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Tokenized Gold Market Hits Record $2.88 Billion as Bullion Tops $3,800

Fed-cut bets drove a move to 24/7, blockchain-settled gold exposure.

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Overview

  • Total tokenized-gold market value reached $2.88 billion on September 29, according to CoinGecko, as spot prices cleared $3,800 per ounce.
  • Tether Gold and PAX Gold hit all-time market caps near $1.43 billion and $1.12 billion, and each set September volume records (XAUT ~$3.25 billion; PAXG >$3.2 billion), DeFiLlama shows.
  • PAXG drew roughly $40 million in net September inflows, with new token mints reported to satisfy demand.
  • XAUT’s September growth reflected gold’s price alone, with no new tokens created after August’s $437 million minting surge.
  • Market participants point to expected Fed rate cuts, persistent inflation and U.S. shutdown worries as key drivers of the rotation into tokenized bullion.