The value of tokenized gold has surged in recent months, driven by adoption and heightened macroeconomic risks.

As the price of gold rises due to economic uncertainty, interest in tokenized gold is growing. On Wednesday, November 12, the value of tokenized gold reached an all-time high of $3.6 billion, according to data from the Token Terminal platform. This figure is more than 50 times higher than in 2021. The largest tokenized precious metal asset is Tether Gold (XAUT), with a market capitalization of $1.58 billion. PAX Gold is second, with a market capitalization of $1.39 billion. These two assets collectively dominate the market, while other entities hold a smaller market share.

 

Macroeconomic Uncertainty Drives Demand for Tokenized Gold

Interest in tokenized gold stems from the adoption of tokenized assets and the growing demand for investment in precious metals. Historically, gold has risen when other assets, including stocks, bonds, and cryptocurrencies, have fallen. Therefore, traders hold gold to hedge against systemic risks in global markets.

It is worth noting that increasing macroeconomic uncertainty, fueled by global trade disruptions, government debt, and inflation fears, is driving investors to seek safe havens. Gold reached an all-time high of $4,381 in October 2025, as the US-China trade war escalated.

However, tokenized gold still represents a small share of the overall gold market. Current estimates indicate that global above-ground gold reserves stand at 216,265 metric tons. At current prices, these reserves are valued at $29.153 trillion, far exceeding the $3.54 trillion market capitalization of cryptocurrencies.