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

This is not simply a rise in gold prices, but a structural shift in asset forms.
PAXG and XAUT dominate the market, with CEX 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 force behind this: macroeconomic uncertainty increases demand for safe-haven assets, but more importantly, DeFi and RWA protocols incorporate gold into collateral and yield pools.
The average 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 CEX and a few market makers; if de-pegging or regulatory tightening occurs, it could trigger chain reactions.
Additionally, the high volatility of gold prices itself can amplify on-chain leverage risks.
This is not the "cryptification" of gold, but the underlying logic of the crypto world absorbing traditional safe-haven assets.
$q1 #xaut #cex