当黄金达到新历史最高$ 3,500时

上周，金牌加密货币的总市值达到20亿美元，高于2020年的1285万美元。

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.

当Gold在周二的新历史最高售价3,500美元时，它将焦点放在了Basg Basd Basd Bask Basks的标志上，这是一类离散的加密货币类，很快引起了兴趣。

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?

上周，金牌的加密货币的总市值达到20亿美元，高于2020年的1285万美元。随着高盛（Goldman Sachs）预测，到明年中旬，如果投资者将金牌的标记成为加密货币组合中的主食？

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

潜在的好处是有说服力的，但在分散财务（DEFI）中有限的效用是一个严重的缺点。那可能会改变。

What are gold-backed cryptocurrencies?

什么是金牌的加密货币？

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.

黄金支持的加密货币是基于区块链的代币，可用于特定的黄金量度，通常为1个Troy盎司（31.3G）的黄金令牌。

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.

它们与像比特币这样的主流资产有所不同，因为它们较少受波动性的影响，而它们的可裂，可运输性和互操作性使它们比纸张和实物黄金具有优势。

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.

金黄色的加密货币通过弥合黄金之间的差距（原始的避风港）与加密链和区块链充满活力的世界，从而提供了稳定和创新的独特融合。他们为投资者提供了替代通货膨胀对冲，并为市场波动提供了盾牌。

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，它们整合到更广泛的加密生态系统中仍在进行中，尚未克服三个核心挑战：监管不确定性，流动性限制和有限的Defi用例案例。

Where tradition and innovation intersect

传统与创新相交的地方

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纯粹主义者经常说比特币会使黄金多余，因为BTC与贵金属（如封顶供应和分散控制）具有相似之处。然而，在不安的时期，戈尔德的古老贸易历史和全球可接受性只会增强其作为世界首选避风港的声誉。

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.

比特币作为通货膨胀对冲的可靠性仍在进行辩论，而黄金的安全状态已一次又一次地进行了测试。在系统性风险的时期 - 战争，衰退，高通货膨胀和其他经济动荡 - 它有助于减轻损失。

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.

自唐纳德·特朗普（Donald Trump）于2025年1月上任以来，黄金和比特币的市场轨迹已经分歧。在1月20日至2025年2月7日之间，风险资产采取了急剧的纠正，因为全球关税战争的风险使投资者担心通货膨胀率上升和经济增长放缓。

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.

比特币的价格从2025年1月20日的历史最高点降至3月20日的85,894美元。在此期间，更广泛的加密货币市场在市值中损失了约5000亿美元。

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，自特朗普总统上任以来，对安全资产的需求使黄金价格达到了多个创纪录的高价。贵金属飙升了6.6％，从每盎司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的最新报告指出，黄金和比特币基本上不同。

“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.”

这些分析师写道：“呼吁比特币为“数字黄金”的叙述忽略了每种资产的独特品质。” “投资黄金是对黄金的长期用例，作为状态象征，通货膨胀和价值存储。投资比特币是接触新技术的，其特征是分散的共识，近乎固定的解决方案和任意的可编程交易。”

Gold as a tokenized asset

黄金作为令牌资产

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.

对于加密投资者而言，金牌的代币可以提供两全其美的最佳，将黄金的低风险，安全的物业与区块链的优势相结合，例如全球可及性，即时解决，低费用，低费用和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，随着投资者寻求保护其投资组合免受全球不确定性的保护方法，诸如Tether的Xaut和Paxos之类的金色代币在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在其报告中指出，投资者正在利用24/7的加密货币市场和令牌化产品，以在风险事件中（尤其是在周末（传统市场关闭）时，就可以立即接触黄金。

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，交易数据表明，一旦投资者重​​新开放，投资者倾向于回到传统市场。该公司警告投资者认为，XAUT和PAXG的溢价“一旦周末重新开放，几乎总是撤退”。

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分析了跨加密货币交易所的标记黄金产品的数量数据，根据周六至周日的市场催化剂，量往往会飙升。

“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.”

“这意味着贸易商正在利用令牌化的黄金市场作为一种在传统市场关闭时获得短期黄金风险的一种方式。当传统市场重新开放时，一些交易者返回传统的黄金市场，保费会被套有，并且代币化的黄金市场往往会恢复正常。”

Limited DeFi appeal

有限的DEFI上诉

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

这表明分散的财务（DEFI）用户可能不愿意