The market for tokenized gold has surged to fresh highs as bullion approaches its April peak, with Tether’s XAUT and Paxos’ PAXG driving inflows.
CoinGecko data shows total capitalization for gold-backed tokens at $2.57 billion. XAUT, issued by Tether, expanded by $437 million to a record $1.3 billion after 129,000 tokens were minted on Ethereum in early August, according to Etherscan. PAXG, backed by Paxos, also reached an all-time high of $983 million, fueled by $141.5 million of net inflows since June, DefiLlama data shows.
Gold traded near $3,470, just shy of its April 22 high. Analysts point to safe-haven demand and a steepening U.S. Treasury yield curve as the key forces behind the renewed rally.
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