Tokenized gold has reached a market capitalization of approximately $5.1 billion, representing less than 0.02% of the $30.1 trillion global gold market. Tether Gold (XAUt) and Pax Gold (PAXG) together control between 89% and 98% of the total tokenized gold supply. The market has more than tripled since late 2024, when it was below $1.5 billion. First-quarter 2026 spot trading volume reached approximately $90.7 billion, roughly 18 times the market cap. Tokenized gold accounts for over 99% of the tokenized commodities subcategory while representing about 11% of all on-chain real-world assets.
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