Original | Odaily Planet Daily (@OdailyChina)
Author | Wenser (@wenser2010)
With the successive approval of Bitcoin spot ETFs and Ethereum spot ETFs, the RWA track, which intersects real assets and crypto assets, has once again attracted high market attention. Meanwhile, the price of spot gold has reached new highs, and investors' enthusiasm for gold investment continues to rise, with both traditional financial markets and the cryptocurrency industry calling for the emergence of "gold tokenization" related products.
As a leader in the crypto asset management industry, Matrixport's RWA brand, Matrixdock, launched the gold tokenization product XAUm on September 16, targeting the "next new asset class" with a scale of over $10 trillion.
Odaily Planet Daily also contacted Eva, the head of Matrixdock's business, for an in-depth conversation. Below is the record of the interview, with some content edited.
Q1: What long-term value propositions prompted the Matrixport team to focus on the RWA track and establish Matrixdock?
Eva: In April 2022, the RWA team under Matrixport was officially established; by the end of 2022, the Matrixdock sub-brand was officially launched. Just as we successfully predicted at the end of 2022 that "U.S. Treasury bonds would become the first asset class to stand out in the RWA track," and launched Asia's first U.S. Treasury token "STBT" in February 2023 (this project is "Asia's highest historical locked value project"), with the arrival of the Federal Reserve's interest rate cut cycle, using blockchain technology to bring premium assets on-chain and enhance the connection with real-world assets will also become one of the strong narratives for the future.
Driven by the bidirectional demand between DeFi capital management attracting more liquidity in the crypto industry and TradFi funds trading to explore new markets, Matrixdock was born to bridge the existing gap between DeFi and TradFi, aiming to become "the preferred platform for users to invest in on-chain RWA."
Combining thoughts on infrastructure assets and financial innovation, precious metal tokens may become the next financial service area leading the technological innovation of underlying assets, and the first product in the precious metal token series—the gold token XAUm successfully launched on September 16—is Matrixdock's latest attempt.
In the future, combining its high-quality service capabilities, carefully selecting truly market-demanding quality assets, and seeking a dynamic balance between short-term market selection and long-term value selection will be the main development direction of Matrixdock.
Q: How does XAUm reflect value in bidirectional demand? What advantages does it have compared to physical precious metals and fund-based gold products?
Eva: The gold token XAUm combines the stability of traditional gold with the flexible innovative capabilities of blockchain technology, giving it advantages in both the gold industry and the crypto market—enhancing trading efficiency in the gold industry while providing crypto market investors with a valuable asset allocation option.
XAUm is fully backed by physical gold bars certified by LBMA (London Bullion Market Association, a global independent authority and standard-setting organization for precious metals) with a purity of no less than 99.99%. Each XAUm token is anchored to 1 troy ounce (toz) of gold assets. XAUm combines the physical properties of gold with the flexibility of crypto assets, not only allowing for the delivery of physical assets but also providing cryptocurrency investors with a reliable, risk-resistant allocation asset. Compared to other asset classes, XAUm balances the volatility of the crypto market while possessing long-term investment value that is resistant to inflation and risk.
The main advantages of XAUm compared to traditional gold products include:
First, it significantly lowers the investment threshold for premium gold. For ordinary investors, purchasing LBMA-certified gold is difficult, complex, and has a high threshold. XAUm uses blockchain technology to streamline the entire process of purchasing and storing, reducing the investment threshold to 1 troy ounce (approximately 31.1 grams). If customers wish to withdraw physical gold, it also supports withdrawals from Singapore and Hong Kong.
Second, it offers a highly cost-effective price advantage. LBMA gold is an important reference standard for global spot gold prices, and all gold spot transactions are priced at a premium over the LBMA gold price. XAUm provides a transparent pricing channel with clear sourcing, allowing customers to acquire LBMA gold at a better price without incurring additional costs for transportation, storage, and management associated with traditional channels.
Finally, it optimizes management costs and application efficiency. With tokenization technology, XAUm helps users hold and transfer tokens on-chain at any time. More importantly, XAUm supports the conversion between NFTs and tokens, meeting the needs of different application scenarios with greater flexibility. In the future, Matrixdock will also provide more lending and derivative services based on XAUm through diversified cooperation in the RWA ecosystem, further enhancing the liquidity and practicality of the token.
