The value of tokenized gold has exploded over the past few months, both due to adoption and rising macroeconomic risks.
summary
- Tokenized gold reaches an all-time high of $3.6 billion
- Tether’s XAUT and PAX Gold dominate the tokenized gold market
- The value of gold on blockchain will rise 50x from 2021 onwards
- Macroeconomic uncertainty increases the appeal of tokenized gold
Interest in tokenized gold is growing as economic uncertainty drives up the price of gold. On Wednesday, November 12th, the value of tokenized gold reached an all-time high of $3.6 billion, according to data from Token Terminal. Moreover, this number is 50 times higher than in 2021.
The supply of tokenized goods (gold) has reached an all-time high of approximately $3.6 billion, increasing approximately 50 times since the beginning of 2021. pic.twitter.com/MFFtVcM6Vu
— Token Terminal 📊 (@tokenterminal) November 12, 2025
The largest tokenized precious metal asset is Tether Gold (XAUT), with a market capitalization of $1.58 billion. In second place is PAX Gold, valued at $1.39 billion. Together these assets dominate the market, with other players accounting for a small portion of the market share.
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Macro uncertainty drives demand for tokenized gold
Interest in tokenized gold comes from both the adoption of tokenized assets and the growing demand for investing in precious metals. Historically, gold has risen when other assets such as stocks, bonds, and cryptocurrencies have fallen. Therefore, traders hold gold to hedge against systemic risks in global markets.
In particular, global trade disruptions, government debt, and inflation concerns have increased macroeconomic uncertainty and led investors to seek safe havens. Namely, gold reached an all-time high of $4,381 in October 2025 as the trade war between the US and China intensified.
Still, tokenized gold makes up a small portion of the overall gold market. Current estimates place the world’s above-ground gold reserves at 216,265 tonnes. At current prices, these reserves are worth $29,153 billion, far exceeding the cryptocurrency’s market capitalization of $3.54 trillion.
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