Tokenized gold spot trading reached $90 billion in the first quarter of 2026, according to a World Gold Council report. PAXG and XAUT accounted for more than 90% of the tokenized gold market, but Xash CEO Kevin Huynh cautioned that trading volume does not show how widely the tokens are used in decentralized finance.
Huynh cited estimates that about $63 million of PAXG and XAUT—roughly 1% of their combined market value—was deployed as collateral on Aave and Morpho. Those estimates do not cover every potential use of tokenized gold. Xash has unveiled a model for rewarding users with gold for activity on Solana-based DeFi platforms, but whether gold rewards improve user retention remains unproven.
