Source: Cointelegraph Original: "{title}"
As global markets face uncertainty due to U.S. President Trump's import tariff policies, investors are turning to safe-haven assets, with tokenized gold trading volume reaching a two-year high this week, surpassing $1 billion.
The weekly trading volume of tokenized gold has exceeded $1 billion for the first time since March 2023. At that time, a banking crisis in the U.S. led to the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Just two days after Silvergate's liquidation, on March 12, New York regulators also forced the closure of Signature Bank's operations.
According to a research report shared by CEX.io and Cointelegraph, the trading enthusiasm for tokenized gold has significantly increased since early February when concerns about a global trade war began to spread to the digital market.
Main tokenized gold asset trading volume. Source: CoinGecko, CEX.io
Since Trump first announced tariffs on January 20, the trading volume of Paxos Gold (PAXG) has surged over 900%, Tether Gold (XAUT) trading has increased by over 300%, and Kinesis Gold (KAU) trading volume has risen by more than 83,000%.
Since Trump's inauguration, tokenized gold has become one of the best-performing cryptocurrency categories, with a market cap growth of over 21% and trading volume surging over 1000%. In the same period, the market cap of stablecoins grew by 8%, and trading volume increased by 285%.
Tokenized gold market cap. Source: CEX.io
Tokenized gold is part of the evolving field of real-world asset (RWA) tokenization, which refers to the minting of tokens on the blockchain for financial products and tangible assets such as real estate and art.
The surge in tokenized gold aligns with the record performance of physical gold. On March 31, gold prices broke through $3,100 per ounce, setting a new historical high, and as of the time of writing, the trading price exceeds $3,118.
Bitcoin (BTC) and gold year-to-date performance chart. Source: Cointelegraph/TradingView
According to TradingView data, gold prices have risen over 18% since the beginning of 2025, outperforming Bitcoin (BTC), which has seen a decline of over 12% year-to-date.
CEX.io Chief Analyst Illia Otychenko stated that gold's strong performance following key tariff-related events highlights the growing market demand for safe-haven assets.
However, the analyst told Cointelegraph that tokenized gold is still far from becoming a competitor to physical gold in the current "RWA development phase," adding:
"For cryptocurrency-native investors who may choose Bitcoin or stablecoins, tokenized gold offers an extremely attractive investment option."
"In this context, tokenized gold primarily serves as a diversification tool, gaining increasing appeal in investors' portfolios as market uncertainty deepens," he added.
The geopolitical trade tensions triggered by Trump's import tariffs have spurred safe-haven behavior among cryptocurrency investors, particularly a shift towards stablecoins and tokenized assets.
Following the banking crisis in 2023, the Federal Reserve created a Bank Term Funding Program, providing bank loans for up to one year by accepting "qualified assets" as collateral.
According to BitMEX co-founder and former CEO Arthur Hayes, this emergency measure marked the beginning of the Bitcoin bull market in 2023.
Related: Adam Back: Bitcoin (BTC) may compete with gold for inflation hedge status in the next decade.
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