世界黄金协会-数字黄金：共享基础设施的案例-DIGITAL GOLD The Case for a Shared Infrastructure

DIGITAL

GOLD

TheCaseforaSharedInfrastructure

TableofContents

00

PurposeandscopeForeword

Executivesummary

01

Introduction:

Thegoldmarkettodayandtheemergenceofdigitalgold

1.1Gold’senduringrole

1.2Howthegoldmarketworkstoday

1.3Theemergenceofdigitalgold

02

Context:

Whydigitalgoldmattersnowandwhat’sholdingthemarketback

2.1Opportunitiesforthedigitalgoldmarket

2.2Challengesforthedigitalgoldmarket

03

Vision:

Thefutureofdigitalgoldandwhatisneededto

achieveit

3.1Whatamaturedigitalgoldmarketcouldlooklike

3.2Whatitwilltaketorealisethisvision

04

GoldasaService:Apropositionfortheindustry

4.1WhatisGoldasaService?

4.2WhocanbenefitfromGoldasaServiceandhow?

4.3WhichgoldproductscouldGoldasaServicesupportandhow?

4.4WhataretheimplicationsofamarketpoweredbyGoldasaService?

05

Conclusion:

Thepathforward

5.1Recap:Thecasefordigitalgold

5.2Acallforcollaboration

Glossary

BCG2

BCG3

00.PURPOSEANDSCOPEDIGITALGOLD:THECASEFORASHAREDINFRASTRUCTURE

00Purposeandscope

Aboutthispaper

Thispaperdiscusseswaysinwhichaccess

tosharedinfrastructurecouldhelpgoldto

playagreaterroleinthedigitaleconomy.

ItintroducestheconceptofGoldasa

Service,aplatformownedandoperatedby

theWorldGoldCouncil.Itisbuiltasshared

infrastructurethatanymarketparticipantcanaccesstobuilddigitalgoldproductswithoutneedingtodeveloptheirownend-to-end

systems.Itlinksthephysicalgoldsupply

chainandvendorstodigitalproductissuancetools.Inpractice,thismeanspotential

issuerswillhaveaccesstosupportfor

custody,issuance,reconciliation,compliance,andredemption,allowingthemtofocus

oncustomers,distribution,andproductinnovation.

Thepapersetsouttheinfrastructure

opportunityandinvitesengagement

andfeedbackfromindustryparticipants,technologyproviders,andregulators.Itsintentistosupportthegrowthofamorescalableandinteroperabledigitalgold

ecosystem.

AbouttheWorldGoldCouncil

Establishedin1987,theWorldGold

Council(WGC)isthemarketdevelopment

organisationforthegoldindustry.It

championstherolegoldplaysasastrategicasset,shapingthefutureofaresponsible

andaccessiblegoldsupplychain.Working

acrosstheinvestment,jewellery,and

technologysectors,andengagingclosely

withgovernments,regulators,andcentral

banks,theWorldGoldCouncildevelops

gold-backedsolutions,services,andmarketsbasedonauthoritativeinsight.Throughits

work,theWorldGoldCouncilaimstocreatedurable,structuralsourcesofdemand

forgoldandtostrengthengold’sroleas

astrategicasset.Aspartofitsmarket

developmentmandate,ithascloselytrackedandengagedwiththedigitisationtrend.

TheWorldGoldCouncilactsasaneutralconvenerofindustryparticipantsandastewardofthegoldmarket.

BCG4

00.FOREWORDDIGITALGOLD:THECASEFORASHAREDINFRASTRUCTURE

Foreword

ByDavidTait,ChiefExecutiveOfficer,WorldGoldCouncil

Goldhasbeenacornerstoneofthefinancialsystemformillennia.Itsrolehaschanged,butitsvaluehasendured.Today,westand

atacrossroads:goldmustadapttooperateconfidentlywithinanever‑expandingdigitalfinancialsystem,whileremainingtruetoitsphysicalfoundations.

Buildingandmaintainingtrustrequiresmorethanpreservingtradition.Italsoneedsgoldtooperateconfidentlyinthemodern,digitalfinancialsystem.

Inrecentdecades,digitalinnovationhas

expandedaccesstogold.Butinnovation

alonedoesnotguaranteecoherence.Today,digitalgoldisfragmented.Asnewformats

andplatformsemerge,thegoldmarket’s

long-termresiliencewilldependonshared

practices,cleargovernanceandrobust

infrastructurefordigitalgoldproducts,whichwillreinforceconsumerconfidenceandtrust.

