Tokenized Gold: A Major Player in RWA Growth as Trading Volume Surpasses Gold ETFs

A recent report from the cryptocurrency exchange CEX.IO reveals that tokenized gold has emerged as one of the fastest-growing sectors within the real-world asset (RWA) market in 2025. With significant gains in market capitalization and trading volumes, tokenized gold is increasingly outpacing traditional gold investment options, contributing to a substantial portion of RWA growth.

Key Takeaways

Tokenized gold's market capitalization surged 177% in 2025, rising from $1.6 billion to $4.4 billion.
It accounted for about 25% of all net RWA growth last year.
Trading volumes for tokenized gold skyrocketed by 1,550%, with total volumes hitting $178 billion.
The top three tokenized gold assets hold 97% of the market capitalization.
Tokenized gold serves as a strategic hedge, complementing stablecoins rather than directly competing with them.

US Dollars

Tokenized Gold's Significant Contribution to RWA Growth

A report by CEX.IO highlights that tokenized gold experienced a remarkable 177% rise in market capitalization in 2025, growing from approximately $1.6 billion to $4.4 billion. This increase adds nearly $2.8 billion in net value, making up around 25% of the entire net RWA growth for the year.

In comparison, the broader decentralized finance (DeFi) market struggled, with a total value locked (TVL) rising by a modest 2%. In contrast, real-world assets (RWAs) experienced a robust 184% growth, marking them as crypto's standout performers. CEX.IO notes that the growth of tokenized gold was 2.6 times that of physical gold, which also performed well amid inflation concerns and geopolitical tensions. Additionally, there was a remarkable 198% increase in the number of total holders, adding over 115,000 new wallets, surpassing the growth of tokenized U.S. Treasuries and other tokenized bonds.

Trading Volumes

Trading Volumes Comparatively Surpassing Gold ETFs

The trading activity surrounding tokenized gold showcases an even more striking trend. In 2025, the trading volume for tokenized gold surged by an astonishing 1,550% year-on-year, totaling $178 billion. In the fourth quarter alone, the trading volume exceeded $126 billion, surpassing the combined trading volumes of five major gold ETFs.

While SPDR Gold Shares (GLD) remained the most significant gold investment product by volume, the report suggests that tokenized gold could become the second-largest globally by trading volume, trailing only GLD. This represents a significant shift in gold trading liquidity, increasingly moving onto blockchain platforms.

Market Concentration

Examining Market Concentration

Despite its rapid growth, the tokenized gold market remains highly concentrated. The top three assets—Tether Gold (XAUT), Pax Gold (PAXG), and Kinesis Gold (KAU)—account for about 97% of the total market capitalization, with the top four assets representing 99% of the trading volume. By the end of 2025, XAUT became the dominant player, making up 75% of the total volume for Q4, following a reserve attestation that boosted market confidence. Notably, emerging products like Matrixdock Gold (XAUM) saw more than a 1,000% increase in market capitalization after integrating with the Plume ecosystem.

The Role of Tokenized Gold in the Market

The report clarifies that tokenized gold does not compete directly with stablecoins; instead, it serves as a tactical hedge. During tumultuous market conditions, traders appear to shift capital into tokenized gold, finding a middle ground between risk-on cryptocurrencies and risk-off stablecoin investments.

In conclusion, CEX.IO asserts that 2025 signifies a pivotal moment for tokenized gold, evolving from a niche RWA category into a significant and liquid investment option for gold. While concentration risks are present, data indicates that tokenized gold has now established itself as a vital element in the global investment landscape for both RWAs and gold.