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PAXG 
XAUT Gold regained investment momentum in August, and demand for tokenized gold assets surged.
During August, gold regained market momentum as an investment option, attracting widespread attention from traditional investors and cryptocurrency market participants. Demand for tokenized gold assets, represented by Tether Gold (XAUT), continues to rise, and traders view them as a tool to fight inflation and also for speculative purposes.
The popularity of tokenized gold rises
Although the price has not yet reached an all-time high, the price of tokenized gold once climbed to around $4,600, and then fell back to about $4,480. At the end of the rally, XAUT was trading at $4,474.72. XAUT's trading volume remained high throughout August, reaching one of the highest levels since 2026 as decentralized exchange (DEX) activity increased.
Tether, a major stablecoin issuer, has promoted development in this space through XAUT, which is backed by physical gold. In the past three months, Tether has increased its supply of XAUT to meet growing market demand. As of September 2026, the total value of XAUT reached US$3.15 billion, with an additional US$59 million entering the tokenized gold market on September 4 alone.
On Uniswap V3, a total of US$2.39 million in XAUT transactions were completed, which further promoted the full explosion of gold trading on the chain. Currently, XAUT and Pax Gold (PAXG) account for the largest share of tokenized gold transactions in the decentralized market.
XAUT is also increasingly used as collateral for decentralized lending and has been integrated into the Lighter platform to further support the development of the sustainable futures market.
Noun explanation: Lighter is a decentralized exchange and derivatives platform that allows users to trade various perpetual futures contracts using cryptocurrencies or tokenized assets as collateral.
Futures and giant whale activity are heating up
Gold perpetual futures have attracted renewed attention in the HIP-3 market, with the value of open interest rising to US$750 million, and daily trading volume reaching US$299 million. Most large investors, known as "giant whales," have taken long positions in gold contracts. As of September 4, the largest giant whale position achieved unrealized gains of more than $273,000, while the largest short position faced unrealized losses of $2.2 million.
Giant Whales 'positions on XAUT have become increasingly important, with multiple wallets holding millions of dollars in gold-backed tokens and choosing to hold assets rather than cash out.
Market participants attributed gold's recovery in part to volatile trends in semiconductor stocks and continued uncertainty caused by geopolitical tensions in Iran and global inflationary pressures.
AI agent Analpha becomes the main gold holder
The rise in XAUT prices is partly due to a giant whale wallet that is highly suspected to be controlled by AI agent Analpha. In the past month, the AI agent has repeatedly increased its holdings of 1,000 XAUTs, when the gold price was close to US$4,000 per ounce. Currently, its position has achieved capital gains.
The main Antalpha wallet shows only inflows, with a total open position of 16,120 XAUTs, valued at more than US$71 million as of September 4. Another wallet related to Antalp-related holds more than 33,000 XAUTs, and evidence suggests it conducts routine transactions and transfers, particularly custody transfers to Bitfinex and Cobo.
Noun explanation: Antalpha is an artificial intelligence-based trading agent specializing in automated cryptocurrency and tokenized asset transactions, often deployed by large institutional investors to execute efficient on-chain strategies.
Analysts believe that Antalpha's cumulative behavior is a signal of deepening interest in tokenized gold in institutional and automated markets, indicating that sophified (complex/professional) market participants continue to value the stability and potential returns of the asset.
XAUT Cross-blockchain Layout Expansion
XAUT's holder base has grown by more than 16% in the past month to 84,756 wallet addresses. In August alone, the total value of transactions conducted through XUT exceeded $4.6 billion, with more than 53,000 active addresses participating.
While most XAUT tokens remain on the Ethereum network, more supply has flowed to BNB Chain and Monad in the past month, paving the way for wider use and new use cases of tokenized gold.