TheWorldGoldCouncilwascreatedto

strengthenandsafeguardgold’srolein

theglobalfinancialsystem.Thatmandate

requiresustoanticipatestructuralshifts

andtoactaccordingly.Wewillnowdoso

bysteppinguptobuildandstewardthe

infrastructureneededfortrusteddigitalgold.Toachievethataim,weplantoworkcloselywithmarketparticipants,regulators,and

technologyproviders.

Thispapersetsoutacleardirectionfor

howtheindustrymustcollectivelymove

forwardoninfrastructureandalong-termdesignfordigitalgold.Itdoesnotpresentaclosedblueprint,butacallandcommitmenttoaction,groundedingold’senduring

principlesandinformedbytherealitiesofdigitalfinance.Wewillusethisworkasaplatformtoengagewiththemarketand

acceleratethedevelopmentoftrustedrailsfordigitalgold.

Goldhasenduredbecausethemarkethasadaptedthoughtfullyanddeliberatelyat

keymomentsofchange.Webelievethisisanothersuchmoment,whichdemandscollaboration,urgency,andexecution.

Weinviteyoutoworkwithustobuildthenexteraofdigitalgoldonthestrongestfoundationpossible,trust.

BCG5

00.EXECUTIVESUMMARYDIGITALGOLD:THECASEFORASHAREDINFRASTRUCTURE

00Executivesummary

Goldhaslongbeenastrategicassetandstoreofvalue.Asfinancialinfrastructurebecomesincreasinglydigital,thechallengeforgoldtooperateinmodernfinancialsystemswithoutunderminingtheattributesthatsupportitstrust.

Overrecentdecades,goldhaspartiallydigitised.

Trading,clearing,andrecordkeepingarelargely

electronicanddigitalgoldproductshaveemerged,includinggoldETFs,vaulteddigitalgoldaccounts,certificates,andtokenisedgold,andthereare

wholesaleinitiativesaimedatimprovingsettlementandcollateralefficiency.

Despitethisprogress,somedigitalgoldapplications

remainlimitedinscale,relativetothebroaderdigitalfinancialmarket.Thisreflectschallengesinthecurrentmarketstructure,ratherthantheshortcomingsof

existingsolutions.Launchingandoperatingdigital

goldproductsiscomplexandcostly.Itrequires

issuerstocoordinatecustody,vaulting,logistics,

insurance,compliance,technology,liquidity,audit,

andredemptionservices.Issuersmustalsomanage

productintegrityacrossafragmentedvendor

landscape,whichresultsinhighfixedcosts,andaslowtimetomarket.

Thecurrentfragmentedlandscaperesultsinlow

fungibilityofdigitalgoldproducts,whichinturn

constrainsconsumertrustandholdsbackmarketadoption.Withoutconsistencyorstandardsacrossbacking,custody,audit,andredemptionterms,

consumerscannotassumedigitalgoldproductsare

interchangeable.Asaresult,consumersmustrevisit

theirtrustineachindividualproduct,itsissuer,anditsunderlyingholdings.Inparallel,lowfungibilitylimits

mobilityacrossthecategory:productssuchasgold

tokenscannotmoveseamlesslybetweenvenuesandcounterparties,liquiditybecomesfragmented,andtheproduct’sdigitalutilityisconstrained.Thisrestrictsthedevelopmentofmorefluidsecondaryandredemptionmarketsandholdsbackextensionssuchaslending,

borrowing,orpayments,beyondbeingastoreofvalue.

Overall,thesetrustandmobilityfrictionscompoundintoweakerproduct‑marketfit,demonstratedbythelimitedpenetrationandlowawarenessofmanydigitalgoldproductsamongeverydayinvestorsrelativeto

mainstreamgoldproducts.

Iftheindustrycannotovercomethesechallenges,

digitalgoldwilllikelyremainacollectionofsiloed

products.Innovationattheproductlevelwould

persist,andgoldrisksbecominglessintegratedandhardertouseindigitalfinancialsystemsthanassetsthatareunderpinnedbyinfrastructureoperatingwithconsistentstandardsandprocesses.

