Tokenized Gold Accounts for 25% of RWA Growth as Trading Volume Overtakes Gold ETFs

A new report from cryptocurrency exchange CEX.IO shows that tokenized gold became one of the fastest-growing segments of the real-world asset (RWA) market in 2025.

Trading activity and market expansion outpaced many traditional gold investment products.

Tokenized Gold Accounts for a Quarter of RWA Growth

According to the report, tokenized gold recorded a 177% increase in market capitalization in 2025, expanding from roughly $1.6 billion to $4.4 billion. This added nearly $2.8 billion in net value accounting for around 25% of all net RWA growth over the year.

In contrast the broader DeFi market struggled to regain momentum with total value locked (TVL) rising by just 2% while RWAs grew by approximately 184% making them crypto’s standout performer.

CEX.IO notes that tokenized gold expanded 2.6 times faster than physical gold which itself saw a strong year amid inflation concerns and geopolitical uncertainty.

The category also registered a 198% increase in total holders, adding more than 115,000 new wallets—growth that outpaced tokenized U.S. Treasuries and other tokenized bonds.

Trading Volumes Rival Gold ETFs

Trading activity tells an even more striking story. Tokenized gold trading volume jumped 1,550% year-on-year, reaching $178 billion in total volume in 2025. In the fourth quarter alone volume exceeded $126 billion surpassing the combined trading volume of five major gold ETFs.

While SPDR Gold Shares (GLD) remained the single largest gold investment product by volume the report estimates that tokenized gold would rank as the second-largest gold investment vehicle globally by trading volume ahead of every ETF except GLD. This highlights a structural shift in where gold trading liquidity is forming increasingly moving on-chain.

A Highly Concentrated Market

Despite rapid growth, the market remains highly concentrated. The top three tokenized gold assets—Tether Gold (XAUT), Pax Gold (PAXG) and Kinesis Gold (KAU)—control roughly 97% of total market capitalization while the top four account for 99% of trading volume.

XAUT dominated trading activity in late 2025 representing 75% of total Q4 volume following a reserve attestation that appeared to boost market confidence.

CEX.IO also highlighted emerging products such as Matrixdock Gold (XAUM) which saw market cap growth of more than 1,000% after integration with the Plume ecosystem.

Complementing Not Replacing Stablecoins

The report explains that tokenized gold is not competing directly with stablecoins but instead acts as a tactical hedge. During periods of market stress, traders appear to rotate capital into tokenized gold as a middle ground between risk-on crypto assets and risk-off stablecoins.

Overall, CEX.IO concludes that 2025 marked a turning point for tokenized gold, transforming it from a niche RWA category into a large-scale, liquid gold investment vehicle.

While concentration risks remain the data suggests tokenized gold is now firmly established as a meaningful component of both the RWA and global gold investment landscape.