Gold era of crypto? Tokenized metals reach ATH of $3.6 billion

The value of tokenized gold has exploded over the past few months, driven by both adoption and rising macroeconomic risks.

Summary

• Tokenized gold reached an all-time high at $3.6 billion
• Tether’s XAUT and PAX Gold dominate the tokenized gold market
• Gold on the blockchain rose 50x in value since 2021
• Macroeconomic uncertainty is driving the appeal of tokenized gold

With economic uncertainty driving the price of gold higher, the interest in tokenized gold is growing. On Wednesday, November 12, the value of tokenized gold reached an all-time high of $3.6 billion, according to data from Token Terminal. What is more, this figure is 50 times higher than it was in 2021.

The largest tokenized precious metal asset is Tether Gold (XAUT), with a market cap of $1.58 billion. PAX Gold is in second place, valued at $1.39 billion. Together, these assets dominate the market, with other players holding a minor part of the market share.

Macro uncertainty drives demand for tokenized gold

Interest in tokenized gold is coming from both the adoption of tokenized assets and rising demand for investment in precious metals. Historically, gold has risen when other assets, including equities, bonds, and crypto, have fallen. For that reason, traders hold gold to hedge against systemic risk in the global markets.

Notably, rising macroeconomic uncertainty, driven by global trade disruptions, government debt, and inflation fears, is prompting investors to seek safe havens. Namely, gold reached its all-time high of $4,381 in October 2025, during the escalation of the trade war between the U.S. and China.

Still, tokenized gold accounts for a minuscule share of the overall gold market. Current estimates state that the world’s above-ground gold reserves amount to 216,265 metric tonnes. At current prices, the value of these reserves is $29.153 trillion, far above the $3.54 trillion crypto market cap.