CZ says 'tokenized gold is not on-chain gold' and questions third-party trust. CZ (Changpeng Zhao) tweeted that the so-called 'tokenized gold' essentially relies on third-party custody and future redemption IOUs, which are not equivalent to 'on-chain' gold. He mentioned that promises could fail in situations like management changes or wartime, which is why 'gold-backed tokens' have not gained widespread adoption.