German Real-World Asset Tokenization (RWA) Platform Finest Launches Tokenized Gold on Cardano
Tokenization platform Finest has announced that tokenized assets are now available on the Cardano network. They will have an initial limit of $150,000, and the ticker for Cardano’s native token will be fGLD. The fGLD token allows users to store the precious metal in digital form. The platform noted that market participants can exchange the fGLD token for physical gold, which strengthens its credibility.
Finest, which launched on the Cardano mainnet in August, also allows users to buy tokenized granite. The Cardano network has been lagging in terms of tokenized RWA presence, despite a recent partnership with EMURGO to launch tokenized gold on the blockchain. Ethereum, Stellar, and Solana hold the highest value of RWA in USD on the blockchain at $2.8 billion, $423 million, and $122 million, respectively.
Users can purchase their fGLD token on the Finest platform on the Cardano network. The protocol provides users with payment options in ADA, USDC, and credit cards. Paying in USDC will redirect users to the Polygon blockchain for payment. Finest explained that the payment method is due to the fact that there is no stablecoin with sufficient liquidity on Cardano. There are no major stablecoins backed by USD on the Cardano network. Therefore, any on-chain payment involving stablecoins other than its own DJED stablecoin will involve a transition to other networks.
Image: Binance Academy