Minting of Commodity-Linked Tokens Surges to 5-Year Peak Amid Gold Trade Unrest

Gold-Backed Crypto Minting Surges to Five-Year High Amid U.S.-Switzerland Tariff Dispute

Minting activity for commodity-backed cryptocurrencies—chiefly those tied to gold—has soared to its highest level in over five years, driven by investor demand following a spike in gold futures and escalating geopolitical trade tensions.

The surge comes as gold futures briefly exceeded $3,500 earlier this week, a new all-time high. The move followed a warning from the Swiss Precious Metals Association that the U.S.’s proposed 39% tariff on Swiss exports could disrupt global gold supply chains. Switzerland, despite lacking domestic mines, refines and exports a significant portion of the world’s gold.

Though both spot and futures prices pulled back after a White House official clarified that gold bar imports may be excluded from the new tariffs, investor anxiety had already triggered heightened demand for tokenized gold products.

Blockchain-based assets like Tether Gold (XAUT) and Paxos Gold (PAXG) briefly traded above $3,390 amid the volatility. Weekly minting volumes of gold-backed tokens surged to $439 million, according to RWA.xyz—more than double the previous record of $195 million set in 2021.

These digital assets, backed by vaulted physical gold, offer investors a way to gain exposure to the metal without geographic or logistical barriers. Their utility as cross-border assets appears to be gaining traction during periods of financial uncertainty.

The developments have stirred political debate in Switzerland, where some lawmakers are urging the gold industry to prepare for potential fallout. With over $61 billion in gold exports to the U.S. in the past year, the metal represents more than a quarter of the country’s total export value, according to the Swiss National Bank.