Tether Gold leads market cap growth in tokenized gold assets, adding $237M

The tokenized gold market just had a very good month. Gold-backed assets across tokenized commodity markets grew by more than $362 million over the past 30 days, with Tether Gold (XAUT) responsible for $237 million of that increase, roughly two-thirds of the total gain. XAUT’s growing dominance Tether Gold has climbed to a market cap of approximately $2.48 billion, with each token priced around $4,040. Each XAUT token is backed by one fine troy ounce of physical gold stored in Swiss vaults, meaning the token’s price essentially tracks spot gold. The broader tokenized gold market sits somewhere between $5 billion and $6 billion in total capitalization as of 2026. XAUT and its closest competitor, Paxos Gold (PAXG), collectively account for between 93% and 97% of that total, depending on the measurement period. Why tokenized gold keeps growing Tokenized gold market cap grew by 30% in Q1 2026, outpacing the growth rate of physical gold holdings during the same period. The tokenized versions have also attracted net new capital beyond what price appreciation alone would explain, suggesting genuine demand for the format rather than just passive exposure to the metal. Traditional gold owne...