Tokenized Gold Market Value Hits $5.1 Billion
The tokenized gold market has reached a significant milestone, hitting $5.1 billion in value but representing less than 0.02% of the total gold market worth approximately $30.1 trillion.
This growth is substantial, considering that just a year ago, the market cap was below $1.5 billion. In fact, first-quarter 2026 spot trading volume for tokenized gold reached an impressive $90.7 billion, with tokens turning over roughly 18 times their collective market cap in a single quarter.
The majority of tokenized gold is dominated by two players: Tether Gold (XAUt) and Pax Gold (PAXG). These two tokens account for between 89% to 98% of the total supply, with XAUt holding around $2.4 billion to $2.7 billion in market capitalization and PAXG at approximately $1.8 billion to $1.9 billion.
The tokenized gold sector has become a significant player in the broader real-world asset tokenization landscape, representing about 11% of all on-chain RWAs as of recent data. While some may view this as a small fraction of the total market, it's essential to consider that most gold was never intended for tokenization in the first place.