Matrixdock head Eva Meng attended the ITA 2026 RWA Global Summit to share national-level gold RWA experience

On February 9, 2026, Eva Meng, head of Matrixdock, a RWA platform under Matrixport, attended the ITA 2026 RWA Global Summit and participated in a roundtable discussion on the theme of "Gold RWA and Stablecoins." Eva shared frontline insights based on her personal observations and practical experience regarding the relevant issues and scalability conditions of gold RWA in actual operations.

The Premise of Gold RWA Is Not a Concept, but Whether Physical Ownership Can Be Exercised

During the roundtable discussion, Eva mentioned that concepts like "gold tokens," "gold stablecoins," and "gold RWA" are often used interchangeably in the current market, but they differ in asset structure and rights attributes. Matrixdock is currently focusing on promoting gold RWA based on sufficient, standardized physical gold. She stated that the core of gold RWA lies not in its form or conceptual packaging, but in whether it truly corresponds to exercisable physical gold ownership, and whether the related arrangements can operate in a real-world environment.

Eva further stated that gold RWA can only have a realistic foundation for understanding and use by the market and institutions if the paths for holding, purchasing, and redeeming physical gold are clearly defined.

The True Test of National-Level Practice: Can the Redemption Mechanism Withstand Multiple Rounds of Stress Testing

Drawing on Bhutan's national-level experience in advancing gold RWA, Eva pointed out that the challenges faced in such projects do not primarily stem from the concepts or product designs themselves, but rather from a series of specific issues in actual operations.

She indicated that the prerequisite for launching a project is to have a clear understanding of the local rules for holding, trading, and redeeming gold, including who can hold, who can trade, and who can complete the redemption. Since the purchase and redemption of gold RWA ultimately need to return to the local area for physical delivery, this stage reflects more of the communication and coordination costs.

On this basis, Eva mentioned that the certainty of execution in the primary market for purchases and redemptions is key to whether the system can operate smoothly—when users initiate operations, it is crucial for the system to provide a definitive quote and complete the delivery within a reasonable time.

In the long-term operation, Eva further emphasized that the key to determining whether gold RWA has the foundation for scalable operation lies in whether the redemption mechanism can withstand continuous and multiple rounds of stress testing. She stated that in a normal market environment, a certain degree of price fluctuation around physical gold is acceptable; however, when there is a continuous and large-scale demand for redemption, whether the system can still maintain the executability and certainty of the redemption channel is the true test of its reliability.

In response to the question of what issues should be prioritized for gold stablecoins or gold RWA to be accepted by a broader audience and mainstream financial systems, Eva stated that the key to whether the related assets can scale lies not in the form of issuance or the concept itself, but in whether the redemption mechanism still possesses the ability for sustained and stable operation under high-intensity pressure scenarios. Only by maintaining executability through multiple rounds of stress testing can the related assets gradually gain the trust of the market and mainstream financial systems.