Gold-Backed Crypto Minting Hits Five-Year High Amid U.S.-Swiss Trade Tensions
Tokenized commodities, particularly gold-backed cryptocurrencies, have seen their strongest issuance levels in over five years, driven by market volatility and concerns over U.S. trade policy.
According to data from RWA.xyz, more than $439 million worth of commodity-backed tokens were minted this week—more than double the previous record of $195 million set in 2021. The spike coincides with a sharp rally in gold futures, which briefly surged past $3,500 to reach a new all-time high.
The price movement followed a warning from the Swiss Precious Metals Association, which said a proposed 39% U.S. tariff on Swiss exports could threaten the global flow of physical gold. Although a White House official later clarified that imports of gold bars may be excluded, investor interest in gold-backed digital assets remained elevated.
Tokens such as Tether Gold (XAUT) and Paxos Gold (PAXG) climbed above $3,390 before retreating alongside spot prices. Both are fully backed by physical reserves held in vaults and are increasingly seen as efficient instruments for accessing gold exposure without cross-border friction.
The U.S. tariff threat has sparked backlash in Switzerland, where lawmakers are raising concerns about the potential economic impact on the country’s gold industry. Despite having no domestic mines, Switzerland is one of the world’s largest gold refiners and exported over $61 billion in gold to the U.S. over the past year. Gold accounts for more than 25% of Swiss exports, according to the Swiss National Bank.
The surge in token minting reflects growing demand for blockchain-based assets amid geopolitical uncertainty, with investors seeking hedges in the form of real-world asset (RWA) exposure.
