The market capitalization of gold-backed stablecoins has exceeded $4 billion - ForkLog: cryptocurrencies, AI, singularity, future

# The market capitalization of gold stablecoins has exceeded $4 billion

The market value of gold-backed “stablecoins” has surpassed the $4 billion mark. Since the beginning of 2025, the indicator has nearly tripled from the level of $1.3 billion.

The segment leader is the XAUT asset from Tether with a capitalization of about $2.2 billion. It accounts for 50% of the entire “gold” stablecoin market. The second place is held by Paxos Gold (PAXG) with a figure of $1.5 billion. Collectively, these protocols control almost 90% of the sector.

Interest in tokenized metals is fueled by the price dynamics of gold itself. In 2025, the prices of the asset increased by approximately 66%. Investors are using blockchain tools to access traditional safe-haven assets without converting to fiat. These tokens allow ownership of shares in physical bars stored in vaults.

Gold and Bitcoin

In 2025, gold reaffirmed its status as the main safe-haven asset. In the fourth quarter, the price surpassed $4000 per ounce, with an overall growth of 63%. In this metric, the precious metal outperformed Bitcoin.

A key feature of the rally is growth despite tight financial conditions. The US Federal Reserve only began cutting rates in September, yet the market supported a structural shift in demand.

The main growth driver was the actions of central banks. Over ten months, the official sector purchased 254 tons of gold, led by the National Bank of Poland with a purchase of 83 tons.

At the same time, there was an inflow of funds into exchange-traded funds (ETF). In the first half of the year, gold ETF holdings increased by 397 tons, reaching a record 3,932 tons by November.
The first cryptocurrency showed a confident start thanks to spot exchange-traded funds. Assets under management (AUM) in Bitcoin instruments grew from $120 billion in January to a peak of $152 billion in July.

However, in the second half of the year, the trend changed: AUM decreased to $114 billion amid profit-taking and a slowdown in new capital inflows.

Source: SoSoValue. As a reminder, by the end of September, Tether’s reserves reached 116 tons, comparable to the reserves of South Korea, Hungary, or Greece.