As the price of gold is at the forefront of breaking its April tops, the market size of the crypto-tokens, which is backed by precious metal, is already risen to fresh heights.
The total market value of tokenized gold peaked $ 2.57 billion, CoingeCko data, as the two leading offers, Tether’s Xaut and Paxos’ Paxg -Tokens, so significant influxes recently. Both tokens are designed to track the price of gold and are supported by physical bars held in vaults.
Xaut (Xaut)Issued by the company, which is behind Usdt Stablecoin, saw a jump of $ 437 million in its supply to a record $ 1.3 billion per year. CoingeCko. Tether’s Treasury characterized 129,000 tokens in early August at the Ethereum network, Blockchain Data from Etherscan shows.
Paxg (Paxg)The gold-supported token for the US-based stablecoin company Paxos swelled to a record market size of $ 983 million, defillama data shows. It has been powered by $ 141.5 million net inflow to token since June.
Gold was currently trading around $ 3,470, just shy for April 22 -top -hit in the middle of the tariff Tantrum.
The noble metal, which is largely considered a safe port -active in times of uncertainty, has been resumed recently, driven by a steep US state course.
Read more: Gold’s Rally has a large catalyst and it can also help Bitcoin
