Gold’s 27% price surge since late 2024 has sparked massive interest in gold-backed cryptocurrency tokens.
The two dominant players, Tether’s XAUT and Paxos’ PAXG, control 85% of the $2.05 billion tokenized gold market. XAUT saw explosive 172% growth in holders, jumping from 3,104 to 8,466 wallets, while PAXG grew 38% to reach 48,763 wallets.
Each token represents one troy ounce of physical gold stored in professional vaults.