CZ said "Tokenizing gold is not on-chain gold" and questioned third-party trust.

PANews, October 23, reported that CZ (Zhao Changpeng) tweeted that the so-called “Tokenizing gold” essentially relies on third-party custody and future payable IOUs, which is not equivalent to “on-chain” gold; he stated that commitments may become invalid in situations such as management changes or wartime, which is also the reason why “gold-backed tokens” have not become widespread. The statement originates from Tengen citing Peter Schiff's plan to launch a “tokenized gold” product: users can purchase it in the app, with the gold vault being held in custody, and ownership can be transferred or exchanged for physical gold.