Tokenized Gold Market Reaches $2.57 Billion as Gold Prices Near April Highs
The post Tokenized Gold Market Reaches $2.57 Billion as Gold Prices Near April Highs appeared on BitcoinEthereumNews.com. TLDR Market size of tokenized gold reached a record $2.57 billion, led by Tether’s XAUT and Paxos’ PAXG XAUT saw a $437 million increase in supply to $1.3 billion after Tether minted 129,000 tokens in August PAXG grew to a record market size of $983 million, driven by $141.5 million in net inflows since June Gold currently trades around $3,470, close to its April 22 peak Gold’s resurgence is linked to its safe haven status and a steepening U.S. Treasury yield curve Gold is trading near its April record high, and tokens that represent the precious metal are hitting all-time highs in market capitalization. The total market for tokenized gold has reached $2.57 billion according to CoinGecko data. This growth is primarily driven by two major players in the space: Tether’s XAUT and Paxos’ PAXG. Both tokens track gold prices and are backed by physical gold bars stored in vaults. XAUT, issued by the same company behind the USDT stablecoin, has seen its supply jump by $437 million to reach a record $1.3 billion market cap. Blockchain data from Etherscan shows Tether’s Treasury minted 129,000 new XAUT tokens on the Ethereum network in early August. Meanwhile, PAXG, created by U.S.-based stablecoin firm Paxos, has grown to a record market size of $983 million. This growth comes from $141.5 million in net inflows since June, according to DefiLlama data. The physical gold that backs these tokens is currently trading at approximately $3,470 per ounce. This price point is just shy of the peak reached on April 22 earlier this year. What’s Driving The Growth Gold has long been viewed as a safe haven asset during times of economic uncertainty. Its recent price surge appears to be connected to a steepening U.S. Treasury yield curve. The tokenized versions of gold offer crypto…
The post Tokenized Gold Market Reaches $2.57 Billion as Gold Prices Near April Highs appeared on BitcoinEthereumNews.com.
TLDR Market size of tokenized gold reached a record $2.57 billion, led by Tether’s XAUT and Paxos’ PAXG XAUT saw a $437 million increase in supply to $1.3 billion after Tether minted 129,000 tokens in August PAXG grew to a record market size of $983 million, driven by $141.5 million in net inflows since June Gold currently trades around $3,470, close to its April 22 peak Gold’s resurgence is linked to its safe haven status and a steepening U.S. Treasury yield curve Gold is trading near its April record high, and tokens that represent the precious metal are hitting all-time highs in market capitalization. The total market for tokenized gold has reached $2.57 billion according to CoinGecko data. This growth is primarily driven by two major players in the space: Tether’s XAUT and Paxos’ PAXG. Both tokens track gold prices and are backed by physical gold bars stored in vaults. XAUT, issued by the same company behind the USDT stablecoin, has seen its supply jump by $437 million to reach a record $1.3 billion market cap. Blockchain data from Etherscan shows Tether’s Treasury minted 129,000 new XAUT tokens on the Ethereum network in early August. Meanwhile, PAXG, created by U.S.-based stablecoin firm Paxos, has grown to a record market size of $983 million. This growth comes from $141.5 million in net inflows since June, according to DefiLlama data. The physical gold that backs these tokens is currently trading at approximately $3,470 per ounce. This price point is just shy of the peak reached on April 22 earlier this year. What’s Driving The Growth Gold has long been viewed as a safe haven asset during times of economic uncertainty. Its recent price surge appears to be connected to a steepening U.S. Treasury yield curve. The tokenized versions of gold offer crypto…
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