Spot trading volume for tokenized gold products reached approximately $90.7 billion during the first quarter of 2026, already surpassing the $84.6 billion recorded across the entirety of 2025, according to CoinGecko’s latest real-world asset market report. The figures mark one of the fastest growth accelerations within the tokenized asset sector to date, reflecting a surge in investor demand for blockchain-based exposure to gold.
Analysts pointed to persistent geopolitical tensions, inflation concerns, and currency volatility as key drivers pushing crypto-native investors toward safe-haven assets. Tokenized gold has increasingly become a preferred vehicle for those seeking exposure to traditional commodities without leaving blockchain ecosystems. CoinGecko data showed that centralized exchanges handled the overwhelming majority of spot trading activity, and monthly volumes fluctuated in line with physical gold prices. For instance, monthly tokenized gold spot volume peaked at roughly $21.38 billion in October 2025 before moderating to $14.07 billion the following month.
The market remains heavily concentrated in two dominant products: Paxos Gold (PAXG) and Tether Gold (XAUT). Together, they accounted for roughly 89.1% of the growth in tokenized commodities during the reporting period. XAUT held the largest market capitalization at approximately $2.52 billion, while PAXG followed closely at $2.32 billion. Over the past 15 months, PAXG averaged $5.72 billion in monthly spot trading volume, and XAUT averaged $5.32 billion, reflecting strong liquidity advantages and investor preference for larger issuers with established reserve backing and exchange integrations.
Separate analysis from Chainalysis showed that tokenized gold trading activity maintained a stronger correlation with traditional gold markets and the SPDR Gold Shares ETF during Q1 2026 compared with prior years, suggesting the sector is maturing as liquidity deepens and institutional participation expands. The rapid growth in tokenized gold is part of a broader expansion across blockchain-based real-world assets, with the overall tokenized RWA market growing approximately 256.7% over 15 months to $19.32 billion by the end of Q1 2026. Commodities now account for around 28.7% of that market, as asset managers and fintech firms increasingly integrate tokenized commodities into lending, collateral frameworks, and decentralized finance applications.