Additionally, XAUm grants users the "redemption rights" for physical gold, allowing customers to request a list of corresponding physical gold assets (Gold Bar List) and package these gold assets into NFTs. If users wish to redeem specific gold bars, Matrixdock can also prioritize arrangements. This innovation means that XAUm acts as a bridge between on-chain and off-chain assets, allowing for collateral use in lending or secondary market trading in DeFi or CeFi scenarios through the design of "nested assets," greatly enhancing the liquidity and compatibility of gold assets.
XAUm token and NFT asset package binding relationship
Wenser: Can you briefly share the operation mechanism of XAUm and how it connects the entire asset chain?
Eva: In simple terms, the operation mechanism of the XAUm gold token consists of the following 6 steps:
- Customers submit a request to Matrixdock to mint XAUm.
- Matrixdock procures gold that meets the standards from brokers and refiners within the LBMA system.
- The gold is stored in LBMA-certified professional warehouses by a specialized transportation company.
- The warehouse provides an asset report containing detailed information about the gold bars.
- Based on the actual amount of gold deposited, Matrixdock mints the corresponding number of XAUm tokens and delivers them to the customer.
- When customers wish to redeem gold, Matrixdock destroys the corresponding XAUm tokens and delivers the equivalent weight of physical gold to the customer.
Unlike other service providers in the market, Matrixdock adheres to the principle of "assets first, then tokens," ensuring that each XAUm token is fully backed by physical gold. The quantity of underlying assets is always greater than or equal to the token supply. Therefore, although there may be slight delays in the experience phase (due to the time required to confirm and reserve assets), the security and authenticity of the assets are greatly guaranteed.
Reporter Wenser: So what is the current delivery cycle for Matrixdock?
Eva: For small purchases, we can achieve T+0 delivery (i.e., processed on the same day) because Matrixdock has a certain amount of gold reserves. However, for larger purchases, the delivery time is usually T+2 (i.e., T+2 days, with the first day initiating the request and the third day completing the processing), as the offline procurement and asset confirmation of gold need to be completed on business days. While maintaining rigor, our team is continuously optimizing these processes, and we hope to further shorten the delivery cycle in the future while enhancing asset security and improving customer experience.
Q: What efforts has Matrixdock made regarding asset transparency, compliance regulation, and asset management?
Eva: Establishing trust is crucial for the crypto industry, and it reflects the strength and value of a brand. To ensure customer trust, Matrixdock has taken multiple measures in asset transparency and compliance regulation:
1. In terms of asset transparency: 1) Product design transparency: Strictly adhering to the principle of "1 XAUm = 1 troy ounce (toz) of gold," which provides customers with a transparent benchmark, allowing them to easily verify the product's logic and the corresponding amount of physical gold; 2) On-chain transparency: By managing the minted asset pool to ensure that "new XAUm tokens will only be minted when the underlying assets increase." At the same time, the proof of underlying assets is always public, ensuring that customers can see the support behind the assets in real-time; 3) Traditional audit transparency: Authoritative auditing firms regularly audit the assets and issue audit reports and related certifications. This not only serves to build trust in the crypto industry but also alleviates customers' concerns in the traditional financial sector.
2. In terms of compliance regulation: The use of an SPV bankruptcy isolation structure (Special Purpose Vehicle) completely isolates Matrixdock's operating assets. This means that even in extreme situations where Matrixdock encounters operational issues, customer assets will not be liquidated or misappropriated. Additionally, the gold procurement channels are from well-known LBMA providers such as Point Gold and Heraeus, and the transportation, storage, and insurance of gold are handled by top global transportation and storage service providers like Brink's. These professional and authoritative third-party collaborators effectively add a layer of "independent insurance" to the assets.
XAUm gold token authoritative third-party collaborations
3. In terms of policy compliance and regional selection, due to regulatory considerations, the main operational markets are regions friendly to individual gold trading, including Singapore and Hong Kong, facilitating users to redeem physical assets at any time, truly achieving "thinking from the user's perspective."
Q: Why is Matrixdock and XAUm primarily targeting the Asian market?
Eva: From the demand side, gold is globally recognized as a high-quality store of value, and its acceptance is particularly high in Asia, where it is seen as the best way to preserve wealth, even leading to the saying "gold in chaotic times." The strong demand for gold in the Asian market is also a major driving force behind the rise in global gold trading prices.
