Tokenized gold market reaches $5.1 billion valuation

The market for tokenized gold has reached a valuation of approximately $5.1 billion, representing less than 0.02% of the total $30.1 trillion global gold market. Despite its small share of total gold stocks, tokenized gold has become the dominant commodity in the on-chain real-world asset (RWA) sector, accounting for over 99% of tokenized commodities.

The market is largely controlled by two major players: Tether Gold (XAUt), with a market capitalization between $2.4 billion and $2.7 billion, and Pax Gold (PAXG), which holds between $1.8 billion and $1.9 billion. Together, these two assets represent between 89% and 98% of the total tokenized gold supply. Both products are backed by physical gold stored in LBMA-certified vaults, allowing holders to gain exposure to spot prices without the need for physical storage.

The sector has seen rapid growth, with the market capitalization more than tripling since late 2024. In the first quarter of 2026, spot trading volume for tokenized gold reached roughly $90.7 billion, indicating a high turnover rate of approximately 18 times the collective market cap.