Tokenized Gold Accounts for 25% of RWA Growth as Trading Volume Overtakes Gold ETFs
A brand new report from cryptocurrency trade CEX.IO reveals that tokenized gold grew to become one of the fastest-growing segments of the real-world asset (RWA) market in 2025.
Trading exercise and market growth outpaced many conventional gold funding merchandise.
Tokenized Gold Accounts for a Quarter of RWA Growth
According to the report, tokenized gold recorded a 177% improve in market capitalization in 2025, increasing from roughly $1.6 billion to $4.4 billion. This added almost $2.8 billion in web worth accounting for round 25% of all web RWA development over the 12 months.
In distinction the broader DeFi market struggled to regain momentum with complete worth locked (TVL) rising by simply 2% whereas RWAs grew by roughly 184% making them crypto’s standout performer.
CEX.IO notes that tokenized gold expanded 2.6 occasions quicker than bodily gold which itself noticed a powerful 12 months amid inflation issues and geopolitical uncertainty.
The class additionally registered a 198% improve in complete holders, including greater than 115,000 new wallets—development that outpaced tokenized U.S. Treasuries and different tokenized bonds.
Trading Volumes Rival Gold ETFs
Trading exercise tells an much more hanging story. Tokenized gold buying and selling quantity jumped 1,550% year-on-year, reaching $178 billion in complete quantity in 2025. In the fourth quarter alone quantity exceeded $126 billion surpassing the mixed buying and selling quantity of 5 main gold ETFs.
While SPDR Gold Shares (GLD) remained the only largest gold funding product by quantity the report estimates that tokenized gold would rank as the second-largest gold funding car globally by buying and selling quantity forward of each ETF besides GLD. This highlights a structural shift in the place gold buying and selling liquidity is forming more and more shifting on-chain.
A Highly Concentrated Market
Despite fast development, the market stays extremely concentrated. The prime three tokenized gold property—Tether Gold (XAUT), Pax Gold (PAXG) and Kinesis Gold (KAU)—management roughly 97% of complete market capitalization whereas the highest 4 account for 99% of buying and selling quantity.
XAUT dominated buying and selling exercise in late 2025 representing 75% of complete This fall quantity following a reserve attestation that appeared to spice up market confidence.
CEX.IO additionally highlighted rising merchandise such as Matrixdock Gold (XAUM) which noticed market cap development of greater than 1,000% after integration with the Plume ecosystem.
Complementing Not Replacing Stablecoins
The report explains that tokenized gold shouldn’t be competing instantly with stablecoins however as an alternative acts as a tactical hedge. During intervals of market stress, merchants seem to rotate capital into tokenized gold as a center floor between risk-on crypto property and risk-off stablecoins.
Overall, CEX.IO concludes that 2025 marked a turning level for tokenized gold, reworking it from a distinct segment RWA class right into a large-scale, liquid gold funding car.
While focus dangers stay the info suggests tokenized gold is now firmly established as a significant element of each the RWA and international gold funding panorama.
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