Tokenized Gold Q1 2026 Volume Soars to $90.7B, Reaching a New Record
Tokenized gold saw a major surge in market activity. In Q1 2026, tokenized gold spot trading volume hit $90.7B (CoinGecko data), surpassing the entire full-year 2025 total of $84.6B—meaning more trading occurred in one quarter than in the previous year.
The article notes a discrepancy with Tiger Research, which previously cited a different 2025 full-year figure of $178B; the providers have not explained the gap, which may come from differences in volume counting methods and included exchanges.
By product, XAUT and PAXG dominate tokenized gold by market capitalization at the end of Q1 2026. XAUT (Tether-issued) reached about $2.52B, while PAXG (Paxos-issued) reached about $2.32B. Market-cap estimates vary by source for XAUT—for example, Tiger Research cited $3.57B (Feb 2026) and FalconX cited about $2.9B (Mar 2026)—with CoinGecko using an end-of-quarter snapshot.
For traders, the key takeaway is that tokenized gold demand/turnover is accelerating. Tokenized gold volume at $90.7B is likely to support liquidity and attract more participants, though exact numbers may differ across data vendors.
Bullish
Bullish（偏多）：代币化黄金在 2026 年一季度现货成交量达到 90.7B 美元的“创纪录”水平，通常意味着资金在该细分赛道的真实交易需求上升。过去类似的“交易量/流动性显著放大”的事件（例如某些 RWA 或贵金属代币在利好披露、合规推进或机构流入后出现的成交放大）往往会带来两类交易反应：短期上推价格波动率与换手，提升相关代币的流动性与买盘参与度；中长期则可能改善市场对该赛道的可持续需求预期。
需要留意的是，文章同时指出不同数据机构对 2025 全年成交量和 XAUT 市值存在口径差异。这意味着交易者不应把“单一数字”当作绝对真理，而应把重点放在方向性：tokenized gold 的成交活动在加速。短线策略上，可关注 XAUT/PAXG 的成交量延续性与买卖盘深度变化；中线策略上，若流动性持续扩大，可能增强机构与更广泛用户的风险偏好，从而对代币化黄金相关产品构成支撑。但如果后续成交量回落或统计口径争议被进一步放大，情绪也可能反复。