Tokenization · Tether · New York · Crypto Briefing
Tokenized gold hits $5.1 billion but represents less than 0.02% of the $30.1 trillion gold market
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The gap between physical gold and its on-chain representation reveals both how far tokenization has come and how far it still has to go.
Key facts
- Tether Gold (XAUt) commands roughly $2.4B to $2.7B in market capitalization, while Pax Gold (PAXG) holds approximately $1.8B to $1.9B
- First-quarter 2026 spot trading volume for tokenized gold hit approximately $90.7B, meaning tokenized gold tokens turned over roughly 18 times their collective market cap in a single quarter
- The tokenized gold market cap was sitting below $1.5B in late 2024
- The $30.1T figure represents the estimated value of all above-ground gold stocks, roughly 220,000 tonnes of metal accumulated across human history
Summary
The entire gold market sits at roughly $30.1 trillion. Tokenized gold has nonetheless become the undisputed heavyweight of on-chain commodities, accounting for more than 99% of the tokenized commodities subcategory. The tokenized gold sector is a two-horse race. Join 34,000+ readers across crypto, finance, and policy.