Global gold prices have reached new highs, prompting South Korea’s crypto exchanges to list tokenized gold. Upbit and Bithumb launched trading in Tether Gold (XAUT), a physically backed digital asset, with won-denominated trading. Investors can verify bullion serial numbers, fineness, and weight on the blockchain, enabling digital ownership without storing physical gold.
As of 10 a.m. on the 9th, XAUT traded in the 6.5 million won range on both platforms. Tether Gold ties ownership of one troy ounce of bullion to a single token and uses LBMA Good Delivery-standard bullion as collateral. This structure differentiates it from synthetic assets by offering direct exposure to gold.
The rapid rise in spot gold prices has supported tokenized gold growth. CoinGecko data show XAUT’s market cap at about $1.82 billion, up more than 3.5x in the past year. Other gold-linked tokens, including Pax Gold (PAXG), have gained alongside gold, with won-denominated trading available on domestic exchanges since last year. The spread of tokenized gold signals broader changes across the real-world asset (RWA) market, as blockchain-based finance reshapes valuation and trading for fixed-value assets such as government bonds, money market funds, and commodities.
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