Tokenized gold is a token that represents a claim on allocated physical gold held in a vault, with one token typically tracking one fine troy ounce. The token moves on a blockchain like any asset - sendable, divisible, programmable - while the metal sits still and insured.
The peg to spot price is maintained by arbitrage against redemption: if the token trades under the ounce, buyers who can redeem pull it back to par; over it, and issuers mint new tokens against newly vaulted metal.
PAXG and XAUt trade on U.CASH as the two liquid gold forms, each asset page carrying its issuer, vault arrangements, and redemption terms. Gold sits in its own peg family on the rankings, separate from fiat stablecoins.
Every term behind the rails, the assets, and the settlement.