There is a viewpoint that, in the future, the liquidity of gold tokens will surpass that of BTC. If this view is correct, then who will be the biggest beneficiaries?

Even if only 10% of gold is tokenized, based on current market value, that would be nearly $3 trillion. If 50% is tokenized, it would be close to $15 trillion—a massive scale.

Given the current security of blockchains, which one can support such a large volume of assets?

At present, Ethereum and its ecosystem are in a favorable position. Most gold tokens (such as PAXG and XAUT) are issued on Ethereum. Increased liquidity of gold tokens will boost on-chain transaction volume, gas fees, and TVL, which will benefit network usage and ETH.

Currently, the market capitalization of tokenized gold has exceeded $1.5 billion, accounting for 77% of the RWA commodity category in the Ethereum ecosystem (including L2s).

If it really becomes possible for gold token liquidity to surpass BTC's in the future, this will attract more institutional capital into Ethereum and drive ETH's value as “RWA infrastructure.”

Other beneficiaries include issuers (such as Paxos and Tether) and custodians (such as HSBC’s Gold Token, which has processed $1 billion in transactions). They profit from fees, and investors can enjoy lower slippage and faster settlement.

The RWA era is almost inevitable, though development won’t be fast and many things like off-chain custody still need to be sorted out.