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Tether Gold tokenization

Tokenization Unstoppable: Mega Whale Holds 3 Tons of Gold Onchain

Dalmas Ngetich
by Dalmas Ngetich
11 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Gold, the original store of value, is inching closer to $3,000 and is currently trading above $2,700, printing fresh all-time highs in the process.

As the yellow metal stretches gains, capital may flow to Bitcoin, the digital alternative, forcing the world’s most valuable coin above $74,000.

3 Tons Of Gold Tokenized

While gold and Bitcoin have advantages, with the more suave favoring the fluidity of BTC, one holder seems to be interested in both.

Related Reading: Bitcoin Key Indicator Turns Bullish As Spot ETFs Record $2.1 Billion Weekly Inflow: New ATH Imminent?

A recent analysis by Arkham, a blockchain intelligence firm, reveals that one wallet holds over $250 million in Tether Gold. In the real world, this tokenized stash weighs approximately 3 tons.

Whale holds 3 tons worth of gold onchain | Source: @ArkhamIntel via X
Whale holds 3 tons worth of gold onchain | Source: @ArkhamIntel via X

For now, the owner of this tokenized stash remains unknown. However, using AI, Arkham speculates that the 3 tons of gold belong to RhinoFi. According to on-chain data, the layer-2 bridge has processed over $2.3 billion worth of assets from more than 48.8 million transactions. It currently bridges 31 chains, connecting over 2 million accounts.

Tether Gold is technically a stablecoin tracking the real-world value of gold. As of October 22, over 246,520 tokens of digital gold had been minted on Ethereum. According to Ethplorer, there are 2,618 token holders making more than 39,500 transfers.

Tether Gold prices trending upward on the daily chart | Source: XAUTUSDT on OKX, TradingView
Tether Gold prices trending upward on the daily chart | Source: XAUTUSDT on OKX, TradingView

Although it cannot be immediately determined that RhinoFi controls nearly 50% of all Tether Gold in circulation, tokenization is picking up traction. The success of USD-backed stablecoins like USDT and USDC and their widespread adoption, especially in emerging economies, explain why they are here to stay.

BlackRock Confident, Over $2.4 Billion Of US Treasuries, Bonds Lives Onchain

Converting real-world assets into tokens on public ledgers like Ethereum or Polygon makes it easier for users to transfer and gain exposure. The CEO of BlackRock predicts the tokenization market will command trillions in the next few years.

Coingecko data shows over $7.9 billion of assets have been tokenized. Most of them are on Ondo, Pendle, and Mantra. Beyond Tether Gold, other tokenized alternatives include Pax Gold and Quorium.

Related Reading: Bitcoin Active Addresses Finally Growing Again: Bullish Sign?

In addition to gold, real estate and United States Treasuries have been tokenized. BlackRock, one of the world’s largest asset managers, currently issues BUIDL on Ethereum.

Over $2.4 billion worth of treasuries tokenized | SourcE: rwa.xyz
Over $2.4 billion worth of treasuries tokenized | SourcE: rwa.xyz

Looking at rwa.xyz data, over $2.4 billion worth of United States treasuries, bonds, and other cash equivalents have been tokenized. BlackRock’s BUIDL currently manages over $550 million of tokenized treasuries.

Feature image from Pexels, chart from TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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