The golden stories in the crypto market are becoming more and more interesting. Currently, there are two main gold tokens attracting attention: #比特币与黄金战争 and $XAU, among which PAXG is the mainstream choice in the market due to its best liquidity and highest recognition. Each PAXG is backed by one ounce of London Good Delivery gold, stored in professional vaults managed by Paxos, which has also prompted many traditional asset investors to start exploring on-chain gold.

In 2025, the gold market is booming, and PAXG's market cap ranking has jumped from over 100th at the beginning of the year to around 40th—what does this increase indicate? It shows that the tokenization of gold is truly gaining market recognition. The "war" between Bitcoin and gold now has a new ending—gold is not defeated but has entered the scene. Tokenization, on-chain presence, and integration into the crypto ecosystem—that's the real fusion.