Investor demand for safe-haven digital assets has pushed weekly trading volumes of tokenized gold above $1 billion—its highest level in two years. This milestone comes as global markets react to renewed geopolitical instability sparked by U.S. President Donald Trump’s new wave of import tariffs.
The last time tokenized gold hit this volume was in March 2023, during the banking crisis that saw Silicon Valley Bank collapse, Silvergate Bank opt for voluntary liquidation, and Signature Bank shut down by New York authorities just two days after Silvergate.
Interest in tokenized gold has sharply risen since February, coinciding with rising concerns over a potential global trade war, according to a recent research note from CEX.io.
Since Trump’s tariff policy took effect on January 20, trading activity in tokenized gold assets has soared. Paxos Gold (PAXG) volumes jumped over 900%, Tether Gold (XAUT) saw a 300% increase, and Kinesis Gold (KAU) exploded by over 83,000%.
This surge has made tokenized gold one of the strongest-performing crypto asset classes since Trump assumed office again, with its market capitalization climbing over 21% and trading volumes skyrocketing more than 1,000%. For comparison, stablecoins saw an 8% rise in market cap and a 285% increase in volume over the same period.
Tokenized gold is part of the broader real-world asset (RWA) trend, which involves turning tangible items like real estate, commodities, or fine art into blockchain-based tokens for easier trading and ownership.
Gold Prices Soar to New Highs
The upswing in tokenized gold trading mirrors the rise in physical gold prices, which hit an all-time high of more than $3,100 per ounce on March 31. At the time of writing, it continues to trade above $3,118.
Since the start of 2025, gold has gained over 18%—outperforming Bitcoin, which is down more than 12% year-to-date, according to TradingView data.
This price action suggests that investors are increasingly turning to gold as a safe haven amid mounting economic uncertainty. Illia Otychenko, lead analyst at CEX.io, emphasized that tokenized gold is not yet a direct substitute for physical bullion, but it serves an important role for crypto investors seeking diversification.
“For crypto-native investors weighing options beyond Bitcoin and stablecoins, tokenized gold offers a unique hedge in uncertain markets,” Otychenko said.
Crypto Investors Seek Refuge Amid Trade Tensions
Ongoing trade friction under the Trump administration has sparked a broader movement among crypto users toward stability-focused assets like stablecoins and tokenized commodities.
The trend follows a pattern that began during the 2023 banking crisis, which prompted the U.S. Federal Reserve to launch the Bank Term Funding Program—a move that allowed banks to secure short-term loans using certain assets as collateral.
This intervention was credited by BitMEX co-founder Arthur Hayes as the spark behind Bitcoin’s rally in 2023. Now, with new macroeconomic threats on the horizon, tokenized gold appears to be taking the spotlight.
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