In short
- Dogecoin Money Inc. proposed a framework the place one billion tokens would equal one gram of bodily gold.
- The initiative stays within the improvement section with no tokens issued or timeline set.
- Tether and Paxos each provide gold-backed tokens denominated in ounces, with market caps over $2 billion apiece.
Dogecoin Money Inc. introduced Thursday it’s growing Dogecoin Gold, a deliberate token that will hyperlink digital belongings to bodily gold reserves whereas borrowing the identify of essentially the most helpful and longest-running meme coin in the marketplace.
The framework proposes tokens representing exactly outlined items of gold held by an unbiased, institutional-grade valuable metals custodian. Beneath the proposed system, tokens could be created solely when gold enters custody and faraway from circulation upon verified redemption.
“We’re evaluating a framework that seeks to combine verifiable possession of bodily gold with blockchain-based auditability and precision,” administration wrote in a assertion. “The target is to find out whether or not a system might be structured by which real-world belongings, mathematically outlined items, and clear digital infrastructure function inside a disciplined and verifiable atmosphere.”
Whereas full technical documentation continues to be forthcoming, the agency mentioned it plans to tokenize gold with nanogram-level precision that will permit one billion tokens to signify one gram of bodily gold.
Tokenized gold isn’t a brand new idea, although the largest companies doing it at present—Tether with its $2.7 billion XAUT token, and Paxos with its almost $2.4 billion PAX Gold (PAXG)—measure their tokens in ounces pegged to the worth of actual gold. Such tokens have surged in worth and demand in current months as gold rose to new all-time highs.
Decrypt reached out to Dogecoin Money for extra info on its tokenized gold plans, however didn’t instantly obtain a response.
Dogecoin (DOGE) is the unique and nonetheless most beneficial meme coin with a greater than $15 billion market cap. The corporate Dogecoin Money has no formal affiliation with the creation of Dogecoin or maintenance of the protocol, although it has amassed each DOGE and knockoff cash alike.
Dogecoin Money was beforehand often called Hashish Sativa Inc, with a deal with telehealth companies and hashish merchandise, earlier than renaming itself in late 2024. The corporate initially amassed a treasury of the BNB Chain meme coin Dogecoin Money (DOG) earlier than saying final summer time that it will additionally preserve a separate treasury of the unique Dogecoin.
The actual DOGE is up 5% on Friday amid a broader markets surge sparked by the reopening of the Strait of Hormuz, just lately buying and selling above $0.10—its highest value in a month.
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