According to @paoloardoino, Blockchain Research Lab warns the leveraged paper gold market is becoming fragile as central banks purchase and repatriate gold and investors move from paper gold to allocated tokenized gold such as XAUt, source: @paoloardoino on X citing Blockchain Research Lab blog published Dec 4, 2025 (blockchainresearchlab.org). According to @paoloardoino, the report argues this rotation could trigger a sudden, nonlinear collapse of the paper gold system, placing on-chain tokenized gold exposure like XAUt in sharper focus for traders, source: Blockchain Research Lab via @paoloardoino on X, Dec 2025. According to @paoloardoino, XAUt is cited in the report as an allocated tokenized gold alternative that investors prefer relative to paper gold, underscoring rising relevance for tokenized gold trading pairs, source: Blockchain Research Lab via @paoloardoino on X, Dec 2025.