Tokenized Gold Crosses 2025’s Full-Year Volume in Just 1 Quarter

Spot buying and selling of tokenized gold totaled $90.7 billion throughout Q1 2026 alone. That determine already exceeds the $84.6 billion recorded throughout the entire of 2025.

The soar marks a notable acceleration in the real-world asset (RWA) sector. Crypto merchants are pursuing 24/7 publicity to the safe-haven asset by gold-backed tokens.

Gold Rally Pulls Crypto Investors Into On-Chain Bullion

CoinGecko’s newest RWA report signifies that centralized exchanges dealt with the majority of spot buying and selling. That stated, month-to-month spot volume for tokenized gold has been uneven, mirroring shifts in broader market situations. 

October 2025 noticed quantity spike to $21.38 billion as gold hit contemporary document highs, greater than tripling the $6.73 billion logged the month prior, before easing back to $14.07 billion in November.

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Notably, spot buying and selling of tokenized gold was largely concentrated in PAX Gold (PAXG) and Tether Gold (XAUT). Over the interval, PAXG’s share of month-to-month quantity ranged from 34.2% to 82.5%, whereas XAUT’s share ranged from 14.8% to 64.6%.

“Over the final fifteen months, PAXG and XAUT noticed $5.72 billion and $5.32 billion in common month-to-month spot buying and selling quantity, respectively, whereas the common complete month-to-month quantity stood at $11.69 billion. Meanwhile, KAG averaged $0.57 billion, Tether’s omnichain deployment XAUT0 recorded $0.10 billion, and XAUM simply $0.007 billion,” the report learn.

This two-product dominance is a sample that holds throughout tokenized commodities extra broadly. Coingecko famous that the market capitalization of tokenized commodities climbed 289% to $5.55 billion over 15 months. 

“Tokenized commodities stay largely dominated by gold-backed tokens – particularly Tether’s XAUT and Paxos’ PAXG, which accounted for 89.1% of the growth by contributing $1.87 billion and $1.80 billion, respectively. This is in line with the prolonged rally of the spot gold value over the previous 12 months,” Coingecko wrote.

PAXG posted the largest market share achieve, climbing from 36.8% to 41.8% of the class. Its market capitalization elevated to $2.32 billion.

XAUT held its lead at $2.52 billion in market capitalization. Its share “round-tripped from 45.4% to 45.5%.” Earlier, the token’s share stood 54.7% in late October 2025.

Smaller treasured metals tokens misplaced relative floor regardless of absolute positive factors. Kinesis Silver (KAG) grew its market cap above $0.35 billion, but its share fell to 4.8%. Meanwhile, Matrixdock’s XAUM expanded elevenfold to $0.07 billion, elevating its share from 0.4% to 1.3%.

The shift is reshaping the broader RWA sector. Tokenized commodities now maintain 28.7% of the market, whereas Treasuries’ dominance slipped from 73.7% to 67.2%. The rotation’s longevity will hinge on the place bullion costs settle by 2026.

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