An interesting viewpoint has recently emerged: the liquidity of gold tokens may surpass that of Bitcoin in the future.

If this trend actually occurs, who will be the biggest winner?

Let's look at the scale first.

Even if only 10% of global gold is tokenized, at current gold prices, that's close to $3 trillion;

If it reaches 50%, that's a market worth $15 trillion.

This is a massive number far exceeding the current volume of on-chain assets.

The primary question regarding such a large-scale value migration on-chain is: which chain can support it?

Currently, Ethereum clearly has the greatest advantage.

Major gold tokens (such as PAXG and XAUT) are almost all issued within the Ethereum ecosystem.

Higher gold token liquidity means more frequent on-chain exchanges, more gas consumption, and a larger TVL (Total Value Limit).

These will translate into real demand on the Ethereum network, directly supporting the value of ETH.

Currently, the total market capitalization of on-chain gold tokens exceeds $1.5 billion, accounting for 77% of Ethereum RWA commodities, and this growth trend continues.

If the trading depth and liquidity of gold tokens truly surpass those of Bitcoin in the future, then many institutions will naturally regard Ethereum as the default "RWA infrastructure layer."

This will not only enhance the network value of ETH but also strengthen its pricing power and influence in institutional asset tokenization.

Ethereum will not be the only beneficiary:

Issuers (Paxos, Tether, etc.) can profit from issuance fees and liquidity growth;

Custody institutions (such as HSBC, which launched Gold Token) will establish a new fee channel between off-chain vaults and on-chain tokens;

Investors will enjoy lower slippage, faster clearing efficiency, and more transparent asset structures.

Of course, the advancement of RWA is an inevitable trend, not something that can be achieved overnight.

Off-chain custody, legal definitions, clearing frameworks, and regulatory consistency all require time to refine. However, from today's perspective, the path of "expanding gold tokenization scale → Ethereum benefiting the most" is relatively clear.