Tokenized Gold Q1 2026 Volume Hits $90.7B, New Record
Tokenized gold is a digital token backed by physical gold and traded on blockchain networks. In the first quarter of 2026, spot trading volume for tokenized gold reached $90.7 billion, according to data published by CoinGecko, a cryptocurrency market data aggregator. Multiple independent sources, including Yahoo Finance and Cryptonews.net, confirmed the figure.
One quarter exceeded full-year 2025 totalThe $90.7 billion Q1 2026 figure surpassed the full-year 2025 tokenized gold volume of $84.6 billion, as reported by CoinGecko. This means the market recorded more trading activity in three months than in the entire previous year. A separate report by Tiger Research, published in February 2026, cited a different full-year 2025 volume figure of $178 billion. CoinGecko and Tiger Research have not publicly explained the discrepancy. The difference may reflect distinct volume counting methods, such as which exchanges each provider includes.
XAUT and PAXG lead the marketTwo tokens dominate the tokenized gold market. XAUT, issued by Tether, held a market capitalisation of $2.52 billion at the end of Q1 2026. PAXG, issued by Paxos, reached a market capitalisation of $2.32 billion in the same period. Market capitalisation measures the total value of all tokens in circulation. Together, XAUT and PAXG represented the two largest tokenized gold products by this metric.
Market cap figures vary across data sourcesIndependent sources recorded different XAUT market capitalisation values across Q1 2026. Tiger Research cited $3.57 billion in February 2026. FalconX cited approximately $2.9 billion in March 2026. The CoinGecko figure of $2.52 billion reflects an end-of-quarter snapshot. The source article does not specify the exact date of the snapshot. The $90.7 billion Q1 2026 figure surpassed the full-year 2025 tokenized gold volume of $84.6 billion, as reported by CoinGecko. This means the market recorded more trading activity in three months than in the entire previous year. A separate report by Tiger Research, published in February 2026, cited a different full-year 2025 volume figure of $178 billion. CoinGecko and Tiger Research have not publicly explained the discrepancy. The difference may reflect distinct volume counting methods, such as which exchanges each provider includes.
XAUT and PAXG lead the marketTwo tokens dominate the tokenized gold market. XAUT, issued by Tether, held a market capitalisation of $2.52 billion at the end of Q1 2026. PAXG, issued by Paxos, reached a market capitalisation of $2.32 billion in the same period. Market capitalisation measures the total value of all tokens in circulation. Together, XAUT and PAXG represented the two largest tokenized gold products by this metric.
Market cap figures vary across data sourcesIndependent sources recorded different XAUT market capitalisation values across Q1 2026. Tiger Research cited $3.57 billion in February 2026. FalconX cited approximately $2.9 billion in March 2026. The CoinGecko figure of $2.52 billion reflects an end-of-quarter snapshot. The source article does not specify the exact date of the snapshot. Two tokens dominate the tokenized gold market. XAUT, issued by Tether, held a market capitalisation of $2.52 billion at the end of Q1 2026. PAXG, issued by Paxos, reached a market capitalisation of $2.32 billion in the same period. Market capitalisation measures the total value of all tokens in circulation. Together, XAUT and PAXG represented the two largest tokenized gold products by this metric.
Market cap figures vary across data sourcesIndependent sources recorded different XAUT market capitalisation values across Q1 2026. Tiger Research cited $3.57 billion in February 2026. FalconX cited approximately $2.9 billion in March 2026. The CoinGecko figure of $2.52 billion reflects an end-of-quarter snapshot. The source article does not specify the exact date of the snapshot. Independent sources recorded different XAUT market capitalisation values across Q1 2026. Tiger Research cited $3.57 billion in February 2026. FalconX cited approximately $2.9 billion in March 2026. The CoinGecko figure of $2.52 billion reflects an end-of-quarter snapshot. The source article does not specify the exact date of the snapshot. Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.