TOKENIZED REAL-WORLD ASSETS
The Companies Bringing Real Assets On-Chain
Tokenized real-world assets (RWAs) put ownership of physical and financial assets, such as gold, silver, and U.S. Treasury bills, on a blockchain. Leaders in precious metals include Tether Gold, PAX Gold, Kinesis, and STBL, while firms like BlackRock, Franklin Templeton, and Ondo are tokenizing government debt. Here is what each is doing and where STBL fits.
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Why Tokenization Is Taking Off
For most of history, owning gold meant storing bars or coins, and owning a Treasury fund meant going through a broker during market hours. Tokenization changes the wrapper, not the asset: the gold still sits in a vault and the Treasury bills still sit with a custodian, but ownership moves on a blockchain.
That brings three practical benefits: transfers that settle around the clock, ownership records anyone can inspect, and access in smaller units than a 400-ounce bar or an institutional fund minimum. It is why some of the largest names in finance and crypto now issue tokenized products.
PRECIOUS METALS
Leaders in Gold- and Silver-Backed Tokens
Gold was one of the first real-world assets to move on-chain, and it remains one of the most trusted. These issuers each back their tokens with physical, allocated metal.
Tether Gold (XAUT)
Issuer: Tether
Backing: Each token represents one fine troy ounce of gold on a London Good Delivery bar.
Custody: Vaulted in Switzerland.
Known for: One of the most widely traded gold tokens, issued by the company behind the largest dollar stablecoin. Physical redemption is designed around whole bars.
PAX Gold (PAXG)
Issuer: Paxos Trust Company
Backing: Each token represents one fine troy ounce of London Good Delivery gold, with bars traceable by serial number.
Custody: Held in Brink's vaults in London.
Known for: Approved by the New York State Department of Financial Services in 2019, with monthly third-party reports verifying that supply matches gold held.
Kinesis Gold (KAU) & Kinesis Silver (KAG)
Issuer: Kinesis
Backing: KAU represents one gram of allocated gold; KAG represents one troy ounce of allocated silver.
Custody: Allocated bullion held in partner vaults.
Known for: Pioneered a yield model that shares a portion of platform transaction fees with holders who keep metal on the platform. One of the few issuers with a silver token.
STBL Gold & STBL Silver
Issuer: STBL
Backing: Each token represents one troy ounce of allocated metal: LBMA-accredited gold for STBL Gold, physical silver for STBL Silver.
Custody: Insured class 3 vaults in the U.S.A., covered by a Lloyd's of London policy.
Known for: Gold and silver in one account, U.S. vaulting, and physical redemption from 1 oz with insured delivery to your door.
TREASURIES & FUNDS
Wall Street Moves On-Chain
Tokenized U.S. Treasury products have become one of the fastest-growing corners of the RWA market, led by some of the most established names in asset management.
BlackRock USD Institutional Digital Liquidity Fund (BUIDL)
Launched with tokenization firm Securitize in 2024, BUIDL brought the world's largest asset manager on-chain. It holds cash, U.S. Treasury bills, and repurchase agreements, and is available to qualified investors.
Franklin Templeton OnChain U.S. Government Money Fund (FOBXX / BENJI)
A U.S.-registered money market fund whose share ownership is recorded on public blockchains, represented by the BENJI token. An early proof that a regulated fund can run on-chain.
Ondo Finance (OUSG & USDY)
Offers tokenized Treasury exposure through products for qualified investors (OUSG) and for eligible non-U.S. holders (USDY), connecting short-term government debt to on-chain finance.
Dollar stablecoins such as USDT and USDC are the most widely used tokenized assets of all, backed by cash and short-term government debt. Gold- and silver-backed tokens offer a different anchor: physical metal rather than a currency.
WHERE STBL FITS
STBL: Tokenized Gold and Silver, Vaulted in the U.S.
STBL is part of the same movement: real metal, real custody, and ownership recorded on-chain. Here is what sets it apart.
One token, one troy ounce
Each STBL Gold token is backed by one troy ounce of allocated, LBMA-accredited gold; each STBL Silver token by one troy ounce of allocated silver.
Vaulted in the United States
Metal is stored in insured class 3 vaults in the U.S.A. and covered by a Lloyd's of London policy, an alternative to the London and Swiss custody most gold tokens use.
Redemption from 1 oz
Holders can redeem for physical delivery starting at a single ounce, shipped by insured courier with signature required, subject to compliance checks.
Gold and silver in one account
STBL offers both metals, with free storage for holders and the ability to buy with fiat, BTC, ETH, USDT, or other stablecoins.
On-chain and audited
Issuance and redemption are tracked on Polygon, with third-party audits. STBL Gold is listed in the Tokenized Gold category on CoinGecko.
Built for everyday use
Eligible account holders can access the STBL Money Card, a virtual card for online purchases and everyday spending.
DUE DILIGENCE
How to Evaluate Any Tokenized Asset
- Is each token backed by allocated metal or assets held in the holder’s name?
- Who holds custody, where, and is the custody insured?
- Are reserves verified by independent audits or attestations?
- Can you redeem for the underlying asset, and what is the minimum?
- Is the token contract public, and who controls upgrades to it?
- What identity verification and jurisdiction rules apply?
New to the category? Start with what tokenized gold is and how tokenized silver works.
FAQ
Frequently Asked Questions
What are tokenized real-world assets (RWAs)?
Tokenized real-world assets are blockchain tokens that represent ownership of something that exists off-chain, such as gold, silver, U.S. Treasury bills, money market fund shares, or real estate. The token records ownership on a blockchain while the underlying asset is held by a custodian.
What are the best-known gold-backed tokens?
Widely known gold-backed tokens include Tether Gold (XAUT), PAX Gold (PAXG), Kinesis Gold (KAU), and STBL Gold. Each is backed by physical gold held in vaults, but they differ in custody location, unit size, redemption minimums, and platform features.
How is STBL Gold different from Tether Gold and PAX Gold?
Tether Gold and PAX Gold are each backed by gold held in Swiss and London vaults respectively. STBL Gold is backed by one troy ounce of allocated gold per token held in insured U.S. vaults, supports physical redemption from 1 oz with insured delivery, and sits alongside STBL Silver in the same account.
Are there tokens backed by silver?
Yes, though there are fewer silver tokens than gold tokens. Kinesis Silver (KAG) and STBL Silver are both backed by allocated physical silver, with STBL Silver representing one troy ounce per token held in insured U.S. vaults.
How do I evaluate a tokenized asset before buying?
Check that the asset is allocated and held in custody, that reserves are independently verified, that redemption is available, who controls the token contract, and which identity and jurisdiction rules apply. No tokenized asset is risk-free, and prices of the underlying asset can fall.
Information about third-party products is drawn from public sources as of November 2026 and may change; check each issuer's official materials before making decisions. Product names and trademarks belong to their respective owners. STBL is not affiliated with, endorsed by, or sponsored by the companies mentioned. This page is for educational purposes only and is not financial, investment, tax, or legal advice. Digital assets and precious metals carry risk, including loss of value.