PANews reported on October 23 that CZ (Changpeng Zhao) tweeted that the so-called "Tokenizing gold" is essentially an IOU that relies on third-party custody and future redemption, and is not equivalent to "on-chain" gold; he said that the promise may become invalid in situations such as management changes and wartime, which is also the reason why "gold standard tokens" have failed to become popular.
The statement originated from Tengen citing Peter Schiff's plan to launch a "tokenized gold" product: users can purchase it on the app, the gold is stored in a vault, and ownership can be transferred or exchanged for physical goods .
