Spot trading of tokenized gold reached $90.7 billion during the first quarter of 2026, eclipsing the $84.6 billion logged across all of 2025.
Tokenized Gold Q1 Volume Surge
The figure comes from CoinGecko's RWA Report 2026, published this week. Centralized exchanges handled most of the activity.
Two products dominated. PAX Gold (PAXG) and Tether Gold (XAUT) together drove 89.1% of the expansion in tokenized commodities, which climbed 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.
Also Read: Bitcoin Decouples From Money Supply Growth In a Sign The Old Macro Script Has Changed
RWA Sector Composition Shift
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 slipped 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.
Read Next: X Users Find Crypto More Annoying Than Politics And The Iran Conflict, Bier Says