Gold-backed stablecoins have risen to around $4 billion by 2025, led by two tokens that control nearly 90% of the supply, while rising gold prices and a major issuer’s vault push tokenized bullion into the spotlight.
Summary
- Data from Catenaa News shows that gold-backed stablecoins have a market capitalization of nearly $4 billion, nearly tripling since the start of 2025, as one token expands supply and overtakes its main rival.
- The top two tokens now represent almost 90% of tokenized gold, offering fractional claims on domed bars and tracking a spot market lifted by macro risks and central bank demand.
- A major stablecoin issuer has quietly become one of the largest non-sovereign gold holders in the world, with precious metal reserves comparable to those of smaller central banks.
Gold-backed stablecoins have reached a market capitalization of around $4 billion, almost tripling since early 2025, according to market data.
Gold-backed stablecoins are rising in value
One token accounts for about half of the total market, while another major token controls a significant portion, with the two together representing almost 90% of tokenized gold holdings, the data showed. The leading token surpassed its competitor after expanding its supply in 2025.
The growth of tokenized gold has occurred alongside a substantial increase in gold prices since the beginning of the year, which has been attributed to macroeconomic uncertainty, geopolitical tensions and continued global demand for the precious metal.
Gold-backed stablecoins allow investors to take partial ownership of physical gold bars stored in secure vaults, providing exposure to gold through blockchain-based tokens that can be traded on cryptocurrency platforms.
A major stablecoin issuer has become a notable institutional holder of gold, acquiring quantities that put it among the top global gold holders, ahead of several national reserves, according to International Monetary Fund data.
The development reflects growing institutional and private interest in digital assets backed by traditional commodities, which offer features such as liquidity, transparency and cross-border transferability, while maintaining price correlation with physical gold.
