On-chain gold market capitalization rose above $4 billion, highlighting gold’s prominence as a leading real-world asset token (RWA). Tokens tied to physical gold, including Tether Gold (XAUT) and Paxos Gold (PAXG), have drawn investor attention as gold prices reach multi-year highs. The growth underscores the appeal of tokenized gold as a stable entry point into the broader RWA market.
These tokens are designed to track one troy ounce of gold on a 1:1 basis, backed by physical gold assets to provide price stability. According to DeFiLlama, XAUT’s on-chain value stands around $2.5 billion and PAXG around $1.99 billion, together accounting for roughly 86% of the total tokenized gold market. The surge follows fresh highs in gold prices.
Gold’s spot price advanced to $4,986 per ounce, a fresh record, while Goldman Sachs lifted its year-end target to $5,400. The data firm also notes on-chain demand for gold as a driver. RWA.xyz reported that the broader tokenized real-world asset market reached $4.88 billion in the past 30 days, up more than 22%, with on-chain transfers north of $7.0 billion. Market activity around GOLD-USDC perpetual contracts on a crypto derivatives venue showed about $76 million in 24-hour volume and roughly $60 million in open interest. Industry executives, including Bjorn Schmidtke of Aurelion, described tokenized gold as more than a price-tracking instrument, serving as a bridge between crypto and traditional finance by enabling 1:1 ownership and transparent provenance.
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