Gold-backed digital assets surged to record valuations this week, with Tether’s XAUT and Paxos’ PAXG leading the climb as bullion trades near its April peak.
The combined market capitalization of tokenized gold reached $2.57 billion, according to CoinGecko. XAUT supply grew by $437 million to $1.3 billion after Tether minted 129,000 tokens on Ethereum in August, blockchain data shows. Meanwhile, PAXG advanced to a record $983 million, boosted by $141.5 million in inflows since June, per DefiLlama.
Gold itself changed hands near $3,470—just below April’s record—driven by safe-haven demand and a steepening U.S. Treasury yield curve.
