The tokenization of real-world assets (RWAs) has surged to an all-time high in 2025, fueled by growing institutional demand for US dollar-denominated yield products. As technical barriers to RWAs continue to diminish, experts predict that commodities requiring continual verification—such as gold reserves—could soon be integrated into blockchain networks.
The Rise of Tokenized US Treasury Bonds
Michele Crivelli, founder and chief operating officer of digital asset issuer NexBridge, believes that the financial sector’s move toward tokenization is just getting started. Speaking to Cointelegraph, Crivelli explained why US Treasurys and other fixed-income instruments have been the primary focus of tokenization efforts.
“These assets offer stability, transparency, and clearly defined yields,”
stated Crivelli.
“There is strong demand for dollar-denominated instruments for various reasons, including the need to combat inflation in certain regions and preserve purchasing power in countries where you don’t have direct access to [US dollar] currency or investment.”
Tokenized Treasury bonds provide investors with an accessible way to earn stable returns while leveraging blockchain’s efficiency. Crivelli describes the market for these assets as a “small, knowledgeable niche” that is expected to grow exponentially in the coming years.
Gold and Commodities: The Next Phase of Tokenization?
While tokenized bonds dominate the landscape, experts believe that gold and other commodities will be the next major assets to enter blockchain ecosystems.
“Beyond US Treasury bills, gold and other commodities are prime candidates for tokenization, thanks to their potential to reduce correlation with traditional markets,”
Crivelli said.
Tokenization could revolutionize gold ownership and investment. According to Crivelli, different tokenization models exist—some replicating financial instruments tied to gold, while others directly representing physical bullion. By issuing gold-backed digital tokens, institutions can offer investors a transparent, immutable record of ownership, reducing concerns over storage, verification, and fraud.
Blockchain Transparency Sought for US Gold Reserves
The idea of tokenizing gold reserves has gained further traction amid growing concerns over the transparency of US federal gold holdings. Recently, billionaire entrepreneur Elon Musk and his newly formed Department of Government Efficiency (DOGE) have expressed interest in using blockchain to track federal spending and audit gold reserves.
Musk’s concerns were sparked by financial news outlet ZeroHedge, which pointed out that the United States Fort Knox gold deposits haven’t been audited in over 50 years. Responding to this revelation, Musk took to social media to question the status of these reserves.
“Surely it’s reviewed at least every year?”
Musk asked.
His statement gained widespread attention, prompting US Senator Rand Paul to call on DOGE to investigate the nearly 4,600 tons of gold stored in Fort Knox.
How Blockchain Can Solve the Gold Audit Issue
Crivelli believes blockchain technology could eliminate these concerns entirely. Tokenizing bullion on a secure, transparent blockchain ledger would allow for real-time verification of gold reserves, ensuring accurate tracking of ownership and authenticity.
“Blockchain enables continual verification of gold’s ownership and location,” stated Crivelli. “This eliminates the need for decades-long audits and removes doubts about reserve integrity.”
Such a move would not only restore public confidence in national gold reserves but could also serve as a model for other government assets, potentially leading to wider adoption of blockchain across federal agencies.
Will the US Audit Fort Knox in 2025? Polymarket Predicts 50% Chance
The possibility of a Fort Knox gold audit remains uncertain, but crypto prediction market Polymarket suggests there’s a 50% chance that DOGE will conduct a full audit of the reserves by May 2025.
If blockchain technology is implemented as part of this initiative, it could mark a significant milestone in the mainstream adoption of tokenized assets. Not only would it validate the potential of blockchain for asset verification, but it could also accelerate government-backed tokenization efforts worldwide.
Conclusion: The Future of Tokenized RWAs
The increasing use of blockchain technology is likely to lead to more real-world assets, such as US Treasury bonds, gold, and commodities, being represented by digital tokens. With institutions and governments increasingly exploring digital asset solutions, the next few years could witness a seismic shift in how physical and financial assets are managed, traded, and verified.
Related: Lummis Proposes Using U.S. Gold Reserves for Bitcoin
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
My work centers on understanding how blockchain, AI, and digital identity are reshaping global industries. At Spearmint, I help lead the direction of initiatives that bring clarity, structure, and meaningful user experiences to complex technological environments. I focus on bridging vision with execution, ensuring that innovation remains practical, scalable, and aligned with long-term growth.
As an author at Coinography, I create insights that translate fast-moving Web3 developments into clear, useful narratives. I explore topics such as decentralized governance, digital identity, creator economies, token models, protocol design, and the shifting cultural patterns around emerging technology. My aim is to make digital transformation more understandable and approachable for a wider audience.
I believe that Web3 is not only a technological shift but a cultural and creative one. Strong ideas, thoughtful communication, and human-centered design will shape which technologies thrive and how communities evolve around them. My writing and research reflect this belief, focusing on clarity, relevance, and long-term perspective.
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