From the supply side, Matrixdock is based in Singapore, which allows for a better understanding and fulfillment of the needs of the Asian market. The localized support services for physical gold extraction also align with regional customer demands.
The combination of market demand, compliance management, and technological innovation has positioned Matrixdock on the main stage of gold trading in Asia and laid the foundation for further market development.
Q: Can you share your views on the opportunities and challenges in the RWA track? How to stand out?
Eva: Broadly speaking, stablecoins can be seen as "the first products to emerge in the RWA track." As a medium of exchange, they meet the rigid demand for market transactions, thus quickly gaining a first-mover advantage. Following closely are tokenized U.S. Treasury bonds, which have become a hot asset in the market, especially against the backdrop of U.S. dollar interest rate hikes. Data shows that at the beginning of 2024, the market size for tokenized U.S. Treasury bonds was only $769 million, but by early October, this number had rapidly grown to $2.2 billion, an increase of nearly 300%.
Currently, the development demand for on-chain assets is showing a diversification trend, including:
Yield-focused assets: For example, Private Credit, including products similar to PayFi, which achieve yield flow through tokenization.
Tokenization of stocks or fund indices: This product aims to bring traditional financial assets into the crypto market, expanding its investor base.
Tokenization of commodities: XAUm falls into this category. The value of these assets is relatively stable and has clear valuation. In an environment of U.S. dollar interest rate cuts or increased currency issuance, concerns about geopolitical instability and U.S. dollar inflation have led to a surge in demand for risk-hedging tools, with assets including BTC and physical precious metals becoming important incremental markets.
It is certain that the RWA track has introduced more liquidity into the traditional financial market, and both crypto companies and traditional institutions want to leverage the advantages of tokenization to explore new markets. For market participants, this is undoubtedly an important bidirectional opportunity—it can bring more quality assets to the crypto industry while providing more capital and liquidity to the traditional market.
However, industry challenges remain daunting, primarily reflected in the complexity of tokenization—namely, the on-chain compatibility of assets and the multi-step complexity of management. Practitioners not only need to have the ability to identify standards for underlying assets but also need comprehensive asset management experience and the technical capability to meet on-chain liquidity requirements.
However, as more participants enter the RWA track, I believe these challenges will gradually be overcome. The launch of XAUm by Matrixdock is a pioneering attempt to bring traditional quality assets into the crypto industry, which will also provide more diverse investment options for the crypto market. This is also the core strategy executed in the "RWA Asset Breakthrough Competition"—"Rooted in the crypto field, expanding asset boundaries."
Q: Does Matrixdock and XAUm plan to expand into different blockchain network ecosystems in the future? Will it leverage Matrixport's advantages for application scenario expansion?
Eva: Of course, multi-chain expansion and application are important directions for the development of the crypto industry, and Matrixdock is actively promoting work in this area, as seen from the product roadmap focused on multi-chain compatibility: currently, XAUm supports native deployment and unified management on the Ethereum mainnet and BNB Chain, allowing users to operate across different blockchain networks. Multiple active ecosystem networks, including the Bitcoin ecosystem, are also considered for future development.
As a RWA brand under Matrixport, XAUm will also be launched on the Matrixport APP in the future, further enriching user application scenarios. The upcoming XAUm gold token lending service collaboration will provide users with more financial tool options.
Q: Finally, can you talk about Matrixdock's vision and mission?
Eva: From day one, Matrixdock's vision has been to steadily achieve the goal of "the leading on-chain platform for real assets in Asia." Contributing to the development of the global RWA ecosystem is both a self-requirement and an industry responsibility.
It is worth mentioning that Matrixdock recently joined the well-known Tokenized Asset Coalition. This coalition was established in the fall of 2023 and has gathered over 40 leading organizations in the RWA field, including renowned institutions such as a16z, WisdomTree, and Galaxy. On one hand, this is an important step in "promoting the on-chainization of real-world assets," providing investors with a more transparent, secure, and efficient asset management approach; on the other hand, it also indicates that changing the formation, investment, and management of on-chain capital has become a certain consensus among the crypto industry and mainstream capital, with broad prospects for the development of the RWA track.
Matrixdock's mission is to create a reliable ecosystem for real-world assets in the crypto industry. At the same time, we hope that more customers will join this wave of the times in the future to promote the deep integration of blockchain and real assets together.
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