Dogecoin Gold? A DOGE-Themed Company Is Joining the Tokenized Gold Rush

Dogecoin Cash Inc. announced Thursday it is processing Dogecoin Gold, a planned token that would nexus integer assets to carnal golden reserves portion borrowing the sanction of the astir invaluable and longest-running meme coin connected the market.

The model proposes tokens representing precisely defined units of golden held by an independent, institutional-grade precious metals custodian. Under the projected system, tokens would beryllium created lone erstwhile golden enters custody and removed from circulation upon verified redemption.

"We are evaluating a model that seeks to integrate verifiable ownership of carnal golden with blockchain-based auditability and precision," absorption wrote successful a statement. "The nonsubjective is to find whether a strategy tin beryllium structured successful which real-world assets, mathematically defined units, and transparent integer infrastructure run wrong a disciplined and verifiable environment."

While afloat method documentation is inactive forthcoming, the steadfast said it plans to tokenize golden with nanogram-level precision that would let 1 cardinal tokens to correspond 1 gram of carnal gold.

Tokenized golden isn’t a caller concept, though the biggest firms doing it today—Tether with its $2.7 cardinal XAUT token, and Paxos with its astir $2.4 cardinal PAX Gold (PAXG)—measure their tokens successful ounces pegged to the terms of existent gold. Such tokens person surged successful worth and request successful caller months arsenic golden roseate to caller all-time highs.

Decrypt reached retired to Dogecoin Cash for much accusation connected its tokenized golden plans, but did not instantly person a response.

Dogecoin (DOGE) is the archetypal and inactive astir invaluable meme coin with a much than $15 cardinal marketplace cap. The institution Dogecoin Cash has nary ceremonial affiliation with the instauration of Dogecoin oregon upkeep of the protocol, though it has amassed some DOGE and knockoff coins alike.

Dogecoin Cash was antecedently known arsenic Cannabis Sativa Inc, with a absorption connected telehealth services and cannabis products, earlier renaming itself successful precocious 2024. The institution initially amassed a treasury of the BNB Chain meme coin Dogecoin Cash (DOG) earlier saying past summertime that it would also support a abstracted treasury of the archetypal Dogecoin.

The existent DOGE is up 5% connected Friday amid a broader markets surge sparked by the reopening of the Strait of Hormuz, precocious trading supra $0.10—its highest terms successful a month.