Arc Blockchain Launches First Tokenized Gold Asset XAUm

Circle's Arc blockchain has launched its first tokenized gold asset, XAUm. The token was issued by Matrixdock, which allows sellers to receive their cash on the same day for eligible sales.

However, Matrixdock's documentation still recommends that sellers wait three working days for their money, citing proof of transaction and New York hours as requirements.

Eva Meng, head of Matrixdock, stated that gold has been an institutional reserve asset for centuries but holding it and using it have always been two different things.

XAUm is smaller in value than its competitors, with a market price near $4,318 and a total value of around $71 million. It lists on eight networks, including Arc, whereas Paxos' PAX Gold only runs on Ethereum and BNB Smart Chain.