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Following
PAXG 
XAUT The tokenized gold market is expanding steadily, with the chain value of the two major issuers approaching US$4.5 billion.
According to statistics from the chain, the tokenized gold market is expanding steadily. The total chain value of the two leading issuers, Tether Gold and Paxos Gold, is close to US$4.5 billion. The total value of tokenized commodities on the tracking network reached US$4.92 billion, up 7.7% in 30 days, of which gold underlying exposure accounted for approximately US$4.8 billion.
Tether Gold leads, Paxos closes the gap
Tether Gold ranks first among issuers with a tokenization value of US$2.6 billion, an increase of 8.9% in the past month. Paxos Gold followed closely with a value of $1.9 billion. These two publishers have long dominated the field. Over the past year, Tether Gold (XAUT) and Paxos Gold (PAXG) accounted for nearly 89.1% of the growth in the tokenized commodities market. The two products are structurally similar: each XAUT and PAXG token is backed by one troy ounce of physical gold deposited in a London Bullion Market Association (LBMA) certified vault.
The difference between the two is mainly reflected in the regulatory level. PAXG is aimed at compliance-conscious investors. It is issued by Paxos Trust, regulated by the New York State Department of Financial Services, is audited monthly by third-party, and gold reserves are fully allocated and held in LBMA-approved vaults. In contrast, XAUT operates more flexibly but lacks the same level of formal regulatory oversight. The growth momentum of both products reflects widespread shifts in investor behavior.
There is strong demand for tokenized precious metals, especially gold. Most of the growth occurred in January and February 2026, when geopolitical tensions prompted investors to seek safe-haven assets. Growth in this category reflects both higher prices for underlying commodities and new net capital inflows from investors seeking gold exposure through blockchain channels rather than traditional ETFs or physical holding structures.
Ethereum dominates the network level, with XRP Ledger ranking second
From a network level, the value of tokenized commodities for all tracked assets on Ethereum is US$4.7 billion, making it the largest settlement layer for gold on the chain. XRP Ledger ranked second with $2.5 billion. Ethereum Wallet data shows that the number of addresses created specifically to hold tokenized assets surged between late 2025 and early 2026, indicating that new players are entering the market with real asset (RWA) exposure as their main goal.
The broader market for tokenized physical assets provides further context for the rise of gold. Tokenized commodities grew from US$1.4 billion to US$5.5 billion, driven mainly by the gold-backed tokens XAUT and PAXG. In the first quarter of 2026, the spot transaction volume of tokenized gold reached US$90.7 billion, exceeding the US$84.6 billion for the whole of 2025. This transaction volume data highlights the accelerated growth of institutional and retail demand for gold on the chain.
