Creeping doubts over US gold reserves make case for tokenized commodities

The tokenization of real-world assets (RWAs) has reached a record high in 2025, driven by institutional demand for US dollar-denominated yield products. As the technical barriers to RWAs continue to erode, commodities that require continual verification, like gold reserves, are likely to find a home on the blockchain very soon, according to Michele Crivelli, founder and chief operating officer of digital asset issuer NexBridge.

In an interview with Cointelegraph, Crivelli explained why US Treasurys and other fixed-income instruments have been the biggest targets of tokenization. 

“These assets offer stability, transparency and clearly defined yields,” said 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.”

Tokenizing Treasury bonds is a natural first step in a market that Crivelli calls a “small, knowledgeable niche.” 

However, it’s only a matter of time before more assets become tokenized. 

“Beyond US Treasury bills, gold and other commodities are prime candidates for tokenization, thanks to their potential to reduce correlation with traditional markets,” said Crivelli. 

“There are different tokenization models — some replicate financial instruments linked to gold, while others directly represent physical bullion,” he said.

Anxiety over US gold reserves grows

The tokenization of real-world assets like gold is taking on newfound importance as Elon Musk’s Department of Government Efficiency (DOGE) seeks to cut wasteful spending and increase the transparency of US federal agencies.

Musk has even proposed using blockchain technology to track federal spending — a motion that was supported by Coinbase CEO Brian Armstrong.

Anxiety over federal gold reserves has grown since Zerohedge reminded Musk that the country’s Fort Knox, Kentucky deposits haven’t been audited in more than 50 years.

“Surely it’s reviewed at least every year?” Musk asked. 

In response, US Senator Rand Paul has called on DOGE to investigate the status of Fort Knox’s nearly 4,600 tons of gold. 

Blockchain technology can render these issues obsolete, according to Crivelli. Tokenizing bullion on the blockchain can increase the security and transparency of gold reserves, which enables “continual verification of gold’s ownership,” he said. 

In the meantime, betters on Polymarket say there’s a 50% chance that DOGE will audit the Fort Knox gold reserves by May of this year. 

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