Crypto Biz: Is bullion the true ‘digital gold’?

Gold has emerged as one of the best-performing assets of 2025, lifted by geopolitical uncertainty, record central bank buying and skepticism over policymakers’ ability to rein in inflation as fiscal deficits widen.

While Bitcoin () is often dubbed “digital gold,” the traditional safe-haven asset is drawing renewed attention from investors. Gold has gained about 35% year-to-date, climbing to fresh all-time highs above $3,600 an ounce.

US retirement planners have a new way to access the metal through blockchain-based tokenization, following a partnership between Chintai Nexus and SmartGold. The initiative adds momentum to the , which is attracting increasing institutional interest in digital assets.

This week’s Crypto Biz explores gold’s rally, the rise of decentralized finance (DeFi) lending and the latest public offering from a crypto company.

US IRAs gain access to tokenized gold

IRA provider SmartGold has to allow investors to bring their vaulted gold onchain, where it can be used to earn yield through DeFi lending platforms such as Morpho and Kamino.

For those opting in, SmartGold’s IRA-held bullion is tokenized on a one-to-one basis via Chintai, creating a digital representation of the underlying physical gold, while preserving the self-directed IRA’s tax-deferred status.

Gold’s tokenization trend is accelerating. recently introduced tokenized products across its supply chain, while Tether’s gold-backed stablecoin, XAUT, has increased past $1.3 billion in market value.

DeFi lending surges on real-world asset boom

Decentralized finance lending is , with the rapid rise of stablecoins and real-world assets (RWAs) driving fresh network activity.

According to Binance Research, total value locked in DeFi lending protocols has climbed 72% so far this year, to $127 billion from $53 billion.

“As stablecoin and tokenized asset adoption accelerates, DeFi lending protocols are increasingly positioned to facilitate institutional participation,” Binance Research noted in a report.

have emerged as one of crypto’s fastest-growing use cases in 2025. Industry data the market has expanded to nearly $28 billion, led by tokenized private credit and US Treasury bonds, with tokenized equities also gaining ground.

Figure Technology eyes $526 million IPO

Figure Technology Solutions has become the latest crypto-focused company to , aiming to raise up to $526 million at a valuation of more than $4 billion.

According to regulatory filings, the company plans to sell 21.5 million shares priced between $18 and $20. Figure had previously signaled its intention to go public, and if the deal proceeds as expected, the IPO could be priced as early as Wednesday.

Figure, best known for offering financial products on the Provenance Blockchain, reported $191 million in revenue during the first half of the year. While the targeted valuation may appear ambitious, the company was .

Several crypto companies have recently gone public or indicated plans to do so. As , crypto exchange Gemini is pursuing a listing that could raise up to $317 million, while separate reports suggest.

Gryphon finalizes merger with American Bitcoin

Shareholders of Gryphon Digital Mining have , a mining company linked to the family of US President Donald Trump. The combined entity will trade under the ticker symbol “ABTC.”

As part of the deal, a reverse stock split reduced Gryphon’s outstanding shares to about 16.6 million from 82.8 million. The move follows an initial agreement announced in May, when American Bitcoin outlined its intention to go public through a merger with Gryphon.

American Bitcoin itself is a , launched in March by Trump’s sons, and is affiliated with mining company Hut 8. At its debut, the company described itself as a “pure-play” Bitcoin miner with plans to accumulate significant holdings of the cryptocurrency.

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