00.EXECUTIVESUMMARYDIGITALGOLD:THECASEFORASHAREDINFRASTRUCTURE

BCG6

Againstthisbackdrop,theWorldGoldCouncilis

committedtocreatingandorchestratingshared

marketinfrastructuretosupporttheissuanceandoperationofscalable,interoperabledigitalgold

products.Thispaperexploreshowinfrastructure

knownasGoldasaServicecouldbedesignedto

connectphysicalgoldcustodywithdigitalissuanceandlifecyclemanagement,enablingissuerstobuildandoperatedigitalgoldproductsonaconsistent,trustedfoundationratherthanrecreatingthesamecomplexinfrastructureindependently.

GoldasaServicewouldnotdirectlybeaconsumer-

facingproduct.Instead,theintentionistosupport

thesuppliersandvendorsthatunderpingoldproductcreation.Issuerswouldhavefullownershipoftheir

products,valuepropositions,brands,andcustomerrelationships.Theinfrastructurewouldprovide

theunderlyingoperatinglayer,bringingtogether

corefunctionssuchascustody,vaulting,issuance,

reconciliation,compliance,liquidityaccess,and

redemption.Bycoordinatingtheseelements,GoldasaServiceaimstoreduceoperationalcomplexityandlowerbarrierstoentry.

HowGoldasaServicewouldoperate

Physicallayer

Coordinatesthereal-worldmovementandcustodyofgold

Digitallayer

Enablesproductconfigurationanddigitallifecyclemanagement

Connectinglayer

Keepsphysicalanddigitalrecordsinsyncwithgoldrecords

Thenewinfrastructurewouldnotchangewhatgoldis,buthowitparticipatesinanincreasinglydigital

financialsystem.Itwouldallowgoldtobealwaysaccessible,increasinglyfungibleacrosstrusted

systems,andinteroperablewithbothtraditionalfinancialinfrastructureandemergingdigitalrails.

Withtheintentiontodelivertrust,legalcertainty,andsimplicityfromdayone,manyofthe

infrastructure'scorebenefitshavethepotentialtocompoundastheinfrastructuregrows.

Marketliquiditycoulddeepenandbecomemore

efficientasproductsgatherunderashared

infrastructure.Theaggregationofvenuesto

redeemphysicalgoldcouldpoweragloballytrustedredemptionnetwork.Scalecouldalsodriveunit

costsdownwards,withvaulting,insurance,audit,andlogisticsbecomingcheaperasvolumesconsolidate

ontosharedplatforms.Finally,withincreased

fungibility,digitalgoldcouldbecomeamoreattractivebaselayerforthirdpartiestobuildon.Thiswould

giveappbuildersconfidencetheycanaccessbroad,portableliquidityacrossthemarket.Withadedicatedinfrastructure,marketparticipantsandentrepreneurswouldbebetterpositionedtodevelopnewproductsandusecases.Thesewouldextendhowgoldis

accessedandusedovertime,withinevolvingmarketandregulatoryframeworks.Retailcustomerscouldaccessgoldinsmallerdenominations,moveiteasilyacrosswalletsandplatforms,andextenditsrole

beyondastoreofvalueintoeverydayusessuchaspayments,savings,lending,andborrowing,withoutsacrificingtheintegrityorbackingofphysicalgold.

Thispaperisanexplorationofhowparticipants

acrossthemarketcancontributetothenext

chapterofdigitalgold.Itisnotprescribingasingle

enddesign;instead,itsetsouttheopportunityfor

participantsacrossthegoldvaluechainanddigital

assetecosystemtoinputintoashared,interoperable,andtrustedinfrastructuresolutionalongsidethe

WorldGoldCouncil.Todothis,theWorldGoldCouncilwouldworkwithupstreamactorssuchasminers

andwithmidstreampartnersincludingbullionbanksandotherliquidityproviderstoalignonresponsible

sourcingstandards,andbestpracticesforintegrity,

reporting,andredemption.Itwouldalsocollaboratewithdownstreaminstitutionssuchasretailinvestmentplatformstodeliverdifferentiatedproductsandusecases.Technologyproviders,marketinfrastructure

firms,andregulatorswouldalsohavearoletoplayinshapingresilientframeworksthatbalanceinnovationwithgovernanceandconsumerprotection.The

WorldGoldCouncil'srolewouldbetoactasaneutralconvenerandsystemorchestrator,consultingmarketparticipants,facilitatingparticipation,andde-riskingprogressastheindustryengagesinchallengingandrefiningthisfuture.

BCG7

INTRO

01.INTRODIGITALGOLD:THECASEFORASHAREDINFRASTRUCTURE

01

Thegoldmarkettodayandtheemergenceofdigitalgold

1.1Gold’senduringrole

Goldhaslongplayedacentralroleasastrategicassetforinvestors,servingbothasastoreofvalueandalong-

terminvestmentthathelpsprotectandenhancewealth.Itsperformancereflectsadistinctivecombinationof

counter-cyclicalinvestmentdemandandpro-cyclicalconsumerdemand,whichtogetherunderpingold’sresilienceacrosseconomiccycles.Duringperiodsofheighteneduncertaintyordecliningconfidenceincurrencies,policy,orfinancialmarkets,investmentdemandforgoldhashistoricallyincreased,anditspricehasrisen(ExhibitA).

ExhibitA:Gold’senduringrole

Goldhasoutpacedinflation,andtrackedcrisesandpolicyshifts,whileits2025jumpmarkedthestrongestriseindecades

Price

($/troy

ounce)

4,000

Firstoilshock

3,000

2,000

GlobalFinancialCrisispeak

1,000

Nominalgoldprice($/troyounce)

Sources:TimothyGreen(viaWorldGoldCouncil);IMF;USBureauofLaborStatistics;FederalReserveEconomicData;WorldBank

Infiationpeak

(1980)

2000Adjustedforinflation

BrettonWoodsgoldpegUS$35

19251950

COVID-19

2025

1975

01.INTRODIGITALGOLD:THECASEFORASHAREDINFRASTRUCTURE

BCG8

Demandingoldisrootedingold'sphysicalpropertiesandeconomicfundamentals.Goldisscarceand

durable:annualminedsupplyaddsonlyaround1.8%totheexistingabove-groundstock,andalmostallgoldevermined(~220,000tonnes)remainsincirculationinusableform.¹

Thislimitedandpersistentsupply,combinedwith

diversesourcesofdemand,reinforcesgold’sroleasalong-termstoreofvalueandacorecomponentofawell‑diversifiedinvestmentportfolio.

Goldalsobenefitsfrombroad,long‑standing

confidence,whichisreinforcedbyhowinstitutions

andhouseholdsuseitinpractice.IntheWorldGoldCouncil’s2025CentralBankGoldReservesSurvey,

85%oforganisationssaidgold’sperformanceincrisiswasrelevanttotheirdecisiontoholdgold,81%citeddiversificationwasalsorelevant,and80%citedstoreofvalue.2TheGoldRetailMarketInsightssurveyof

18,000retailinvestorsfoundconsistentperceptionsofgoldasasafe,durable,andatraditionalstoreofvalue;retailinvestorscommonlyholdgoldforwealthprotectionandlong-termreturns.3

1.2Howthegoldmarketworkstoday

Thegoldmarkettodayislarge,global,andhighly

liquid.Itisanchoredinalargestockofabove-

groundmetal,estimatedat220,000tonnes.1ThisisequivalenttooverUS$30trillionatcurrentprices,heldasjewellery,bars,coins,andofficialreserves(ExhibitB).

Itishelpfultoseparatethemarketintoretail

andwholesale.Inretail,goldownershipremains

predominantlyphysical,concentratedinjewellery

concentratedinjewellery,bars,andcoins–often

aslong-termsavingsorforwealthprotection.

AsshowninExhibitB,jewelleryaccountsforthe

largestshareofabove-groundgoldstocks,while

barsandcoinsrepresenttheprimaryformofdirectinvestmentholdings.

Jewellery

BarsandCoins

ExhibitB:Distributionofabovegroundgold

Mostgoldisusedforjewellery

Volume(tonnes)

140,000

120,000

100,000

80,000

60,000

40,000

20,000

FabricationInvestment

Other

GoldETFs

CentralBanks

Source:WorldGoldCouncil¹

1.WorldGoldCouncil,AboveGroundStocks(asofDecember2025)

2.WorldGoldCouncil,CentralBankGoldReservesSurvey2025

3.WorldGoldCouncil,GoldRetailMarketInsights

BCG9

Whileretailownershipishighlyvisible,mostday-

to-daytradingactivitytakesplaceinthewholesale

market,ledbybanks,dealers,centralbanks,and

institutionalinvestors.MuchofthisactivityiscentredontheLondon‘OverTheCounter’(OTC)precious

metalsmarket('LocoLondon'),wheregoldtraded

mustmeettheLondonGoodDeliverystandardsandchangesownershipthroughaccounttransfersratherthanbyphysicallymovingbarsforeachtrade.The

LondonBullionMarketAssociation(LBMA)reports

thatmorethan90%ofwholesaleOTCpreciousmetalstradingclearsthroughunallocatedLocoLondon

accounts,reflectinghowwidelythismodelisused.1Forexample,goldtradevolumesweremorethan

US$160billionadayintheLocoLondonmarketalonein2025.2

>90%

WholesaleOTCtradingclearsthroughunallocatedLocoLondonaccounts

1.3Theemergenceofdigitalgold

Overthepastthreedecades,goldhasincreasingly

shiftedfromsomethingyouprimarilystoreandmovephysically,tosomethingyoucanaccess,trade,and

managedigitally(ExhibitC).Astradingandrecord-

keepinghasmovedontoelectronicsystemsand

marketshavebecomemoreconnected,investorshavebeguntoexpectgoldtobehavelikeothermodern

assets–easytobuyandsell,accessibleacrosstimezones,andheldandtransferredwithoutthelogistics,custody,andsettlementcomplexitiestraditionally

associatedwithphysicalgold.

Fromthisevolution,digitalgoldhasemerged:

atermforproductformatsthatdelivergoldexposure(andinsomecases,ownershiprights)withdigital

infrastructure.

Today,digitalgoldproductsforretailusersspanacrossthemarket,including:

•Digitalgoldaccounts,includingallocatedand

vaulteddigitalgold(e.g.,BullionVault,launched2005)andpool-allocateddigitalgold(e.g.,PaytmDigitalGold,launched2017)

•Tokenisedgold(e.g.,PAXG,launched2019andTetherGoldXAU₮,launched2020)

•Certificatesorbook‑entryclaims(e.g.,RBCgoldcertificates)

•Gold‑backedETFs³(e.g.,thefirstgoldETF,launched2003andGLD,launched2004)

1.LBMA,PreciousMetalAccounts

2.WorldGoldCouncil,TradingVolumes(asofDecember2025)

3.Whileprimarilyembeddedininstitutionalmarketinfrastructure,alsowidelyaccessibletoretailinvestors

BCG10

01.INTRODIGITALGOLD:THECASEFORASHAREDINFRASTRUCTURE

ExhibitC:Evolutionofretail-facinggoldproducts

Ashiftfromphysicalcustodytodigitalownershipacrossdifferentproducts

3000BC

1990s

2003

2005

2019

WhatyouownWherethegoldisHowyoubuyandsell

Physical

barsandcoins

ThemetalitselfOnpersonorin

privatestorage

Buyfromadealer;sellbacktoadealerormarket

Goldcertificates

Aclaimorentitlement

Dependsonprovider

Buyfromadealer;

orbook-entry

recordedbyaprovider

(allocated,pooled,

sellbacktoadealer

claims

orunclear)

ormarket

Physically-backed

Sharesinafundtracking

Bullioninavault,held

Tradeonstockexchange

goldETF

goldprice

byafund(custodyarrangements)

viabrokerage

Pool-allocated

Digitalbalance

Inavaultmanagedby

Buyandsellonthe

digitalgold

representing(afraction

providerorcustodian;

platformorapp,often

account

of)pool-allocatedgold

insuredcustody

market-likedealing

Tokenisedgold

Digitaltoken

representinggold(e.g.,1token=Xgrams/oz)

Invaultorcustodylinkedtotheissuer

Tradeorsendlikecrypto(wallets,exchanges,

on-chain)

BCG11

02.CONTEXTDIGITALGOLD:THECASEFORASHAREDINFRASTRUCTURE

02

Whydigitalgold

mattersnowandwhat’sholdingthemarketback

2.1Opportunitiesforthedigitalgoldmarket

Lastyear(2025)wasabreakoutyearforgoldETFsandotherdigitalgoldproducts.AfterthreeyearsofgoldETFnetselling,meaningmoreETFsharesweresold

thanbought,causingtheunderlyinggoldholdingstoshrink,andalargelyflat

2024,goldETFsturnedsharplypositivein2025(ExhibitD).Theycontributed

16%ofannualgolddemandanddrewUS$89billionofinflows,liftingtotalassetsundermanagementtoUS$559billionandholdingsto4,025tonnes.¹Thejump

wasmainlydrivenbythewidermacroeconomicenvironment,including(i)safe-

havendemandamidtradedisputes,(ii)geopoliticaltensionsandmarketvolatility;momentumasthegoldpricerose;and(iii)loweropportunitycostsasUSyieldsfellandthedollarweakened.

16%

ofannualgolddemandattributedtogoldETFsin2025

CONTEXT

1.WorldGoldCouncil,

GoldETFFlows:December2025

ExhibitD:GlobalgoldETFflows

SharpriseingoldETFdemandin2025

Demand(tonnes)

750

500

-500

20212022202320242025

Source:WorldGoldCouncil¹

250

0

-250_______________________-

Gold

(US$/oz)

4,000

3,500

3,000

2,500

2,000

1,500

02.CONTEXTDIGITALGOLD:THECASEFORASHAREDINFRASTRUCTURE

BCG12

Importantly,demandfordigitalgoldhasnotbeen

limitedtogoldETFs.Goldtokenshavealsogrown

sharply,withtheirmarketcaptoppingUS$4billionin2025.¹Anddigitalgoldaccountsarebecomingarealretailhabitinsomemarkets.Forexample,BullionVault,oneoftheleadingmarketplacesfordigitalgold

accounts,holdsaround43tonnesofgoldforits

customers.²Tokenisedgoldanddigitalgoldaccountsareemergingascredibleadjacencies:theyaregainingtractionandhaveclearadoptionpotential,drivenby

frictionlessaccessandtheprospectofeverydayutility.

Retailinvestorsarebecomingmoredigitaleachyear,especiallyyoungerinvestorswhoareenteringthe

marketearlierandpredominantlythroughdigital

platforms.Theseyoungerusersoftenusemobile

investmentappsthatareeasytoaccessandrequireonlysmallinitialcontributionstogetstarted.

Across13economies,WEFfinds30%ofGenZstartinvestinginearlyadulthood,versus9%ofGenXand6%ofBabyBoomers.Notably,86%ofGenZhave

learnedaboutpersonalinvestingbythetimethey

entertheworkforce.³Beyondsimpledigitalaccess,trustandclarityareimportantincapturingretail

investors.IntheUK,theFCAfinds66%of18–40yearoldinvestorsdecideonaninvestmentinunder24

hoursand14%decideinunderanhour.⁴

Digitalformatscanovercomegold’straditional

barriersoflargerminimums,offlinebuying,exchangefees,andstorage.Issuersofdigitalgoldproductscandothisby:

•Makingiteasytostartandkeepinvesting

(e.g.,smallminimums,recurringbuys,simpleportfolioplacement).

•Offeringtherightformatfordifferentneeds(e.g.,ETF-likeexposure,vaultedaccounts,

tokenisedproducts).

•Buildingconfidencewithclearpricing,clearcustodyandauditinformation,andsimplerulesforsellingortakingdelivery.

Withtherightdigitalproducts,issuerscan

captureinvestorsduringriskeventsandbroadengold'sroleineverydayportfolios,particularlyforyoungerinvestors.

US$4bn

Tokenisedgoldmarketcapin2025

86%

ofGenZhavelearntaboutinvestingbeforetheyentertheworkforce

66%

of18–40yearoldinvestorsdecideonaninvestmentinunder24hours

1.Coingecko,

TopTokenisedGoldCoins

2.BullionVault,

AboutUs

3.WorldEconomicForum,

Newresearchfindsretailinvestingshifttowardsyoungerinvestors,reshapingmarkettrends

4.FinancialConductAuthority,

FCAfindstwo‑thirdsofyounginvestorstakelessthan24hourstomakeinvestmentdecisions

BCG13

2.2Challengesforthedigitalgoldmarket

Despitegrowinginterestandawideningrangeofformats,themarketfordigitalgoldremainssmallrelativetotheoverallphysicalgoldmarket.Thisreflectsacombinationofchallengesinproduct

developmentandmarketadoption.

…Theproof-of-backingchallenge

“Forthetokenisationofpreciousmetals,thehurdlescomeinbridgingtheph