Gold-backed tokens saw their market capitalization grow by over $362 million in 30 days, with $237 million of that increase coming from Tether Gold (XAUT). XAUT has reached a market cap of approximately $2.48 billion, each token backed by one fine troy ounce of physical gold stored in Swiss vaults. The broader tokenized gold market stands between $5 billion and $6 billion, with XAUT and PAXG collectively accounting for 93% to 97% of that total. The tokenized gold market cap grew by 30% in Q1 2026, outpacing the growth rate of physical gold holdings during the same period, suggesting genuine demand for the format beyond price appreciation alone.
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