BlockBeats news: On May 11, according to CoinGecko data, the spot trading volume of tokenized gold reached $90.7 billion in the first quarter of 2026, surpassing the full-year total of $84.64 billion in 2025.
This reflects both the surge in market demand for tokenized gold, as cryptocurrency participants seek to invest in this high-performing asset class, and the increasing accessibility of tokenized gold across various trading platforms. Notably, centralized exchanges (CEXs) account for the vast majority of spot trading volume in tokenized assets.
To date, spot trading volume for tokenized gold has exhibited monthly fluctuations, demonstrating high sensitivity to market conditions. For example, in October 2025, as gold prices surpassed all-time highs, spot trading volume for tokenized gold surged to $21.38 billion—more than triple the $6.73 billion recorded the previous month—before declining to $14.07 billion the following month.
Similar to the market capitalization of tokenized commodities, PAXG and XAUT dominate the spot trading of tokenized gold. During this period, PAXG accounted for 34.2% to 82.5% of monthly trading volume, while XAUT ranged from 14.8% to 64.6%. Over the past fifteen months, the average monthly spot trading volumes for PAXG and XAUT were $5.72 billion and $5.32 billion, respectively, compared to the overall monthly average trading volume of $11.69 billion. Meanwhile, KAG had an average trading volume of $570 million, Tether’s fully on-chain offering XAUT0 reached $100 million, and XAUM amounted to just $7 million.