As global banking vulnerabilities trigger massive capital flight into sovereign hard assets, Q1 2026 has witnessed tokenized precious metals testing historic All-Time Highs (ATH). For professional asset allocators and arbitrageurs, the critical decision is no longer evaluating gold itself, but diagnosing the custody, regulatory frameworks, and liquidity risks dividing the market’s two dominant Real-World Assets (RWAs): Pax Gold (PAXG) and Tether Gold (XAUt). This technical audit cuts through the marketing narratives to analyze how smart…