Tokenized Gold Skyrockets 177%, Outpaces Gold ETFs in 2025

Tokenized gold's market cap soared 177% in 2025, reaching $4.4B and driving 25% of RWA growth. Trading volumes surpassed major gold ETFs, with over 115,000 new wallets added.

Tokenized gold experienced a remarkable 177% surge in market capitalization in 2025, rising from $1.6 billion to $4.4 billion and accounting for about 25% of the total net growth in the real-world asset (RWA) market. Trading volumes soared to $178 billion for the year, with over $126 billion in the fourth quarter alone, surpassing the combined trading volume of five major gold ETFs. The number of tokenized gold holders increased by 198%, adding more than 115,000 new wallets, outpacing growth in other tokenized assets. The market remains concentrated, with XAUT, PAXG, and KAU controlling 97% of capitalization, and XAUT dominating trading in the last quarter. Tokenized gold now stands as the second-largest gold investment product by volume, only behind SPDR Gold Shares (GLD). The sector’s rapid growth reflects a shift in investor preference toward blockchain-based gold products, driven by macroeconomic uncertainty, regulatory clarity, and integration with DeFi protocols. Tokenized gold is now a major player in both the RWA and global gold investment markets, offering diversification and enhanced liquidity.