Tokenized Gold Market Cap Reaches $4.4 Billion, Leads Weekend Price Discovery

Gold tokenization maps ownership of physical bullion onto a blockchain, while Paxos-issued PAX Gold (PAXG) and Tether-issued Tether Gold (XAUt) trade around the clock. With CME Group gold futures closed on weekends, these publicly visible on-chain markets are beginning to fill the pricing gap in traditional markets, providing an important gauge of safe-haven demand and cross-market price disparities.

On March 1, 2026, Theo chief investment officer and former Credit Suisse investment chief Iggy Ioppe said on-chain markets account for nearly 100% of public price discovery while CME gold futures are closed from 5 p.m. Friday to 6 p.m. Sunday Eastern Time. The market grew 177% in one year, from about $1.6 billion to $4.4 billion, with roughly $178 billion in trading volume in 2025 and more than 115,000 new wallets.