TL;DR
- Market Growth: Tokenized gold added nearly $2.8 billion in 2025, representing about 25% of all RWA net inflows and expanding from $1.6 billion to $4.4 billion.
- Trading Surge: Annual trading volume hit $178 billion, with Q4 activity above $126 billion, placing tokenized gold as the second‑largest gold investment product by volume.
- Macro Momentum: Gold’s record highs were fueled by political uncertainty, a weaker US CPI report, and expectations for Federal Reserve rate cuts, boosting demand for safe‑haven assets and accelerating onchain gold adoption.
Tokenized gold closed 2025 as one of the strongest performers in the real‑world asset landscape, adding billions in new value as trading activity increasingly migrated to blockchain rails. The asset class not only outpaced physical bullion and most gold ETFs but also captured a significant share of overall RWA expansion, signaling a shift in how investors access and trade gold exposure.
Rapid Expansion of Tokenized Gold Markets
The market capitalization of tokenized gold climbed 177% over the past year, with more than 115,000 new wallets added, according to data compiled by Cex.io. Total value rose from about $1.6 billion to $4.4 billion, contributing nearly $2.8 billion in net inflows. That figure represented close to 25% of all RWA sector growth and surpassed the combined expansion of tokenized stocks, corporate bonds, and non‑US Treasurys. The surge unfolded during a strong year for gold itself, which saw its market value rise more than 67%.
Trading Volumes Reach Global Scale
Tokenized gold recorded approximately $178 billion in trading volume in 2025, with activity peaking above $126 billion in the fourth quarter. At that scale, tokenized gold would rank as the second‑largest gold investment product globally by trading volume, trailing only SPDR Gold Shares. The report noted that such rapid growth reflects a structural shift in liquidity formation, with more trading activity occurring onchain rather than through traditional financial products.
Tether Gold Drives Late‑Year Momentum
Much of the year’s acceleration came from Tether Gold, which accounted for 75% of total trading volume in Q4, up sharply from 27% in Q3. XAUT’s website lists a market cap of $2.42 billion backed by roughly 1,329 gold bars, or about 16,239 kilograms of physical gold. Broader tokenized commodities also expanded, with the sector’s market cap surpassing $4.3 billion, led by Tether Gold at $1.9 billion and Paxos Gold at $1.7 billion.
Macro Forces Strengthen Gold’s Appeal
Gold’s rally to record highs was supported by rising macro and political uncertainty. Precious metals spiked after reports of a criminal investigation involving Federal Reserve Chair Jerome Powell raised concerns about central bank independence. A weaker‑than‑expected US Consumer Price Index report further boosted expectations for multiple rate cuts, pressuring real yields and the dollar while enhancing gold’s appeal as a non‑yielding safe‑haven asset.
