Kinesis Silver

Gold

PAX Gold

Spot trading of <a href="https://yellow.com/research/tokenized-gold-vs-dollar-stablecoins" rel="noopener noreferrer nofollow">tokenized gold</a> reached $90.7 billion during the first quarter of 2026, eclipsing the $84.6 billion logged across all of 2025.
<h2 id="tokenized-gold-q1-volume-surge">Tokenized Gold Q1 Volume Surge</h2>
The figure <a href="https://www.coingecko.com/research/publications/rwa-report-2026" rel="noopener noreferrer nofollow">comes</a> from CoinGecko's RWA Report 2026, published this week. Centralized exchanges handled most of the activity.
Two products dominated. PAX Gold<a href="https://yellow.com/asset/paxg" rel="noopener noreferrer nofollow">(PAXG)</a> and Tether Gold<a href="https://yellow.com/asset/xaut" rel="noopener noreferrer nofollow">(XAUT)</a> together drove 89.1% of the expansion in tokenized commodities, which <a href="https://www.fxstreet.com/cryptocurrencies/news/tokenized-rwa-market-value-hit-19b-in-q1-driven-by-gold-and-treasuries-202604301612" rel="noopener noreferrer nofollow">climbed</a> 289% to $5.55 billion in market capitalization over fifteen months.
PAXG saw the bigger share gain, rising from 36.8% to 41.8%. XAUT held the top spot at $2.52 billion. Smaller tokens such as Kinesis Silver and Matrixdock's XAUM grew in absolute terms but lost relative ground.
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<h2 id="rwa-sector-composition-shift">RWA Sector Composition Shift</h2>
Analysts read the numbers as a sign that the real-world asset stack is broadening beyond Treasuries. Tokenized commodities now hold 28.7% of the sector. Treasuries' dominance <a href="https://blockchainreporter.net/tokenized-gold-trading-tops-90-7-billion-in-q1-2026-coingecko-reveals/" rel="noopener noreferrer nofollow">slipped</a> from 73.7% to 67.2%.
The shift matters because it shows issuers competing on regulatory footing, asset coverage and distribution rather than launch speed alone.
The rally tracks gold's spot price. Bullion crossed $5,000 in January, with PAXG drawing $248 million in inflows that month, and tokenized gold volume spiked to $21.38 billion in October 2025 as gold hit fresh records before easing to $14.07 billion in November.
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Tokenized Gold Smashes Full 2025 Volume In Just 3 Months At $90.7B

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Other articles published on May 1, 2026

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