Tokenized gold volume hits $90.7B in Q1, beats all 2025

Tokenized gold trading has moved past last year’s total in only three months. 

CoinGecko’s RWA Report 2026 said spot trading volume for tokenized gold reached $90.70 billion in Q1 2026, above the $84.64 billion recorded for the full year of 2025.

The report linked the growth to demand from crypto traders seeking exposure to gold and easier access across exchanges. CoinGecko also said centralized exchanges account for most tokenized asset spot trading, showing that large trading venues still lead activity in this market.

PAXG and XAUT remain the main drivers

PAXG and XAUT remain the leading names in tokenized gold activity. CoinGecko said PAXG accounted for 34.2% to 82.5% of monthly tokenized gold spot volume over the last 15 months, while XAUT accounted for 14.8% to 64.6%.

Tokenized commodities also grew from $1.43 billion to $5.55 billion in market value over the same period. CoinGecko said XAUT and PAXG accounted for 89.1% of that expansion, adding $1.87 billion and $1.80 billion respectively.

Moreover, recent coverage shows that tokenized gold is moving beyond basic trading. On March 30, Tether launched XAUt on BNB Chain, with each token backed 1:1 by one troy ounce of physical gold stored in Swiss vaults. Tether CEO Paolo Ardoino described the move as “integrating gold into the digital financial system with instant settlement.”

As reported, Singapore’s OCBC launched GOLDX on Ethereum and Solana in April. The token gives institutional investors access to the LionGlobal Singapore Physical Gold Fund, which held about $525 million in assets as of April 16.

Institutions test gold on-chain

The World Gold Council has also proposed a “Gold as a Service” platform to support tokenized gold issuance and operations. Its plan seeks to connect physical custody with digital systems used for issuance, compliance, reconciliation, and redemption.

The wider RWA market gives the gold trend more context. CoinGecko said tokenized real-world assets reached $19.32 billion by March 31, 2026, up from $5.42 billion at the start of 2025. Tokenized commodities held 28.7% of the sector by the end of Q1, behind tokenized Treasuries but ahead of tokenized stocks and ETFs.

The market remains tied to gold prices, exchange access, and demand for assets that can move on-chain. It was reported in March that PAXG and XAUT gained attention during Middle East tensions, while Bitcoin and other major tokens weakened. That contrast may explain why traders continue to watch gold-backed tokens during risk-off periods.

Still, CoinGecko’s month-by-month data shows uneven activity. Tokenized gold spot volume climbed to $21.38 billion in October 2025 as gold reached new highs, then eased to $14.07 billion the next month. The latest numbers show fast growth, but trading remains sensitive to market conditions.