Tokenized Gold Sees 177% Growth, Overtakes Gold ETFs in Volume

TLDR

• Tokenized gold saw a 177% increase in market capitalization in 2025, growing from $1.6 billion to $4.4 billion.
• The market expansion of tokenized gold accounted for 25% of the total net growth in the real-world asset market.
• Tokenized gold’s trading volume surged by 1,550%, reaching a total of $178 billion in 2025.
• The fourth quarter of 2025 saw over $126 billion in tokenized gold trading volume, surpassing five major gold ETFs combined.
• The top three tokenized gold assets, XAUT, PAXG, and KAU, control approximately 97% of the total market capitalization.

In 2025, tokenized gold emerged as one of the fastest-growing segments of the real-world asset (RWA) market. Its market capitalization surged by 177%, expanding from $1.6 billion to $4.4 billion. This growth accounted for 25% of the total net growth in the RWA sector that year.

Rapid Growth in Tokenized Gold

The market for tokenized gold grew rapidly in 2025, outpacing many traditional gold investment products. Tokenized gold’s market cap expanded by nearly $2.8 billion during the year, with a 177% increase in value. In comparison, the broader DeFi market saw a modest rise of just 2% in total value locked (TVL).

Tokenized gold not only grew in market value but also saw a significant increase in holders. The total number of holders rose by 198%, adding over 115,000 new wallets. This was faster growth than both tokenized U.S. Treasuries and other tokenized bonds.

Tokenized Gold’s Trading Volume Exceeds Gold ETFs

Trading activity in tokenized gold surged by 1,550% year-on-year, reaching a total of $178 billion in 2025. The fourth quarter alone saw over $126 billion in trading volume, surpassing the combined trading volume of five major gold ETFs. Despite the success of SPDR Gold Shares (GLD), tokenized gold became the second-largest gold investment product by volume globally.

XAUT, one of the top tokenized gold assets, dominated trading in the last quarter of 2025. It represented 75% of the total trading volume in Q4, following a reserve attestation that boosted market confidence. The liquidity shift towards tokenized gold shows the growing importance of on-chain gold trading.

While tokenized gold experienced rapid growth, its market remains concentrated. The top three tokenized gold assets, Tether Gold (XAUT), Pax Gold (PAXG), and Kinesis Gold (KAU), account for 97% of the total market capitalization. In fact, the top four tokenized gold assets control 99% of trading volume.

Emerging products like Matrixdock Gold (XAUM) also saw substantial growth. Its market cap surged by over 1,000% after integrating with the Plume ecosystem. Despite the concentrated nature of tokenized gold, it has firmly established itself as a major player in the RWA and global gold investment markets.

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