Gold-backed stablecoins nearly tripled to $4 billion in 2025 as one token overtook its rivals, riding on record gold prices, macro risks, and issuer vault accumulation.
summary
- The market capitalization of gold-backed stablecoins will reach nearly $4 billion in 2025, nearly tripling since the beginning of the year.
- Two major tokens control nearly 90% of tokenized gold, with top issuers expanding supply and bullion reserves.
- Rising gold prices, macro uncertainty, and major issuers becoming the world’s top gold holders are driving demand for tokenized bullion.
The market capitalization of gold-backed stablecoins has reached nearly $4 billion, nearly tripling since the beginning of 2025.
Gold moves into stablecoin-backed entities
The data showed that one token accounts for about half of the total market, with the other leading token accounting for the lion's share, and the two together account for almost 90% of tokenized gold holdings. The leading token outperformed its competitors after expanding supply throughout 2025.
The growth in tokenized gold has occurred in parallel with a significant increase in gold prices since the beginning of the year, driven by macroeconomic uncertainty, geopolitical tensions, and sustained global demand for the precious metal.
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Gold-backed stablecoins allow investors to hold fractional ownership of physical gold bars held in a secure vault, providing exposure to gold through blockchain-based tokens that can be traded on cryptocurrency platforms.
Major stablecoin issuers have become prominent institutional gold holders and have some of the world's largest gold holdings, eclipsing some national reserves, according to International Monetary Fund data.
This development reflects growing interest from institutional investors and retailers in digital assets backed by traditional products that offer features such as liquidity, transparency and cross-border transferability while maintaining price correlation with physical gold.
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