World Gold Council Launches Framework to Standardize Tokenized Gold

The World Gold Council, a nonprofit association formed by leading gold mining companies, has launched a framework to standardize tokenized gold. The initiative, known as 'Gold as a Service,' aims to simplify the process of creating and managing physical reserves for digital assets backed by gold.

According to the World Gold Council, the current market for tokenized gold is dominated by crypto-native firms that have established their own custody arrangements and issuance pipelines. However, this approach can be costly and complex, limiting the number of companies that can participate in the market.

The 'Gold as a Service' platform seeks to address these challenges by providing a shared network for managing physical reserves. This will enable companies to access gold reserves more efficiently and cost-effectively, making it easier to create and issue gold-backed tokens.