Most people think owning gold means buying GLD.
GLD is a fund that holds gold on your behalf, managed by a custodian you have never met, subject to redemption terms you have never read, charging a fee every year for the privilege of not owning gold directly.
Excellent product. Wrong outcome.
$TOTO coordinates infrastructure for the other version. The one where the vault is yours, the insurance is active, and the redemption does not require a fund manager's cooperation.
Same asset. Completely different ownership.