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

Spot trading of tokenized gold totaled $90.7 billion during Q1 2026 alone. That figure already exceeds the $84.6 billion recorded across the whole of 2025.

The jump marks a notable acceleration in the real-world asset (RWA) sector. Crypto traders are pursuing 24/7 exposure to the safe-haven asset through gold-backed tokens.

Gold Rally Pulls Crypto Investors Into On-Chain Bullion

CoinGecko’s latest RWA report indicates that centralized exchanges handled the bulk of spot trading. That said, monthly spot volume for tokenized gold has been uneven, mirroring shifts in broader market conditions. 

October 2025 saw volume spike to $21.38 billion as gold hit fresh record highs, more 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 trading of tokenized gold was largely concentrated in PAX Gold (PAXG) and Tether Gold (XAUT). Over the period, PAXG’s share of monthly volume ranged from 34.2% to 82.5%, while XAUT’s share ranged from 14.8% to 64.6%.

“Over the last fifteen months, PAXG and XAUT saw $5.72 billion and $5.32 billion in average monthly spot trading volume, respectively, while the average total monthly volume stood at $11.69 billion. Meanwhile, KAG averaged $0.57 billion, Tether’s omnichain deployment XAUT0 recorded $0.10 billion, and XAUM just $0.007 billion,” the report read.

This two-product dominance is a pattern that holds across tokenized commodities more broadly. Coingecko noted that the market capitalization of tokenized commodities climbed 289% to $5.55 billion over 15 months. 

“Tokenized commodities remain largely dominated by gold-backed tokens – specifically Tether’s XAUT and Paxos’ PAXG, which accounted for 89.1% of the expansion by contributing $1.87 billion and $1.80 billion, respectively. This is in line with the extended rally of the spot gold price over the past year,” CoinGecko wrote.

PAXG posted the biggest market share gain, climbing from 36.8% to 41.8% of the category. Its market capitalization increased 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 precious metals tokens lost relative ground despite absolute gains. Kinesis Silver (KAG) grew its market cap above $0.35 billion, yet its share fell to 4.8%. Meanwhile, Matrixdock’s XAUM expanded elevenfold to $0.07 billion, raising its share from 0.4% to 1.3%.

The shift is reshaping the broader RWA sector. Tokenized commodities now hold 28.7% of the market, while Treasuries’ dominance slipped from 73.7% to 67.2%. The rotation’s longevity will hinge on where bullion prices settle through 2026.

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