Tokenized gold market cap rises 177% in 2025, drives RWA inflows

Tokenized gold emerged as one of crypto’s fastest-growing asset classes in 2025, accounting for roughly a quarter of net growth in real-world assets (RWAs), according to data accumulated by Cex.io. The market capitalization of tokenized gold jumped 177% over the year. Cex.io’s data showed the market expanded from about $1.6 billion to $4.4 billion, adding close to $2.8 billion in net value — nearly 25% of total net inflows across the RWA sector — and exceeding combined growth in tokenized stocks, corporate bonds and non-US Treasurys.

The number of holders nearly tripled, with more than 115,000 new wallets added during the year, the report said. The report said tokenized gold recorded roughly $178 billion in trading volume in 2025, with quarterly volumes peaking above $126 billion in the fourth quarter. Much of the late-year surge was driven by Tether Gold (XAUT), which the report said accounted for 75% of total trading volume (up from 27% in Q3).

According to its website, XAUT has a market cap of $2.42 billion and is backed by about 1,329 gold bars, or roughly 16,239 kilograms of physical gold. The report added that tokenized gold expanded about 2.6 times faster than physical gold and outperformed most major spot-gold ETFs, while gold’s total market value rose more than 67% in 2025.

Key Topics

Crypto, Tokenized Gold, Tether Gold, Cex.io, Real-world Assets, Gold