Gold-backed tokens are seeing record-breaking volumes as economic jitters linger — and the race to tokenize traditional assets heats up behind the scenes.
The spark was April. That’s when spot gold prices surged off the back of global unease, with the U.S. tariff maneuvers rattling markets. And while crypto took a hit back then, it’s bounced back since. Yet something curious is happening — the demand for onchain gold is not fading. It’s accelerating.
Onchain Gold Sees Its Biggest Two-Week Run Yet
The last fortnight has been a whirlwind for tokenized gold. Combined trading volume for Tether Gold (XAUt) and Paxos Gold (PAXG) hit a staggering $236 million. That’s not just a jump — it’s a 247% leap compared to the two weeks before.
PAXG was the clear frontrunner, capturing 68% of that total. Even more telling? This new wave of activity is up 43% from the mid-April stretch that first triggered this trend.
Spot gold prices have played their part too, climbing 2% in the past month and 29% over six months. Ongoing tensions in the Middle East have only added fuel, pushing investors to seek safety — and increasingly, they’re finding it onchain.
Why Paxos Gold Is Leading the Charge
One big reason behind PAXG’s dominance? Liquidity.
The asset, issued by Paxos Trust Company, is more widely adopted in DeFi protocols compared to its Tether-backed cousin. That means better slippage, tighter spreads, and easier access for both whales and retail investors.
It also doesn’t hurt that PAXG is seen as a more “traditional” offering in terms of regulation and compliance. Some institutional buyers see it as the safer bet.
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PAXG accounted for $160.5 million of the $236 million total over the last two weeks.
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XAUt brought in the remaining $75.5 million.
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Daily trading volumes on decentralized exchanges (DEXs) for PAXG surged past $5 million on multiple days last week.
These are real volumes. Not inflated wash trades. And DeFiLlama data backs it up.
The Bigger Picture: Gold’s Digital Future Looks Very Real
This isn’t just a speculative spike.
Gold has long been seen as a hedge — against inflation, war, market crashes, you name it. But its biggest flaw has always been its clunkiness. Storage, transport, authentication. Tokenization fixes that.
With tokenized gold, you get the same exposure, but without vaults or shipping. Add in 24/7 liquidity, global access, and fractional ownership — and suddenly you’ve got a whole new beast.
So it makes sense that even as crypto rebounds, gold tokens are still catching fire. This might not be a fad. It might be a shift.
Stock Tokens Are Next — And Coinbase Is Making Moves
If gold can be digitized like this, why not stocks?
That’s exactly what giants like Coinbase and Hyperliquid are thinking. Both are now circling the idea of tokenized equities — a move that could fundamentally change how Wall Street operates.
Coinbase, the largest U.S. crypto exchange, is reportedly in talks with the SEC to get green-lit for blockchain-based stock trading. Earlier this year, their CFO Alesia Haas hinted as much, saying, “We may be able to bring forward security tokens.”
Hyperliquid, on the other hand, is coming from the DeFi side. Its decentralized model already supports perpetuals — now it’s testing the waters with tokenized stock futures.
This isn’t theoretical. The architecture is being built as we speak.
Don’t Sleep on Dinari — It’s Quietly Blowing Up
While Coinbase and Hyperliquid grab headlines, one lesser-known name is quietly racking up numbers: Dinari.
Their “dShares” — tokenized versions of real-world stocks — have seen explosive growth in recent months. Since March, Dinari’s total value locked (TVL) has jumped 760%.
Here’s a quick look:
| Metric | Value |
|---|---|
| TVL (March 1) | ~$4.8 million |
| TVL (Now) | ~$41.3 million |
| Growth Percentage | +760% |
| Most Traded dShares | Tesla, Apple, Nvidia |
Dinari’s approach is interesting. It’s not a copy-paste of what others are doing. They’re offering full transparency on asset backing, regulatory status, and real-world share ownership.
That transparency may prove crucial.
What’s Driving This Tokenization Craze?
At the heart of it, people want access. Frictionless, borderless access.
Physical gold? Too clunky. Traditional stocks? Often gated. But digital assets? They move fast, live on open rails, and don’t sleep.
Add global instability and high interest rates to the mix, and it’s no surprise people are seeking alternative stores of value. The fact they can now trade those assets on decentralized platforms 24/7 is a game-changer.
And the players who can bring both trust and speed — like Coinbase, Hyperliquid, and yes, even Dinari — might end up owning the future of capital markets.
