Gold-Backed Tokens Surpass $1 Billion in Daily Trading Volume
- Gold-backed tokens achieved a daily trading volume exceeding $1 billion for the first time.
- The price of gold rose over 10% in October, reaching approximately $4,300 per ounce.
- XAUT, a blockchain-based token backed by physical gold, accounted for 37% of tokenized gold volume this month.
- The holder count for XAUT increased by more than 12%, surpassing competitors like Paxos Gold (PAXG).
- Tokenized gold’s volume-to-market-cap ratio stands at an impressive 34%, compared to GLD’s ratio of just 5.6%.
The surge in trading volume reflects heightened investor interest in tokenized gold as a response to macroeconomic uncertainties such as U.S.-China trade tensions and financial market stresses. This trend highlights the growing role of these assets not only as stores of value but also as active trading instruments within the cryptocurrency ecosystem.
With tokenized gold reaching over $1 billion in daily trading volume and XAUT leading the market share, it underscores a significant shift towards digital assets linked to traditional commodities amidst ongoing economic volatility.
