Tokenised gold surpasses $1 Billion in market cap for the first time
Tokenised gold is a new form of Web 3.0 digital asset that's backed by gold, and it shows just how much technology is changing assets and money.
Key takeaways
- Tokenised gold assets surpassed $1 Billion in combined market capitalization on Tuesday, according to data by crypto price tracker CoinGecko, as gold’s price neared its all-time high.
- At the time of publication, the market cap of PAXG and XAUT is $518 million and $499 million, respectively, per CoinGecko data.
- The metal was trading at $2,021 per ounce on Tuesday, just some 3% off its all-time high recorded in August 2020.
Cite or link to this article
Griffin, M. (2023) 'Tokenised gold surpasses $1 Billion in market cap for the first time', 311 Institute, 4 May. Available at: https://www.311institute.com/tokenised-gold-surpasses-1-billion-in-market-cap-for-the-first-time/ (Accessed: 1 October 2026).
Tokenised gold assets surpassed $1 Billion in combined market capitalization on Tuesday, according to data by crypto price tracker CoinGecko, as gold’s price neared its all-time high.
Tokenised gold is a type of Stablecoin that pegs its price to gold, while the tokens on the blockchain represent ownership of physical gold managed by the issuer. It offers investors a way to get exposure to the precious metal without the management fees of an Exchange Traded Fund (ETF) or the burden of storing gold bullions.
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The two largest gold stablecoins, by far, are Pax Gold (PAXG), issued by the New York-based fintech firm Paxos Trust Company, and Tether Gold (XAUT), issued by Tether, the same company behind the $80 billion-pegged stablecoin USDT. At the time of publication, the market cap of PAXG and XAUT is $518 million and $499 million, respectively, per CoinGecko data.
The price of gold, a traditional safe-haven asset, has risen since March amid investor concerns about flailing banks and a possible government bailout, which would lead to expanding fiat money supply and currency devaluation. The metal was trading at $2,021 per ounce on Tuesday, just some 3% off its all-time high recorded in August 2020.
Bitcoin, which is often called digital gold due its program-coded supply cap, has rallied to as high as $29,000 from $20,000 in tandem with gold’s surge. BTC’s correlation with gold hit a multi-year high last week, surpassing equities, digital asset market research firm Kaiko reported Monday.
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Why does this matter?
Tokenised gold is a new form of Web 3.0 digital asset that's backed by gold, and it shows just how much technology is changing assets and money.
About the author
Matthew Griffin Founder, 311 Institute
Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath."
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Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath." 15-time best selling author of the "Codex of the Future" series, Matthew is the Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm working with royal households, world leaders, G7, G20, and G77 governments, NGOs, and multi-national mid and mega cap firms to help them explore, shape, and lead the next 50 years of business and society.
An award-winning YouTube creator with over a million followers, with an unrivalled global reach and impact, Matthew is a highly sought-after international keynote speaker, lecturer, and mentor who collaborates with global leaders through the United Nations Alliance of Civilizations (UNAOC) and United Nations General Assembly (UNGA) to shape pivotal initiatives such as the UN’s AI for Humanity program, the United Nations Conference of the Parties (UN COP), and the World Economic Forum in Davos.
As the former Global Head of Cloud, National Security, and Enterprise Sales for companies including Atos, Dell-EMC, and IBM, Matthew has a proven track record of building multi-billion dollar business units and turning failing divisions into market leaders. His ability to identify, analyse, and communicate the implications of hundreds of emerging technologies and trends is unparalleled, and his insights are trusted by many of the world’s most respected organisations, including ABB, Accenture, Adidas, AON, ARM, BCG, Centrica, Citi, Coca-Cola, Dentons, Deloitte, Dow Jones, EY, Google, KPMG, Lego, Legal & General, LinkedIn, Microsoft, PepsiCo, Qualcomm, RWE, Samsung, Siemens AG and Siemens Energy, T-Mobile, UBS, VISA, Walmart, Workday, Worldpay and many others.
Regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, Matthews mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.
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Sources and further reading
- Tokenized gold coingecko.com
- Paxg transparency paxos.com
- Tether gold.tether.to
- Gold price history goldprice.org
- Gold price could hit high amid svb credit suisse bank problems cnbc.com
- Binance market share tumbles 16 fcb6d1dce7fe blog.kaiko.com
Source: first published by the 311 Institute on 4 May 2023. Cite as: Griffin, M. (2023). Tokenised gold surpasses $1 Billion in market cap for the first time. 311 Institute. https://www.311institute.com/tokenised-gold-surpasses-1-billion-in-market-cap-for-the-first-time/
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