World Gold Council unveils framework to standardize tokenized gold

The World Gold Council (WGC) has announced a framework to standardize tokenized gold. According to Decrypt, the WGC identified the management of gold reserves as a major barrier to entry for issuers of gold-backed tokens and has established a concept called "Gold as a Service." This platform is designed to allow companies issuing gold-linked tokens to use a shared network for managing physical gold reserves. The goal is to enhance trust in tokenized gold through features like continuous audits and to ensure a certain level of fungibility between different products. The media noted that until now, the tokenized gold market has been primarily shaped by cryptocurrency companies that have built their own custody systems and issuance pipelines. The WGC currently has 29 member companies.