Tokenized Gold Drives 25% of RWA Growth in 2025 With 177% Surge

Tokenized gold emerged as one of the fastest-growing real-world asset (RWA) categories in 2025. The market capitalization of tokenized gold surged by 177% year-over-year, expanding from about $1.6 billion to $4.4 billion. This growth accounted for nearly a quarter of all net RWA growth in 2025.

The market value of tokenized gold added close to $2.8 billion in net value in 2025, outpacing most other RWA categories. This expansion exceeded the combined growth seen in tokenized stocks, corporate bonds, and non-US Treasurys. Tokenized gold also grew 2.6 times faster than physical gold and outperformed most major spot gold ETFs.

Trading volume in tokenized gold hit $178 billion in 2025, with quarterly volumes peaking above $126 billion in Q4. By comparison, tokenized gold would rank as the second-largest gold investment product globally, trailing only SPDR Gold Shares.

Why Tokenized Gold Grew So Quickly?

The rapid growth of tokenized gold reflects a structural shift in where incremental trading liquidity is forming. Blockchain-based gold products have become a preferred choice for investors seeking faster and more efficient access to gold markets. The number of tokenized gold holders nearly tripled in 2025, with more than 115,000 new wallets added.

Tether Gold (XAUT) played a significant role in the late-year surge, accounting for 75% of total Q4 trading volume. This was a sharp increase from 27% in Q3, indicating growing market confidence in tokenized gold. XAUT is backed by approximately 16,239 kilograms of physical gold.

How Tokenized Gold Compares to Traditional Gold Products?

Tokenized gold outperformed physical gold and most gold ETFs in 2025. While gold itself rose by more than 67% in value, tokenized gold expanded nearly 2.6 times faster. The growth of tokenized gold also outpaced the broader DeFi market, which only saw a 2% rise in total value locked.

Trading activity for tokenized gold exceeded the combined volumes of five major gold ETFs in Q4. Despite this, the market remains highly concentrated, with the top three tokenized gold assets—Tether Gold, Pax Gold, and Kinesis Gold—controlling about 97% of the market capitalization.

What the Future Holds for Tokenized Gold and RWAs?

The success of tokenized gold highlights a broader trend of institutional adoption in the RWA space. On-chain real-world assets surged 232% in 2025, reaching $18.6 billion in value. This growth was driven by tokenized stocks, ETFs, and commodities, including gold.

Emerging products such as Matrixdock Gold (XAUM) also showed significant growth, with its market cap rising by more than 1,000% after integrating with the Plume ecosystem. Analysts suggest that the RWA market could exceed $2 trillion by 2030.

Tokenized assets are not intended to replace traditional financial instruments but to complement them. The growth of tokenized gold reflects a shift in investor behavior toward blockchain-based solutions for trading and storing value. As this trend continues, more traditional financial institutions may explore tokenizing their assets.