With the price of physical gold hitting a record high, the blockchain-based tokenised gold market is also growing quickly.
A recent report by The Defiant, citing DeFiLlama, shows Tether Gold (XAUT) at about $2.5 billion and Paxos Gold (PAXG) at about $1.99 billion in assets. The two assets are designed to track the price of 1 ounce of physical gold, and posted 24-hour trading volumes of $266 million for XAUT and $533 million for PAXG.
The overall tokenised commodities market is also expanding sharply. RWA.xyz, an onchain real-world asset data provider, said the tokenised commodities market is now about $4.88 billion, up more than 22 percent over the past 30 days, and monthly transfer volume exceeded $7 billion. XAUT and PAXG account for 86 percent of that market.
Experts say the growth is linked to demand for safe-haven assets. Gold is at $4,986 an ounce as of Jan. 26, up 1.6 percent in a day, while bitcoin rebounds 2 percent over the same period but is still down 14 percent on the year.
Chi-gyu Hwang
delight@d-today.co.kr