Tokenized gold hits $5.1B but represents less than 0.02% of the $30.1T gold market

The entire gold market sits at roughly $30.1 trillion. The amount of that gold living on a blockchain? About $5.1 billion. That’s less than 0.02% of the total, or roughly the equivalent of finding a single gold flake in an Olympic swimming pool. Tokenized gold has nonetheless become the undisputed heavyweight of on-chain commodities, accounting for more than 99% of the tokenized commodities subcategory. Within the broader real-world asset tokenization landscape, gold tokens represented about 11% of all on-chain RWAs as of recent data. Two tokens own the market The tokenized gold sector is essentially a two-horse race. Tether Gold (XAUt) commands roughly $2.4B to $2.7B in market capitalization, while Pax Gold (PAXG) holds approximately $1.8B to $1.9B. Together, those two tokens represent somewhere between 89% and 98% of all tokenized gold supply. Both products are backed by physical gold held in LBMA-certified vaults. Each token represents ownership of a specific quantity of physical gold, giving holders exposure to spot prices without needing to store actual metal bars. Growth trajectory tells the real story The tokenized gold market cap was sitting below $1.5B in late 2024. It has...