Tokenized gold trading volume in Q1 reached $90.7 billion, surpassing the total for all of 2025.

This is not just a simple increase in gold prices, but a structural shift in asset forms.
PAXG and XAUT dominate the market, with CEXs holding the vast majority of the share.
Traditional gold ETFs and physical gold bars are being replaced by on-chain tokens—24-hour trading, programmable, composable—these features turn gold from a "store of value" into a "liquidity tool."
The driving forces behind this: macroeconomic uncertainty has increased demand for safe-haven assets, but more importantly, DeFi and RWA protocols are incorporating gold into collateral and yield pools.
Monthly trading volume of tokenized gold jumped from billions in 2025 to hundreds of billions, indicating institutional funds are systematically allocating.
The risk lies in: the liquidity of tokenized gold heavily depends on CEXs and a few market makers; if de-pegging or regulatory tightening occurs, it could trigger a chain reaction.
Additionally, the high volatility of gold prices itself can amplify on-chain leverage risks.
This is not the "cryptification" of gold, but rather the underlying logic of the crypto world absorbing traditional safe-haven assets.
$q1 #xaut #cex