Tokenized Gold Snapshot: $5.8 Billion Reported, and Two Tokens Hold 89% of It

Tokenized gold is a small market with two very large players. We pulled the numbers for every gold token that the data site CoinGecko tracks in its tokenized gold category. Here is what they show, and what they do not.

The numbers

Market value and 24-hour trading volume are as reported by CoinGecko at 22:47 UTC on Saturday, October 17, 2026. Prices are in US dollars. We list only tokens whose data CoinGecko had updated within the previous 24 hours.

Token	Price	Reported market value	24h volume	Volume as % of value
Tether Gold (XAUT)	$4,149.69	$3,357,000,969	$74,392,037	2.22%
PAX Gold (PAXG)	$4,151.06	$1,829,056,441	$50,149,178	2.74%
Kinesis Gold (KAU)	$132.12	$526,196,431	$7,223	0.0014%
Matrixdock Gold (XAUM)	$4,123.39	$70,143,130	$427,004	0.61%
Streamex GLDY (GLDY)	$4,165.28	$12,819,612	$0	0.00%
Digital Gold (DGLD)	$4,176.44	$10,073,381	$14,611	0.15%
VNX Gold (VNXAU)	$134.40	$5,913,443	$6,570	0.11%
GoldZip Gold (XGZ)	$133.50	$5,206,554	$9,577	0.18%
Comtech Gold (CGO)	$132.49	$3,179,799	$877,923	27.61%
Herculis Gold Coin (XAUH)	$134.18	$2,080,301	$119,104	5.73%

Three more tokens with reported values under $1 million bring the count to 13 and the total to $5,822,617,132. CoinGecko’s own category page showed a higher total, about $5.91 billion, because it includes tokens we left out. Our method notes below list them.

What stands out

Two tokens are the market. XAUT and PAXG hold 89.1% of reported value between them. They also do almost all of the trading: about $124.5 million of volume in 24 hours, against about $1.5 million for the other 11 tokens combined.

A big market value does not mean you can sell. Kinesis Gold, third in our table, reported $526 million in market value and $7,223 of trading on the exchanges CoinGecko tracks. All of the Kinesis Gold trading that CoinGecko tracks is on Kinesis Money, Kinesis’s own exchange. Streamex GLDY showed $12.8 million of value and no reported trading. Market value here is price times the circulating supply CoinGecko lists. It says nothing about who would buy your tokens tomorrow.

Some tokens are an ounce. Some are a gram. XAUT and PAXG each represent one troy ounce. Several others are priced between about $132 and $134, close to what one gram of gold costs at this price, which is about $133. Check the unit before you compare prices.

The ounce tokens tracked each other closely. XAUT and PAXG were $1.37 apart, which implies gold near $4,150 an ounce. Matrixdock’s XAUM sat about 0.6% below that and Digital Gold about 0.6% above. Thin markets can print odd prices, so treat small-token prices with care.

The same token, two different sizes

Tether Gold’s home page showed a market cap of $3,446,657,783 when we looked, backed by 2,090 bars weighing 25,735.58 kilograms. CoinGecko showed $3,357,000,969 for XAUT. That is a gap of about $90 million.

Most of it comes from what each one counts. Tether says its figure is based on its custodian’s gold records and the market price of gold. CoinGecko’s figure uses XAUT’s circulating supply, 808,994.63 tokens. Its total supply is 827,417.63, a difference of about 18,400 tokens, or roughly $76 million at today’s price. Tether’s 25,735.58 kilograms works out to about 827,418 ounces, which matches the total supply. The rest of the gap is price. Tether’s figure uses the market price of gold, about $4,166 an ounce, and Tether says its figure may be delayed. CoinGecko’s uses XAUT’s trading price, $4,149.69.

Tether’s own reserves report uses the word “circulation” differently. Its latest report, as of June 30, 2026, counted all 707,747.09 minted XAUT as “in circulation.” Of those, 612,823.66 had been sold and 94,923.43 were “available for sale” and held by an affiliate of the issuer. That report is now more than three months old, so we do not use it to explain today’s numbers.

Neither number is wrong. They answer different questions. When you read a market cap for any backed token, ask which supply it uses.

How we did this, and the limits

• Market data is from CoinGecko’s tokenized gold category. We did not verify any issuer’s gold. Backing claims belong to the issuers.
• Supply figures are often reported by the issuers themselves.
• We dropped four tokens whose CoinGecko data had not updated in more than 24 hours: Pleasing Gold, Tenbin Gold, Kinka and Gold rStock. The largest, Pleasing Gold, showed $80.6 million. A stale price is not a market.
• We also left out seven tokens for which CoinGecko showed no market value.
• We left out “Tether Gold Tokens” (XAUT0), which CoinGecko lists as its own entry at $113.6 million. XAUT0 is a version of XAUT that moves across blockchains. USDT0, the team that runs it, says its assets are backed “1:1 by Tether Gold.” Adding the two together could count the same gold twice.
• