Overview
- Peter Schiff announced a tokenized gold platform and neobank offering app-based purchases, instant transfers, debit-card spending, and redemption for physical bullion.
- CZ argued that gold-backed tokens are not “on-chain gold,” calling them custodial IOUs dependent on issuers and vaults for future delivery under uncertain conditions.
- Tokenized gold’s market value is about $3.8–$3.9 billion, led by Tether Gold (XAUT) and PAX Gold (PAXG), reflecting broader growth in real‑world asset tokenization.
- Analysts and recent reporting liken gold tokens’ risks to stablecoins, citing redemption bottlenecks, issuer controls such as freeze functions, and potential stress‑period dislocations.
- After a public back‑and‑forth, Schiff challenged CZ to a “Bitcoin versus tokenized gold” debate and CZ accepted, with details yet to be announced.