Gold era of crypto? Tokenized metals reach ATH of $3.6 billion

The value of tokenized gold has exploded in recent months, driven by both widespread adoption and rising macroeconomic risks. On November 12, tokenized gold reached an all-time high of $3.6 billion, according to data from Token Terminal. Remarkably, this represents a 50x increase in value compared to 2021.

The tokenized gold market is dominated by Tether Gold (XAUT), with a market cap of $1.58 billion, and PAX Gold, valued at $1.39 billion. Together, these two assets hold the majority of the market share, while other players account for a minor share. This highlights the growing dominance of these leading platforms in the tokenized gold space.

Macroeconomic uncertainty is significantly driving the appeal of tokenized gold. Historically, gold has proven to be a reliable hedge against systemic risks in the global market. With disruptions such as global trade conflicts, rising government debt, and inflation fears, investors are increasingly turning toward safe-haven assets like gold.

Notably, gold prices reached an all-time high of $4,381 in October 2025, during the U.S.–China trade war, reinforcing its role as a stable hedge in uncertain times.

Despite its impressive growth, tokenized gold still represents a tiny fraction of the overall gold market. Estimates suggest that the world's above-ground gold reserves amount to 216,265 metric tonnes, with a current value of $29.153 trillion. This dwarfs the $3.54 trillion cryptocurrency market cap, further emphasizing the comparatively modest role of tokenized gold within the broader market.

Interest in tokenized assets continues to grow as traders seek diversified and innovative ways to invest. The adoption of tokenized gold allows participants to securely hold and trade precious metals on the blockchain—merging the historical stability of gold with modern technological innovation. As macroeconomic uncertainty persists, the demand for tokenized gold is expected to remain robust.