWA.XYZ在其報告中指出，投資者正在利用24/7的加密貨幣市場和令牌化產品，以在風險事件中（尤其是在周末（傳統市場關閉）時，就可以立即接觸黃金。

However, trading data suggests that investors tend to return to traditional markets once they reopen. The firm cautions investors that the premium for XAUT and PAXG ‘almost always retreats once traditional markets reopen after the weekend’.

但是，交易數據表明，一旦投資者重​​新開放，投資者傾向於回到傳統市場。該公司警告投資者認為，XAUT和PAXG的溢價“一旦週末重新開放，幾乎總是撤退”。

Analyzing the volume data for tokenized gold products across crypto exchanges, rwa.xyz says volumes tend to spike according to Saturday-Sunday market catalysts.

RWA.XYZ分析了跨加密貨幣交易所的標記黃金產品的數量數據，根據周六至週日的市場催化劑，量往往會飆升。

“This implies that traders are utilizing tokenized gold markets as a way to gain short-term gold exposure when traditional markets are closed. When traditional markets reopen, some traders return to traditional gold markets, the premium is arbitraged away, and volumes in tokenized gold markets tend to revert to normal.”

“這意味著貿易商正在利用令牌化的黃金市場作為一種在傳統市場關閉時獲得短期黃金風險的一種方式。當傳統市場重新開放時，一些交易者返回傳統的黃金市場，保費會被套有，並且代幣化的黃金市場往往會恢復正常。”

Limited DeFi appeal

有限的DEFI上訴

This suggests that decentralized finance (DeFi) users may be reluctant to

這表明分散的財務（DEFI）用戶可能不願意