How to verify stablecoins backed by gold? A new standard combining physical audits and on-chain traceability

Question

【Crypto World】Recently, I came across an interesting case—the stablecoin project launched by Kyrgyzstan, which has established a very solid audit system.

The core data is as follows: 30 gold bars, total weight 376 kilograms, market value $50.3 million. These physical gold assets fully correspond to the initial issuance of 50 million tokens. How was it verified? Three-pronged approach—first, traditional physical inspection to ensure the gold actually exists; second, document verification to trace ownership chains; third, on-chain validation, including smart contract wallets in the audit scope.

This process actually reflects a trend: for commodity-backed stablecoins to gain market trust, they can’t rely solely on verbal promises. They need to create a closed loop of audit data, physical assets, and on-chain records. Once transparency is established, users will feel confident holding the tokens. From this perspective, this multi-dimensional verification standard is worth industry reference.

OnChainDetective · Accepted Answer

376 kilograms of gold... I need to check if this number matches up. Spread out over 50 million coins, it feels a bit虚啊

SmartContractDiver · Answer

Haha, finally a project dares to be this transparent. 376kg of gold paired with 50 million coins—does this ratio count as generous?

SchrodingerGas · Answer

Listen, multi-dimensional verification sounds good, but 376 kilograms of gold for 50 million tokens... can this ratio really hold?

In reality, this is just an old guarantee problem, repackaged with a different background. On-chain traceability sounds impressive, but the real game balance lies in—who supervises the supervisors themselves?

Kyrgyzstan? I'm more concerned about how high the interaction costs of this system are. If it's too cheap, that actually indicates a problem.

LiquidatorFlash · Answer

376 kilograms of gold backing 50 million tokens? Let's look at the collateral ratio from a different perspective... You need to look at these numbers carefully.

Physical audits sound good, but can on-chain traceability truly prevent double collateralization? I'm a bit worried.

Multi-dimensional verification sounds great, but the question is whether the execution will fall short.

Regarding gold reserve verification, can Kyrgyzstan's credit backing withstand market fluctuations?

Physical + on-chain dual certification sounds stable, but what about the liquidation risk threshold?

This audit framework is pretty good, but I'm worried it might just be a show... Actual implementation is the key.

FOMOSapien · Answer

Physical + on-chain dual verification, this set of logic is indeed robust, much more reliable than those purely verbal promises of stablecoins. Kyrgyzstan's recent move sets a benchmark for the industry.

ReverseTradingGuru · Answer

Gold stablecoin sounds good, but 376kg backing 50 million coins? Let's do the math on this exchange rate... feels like there's quite a bit of water in it.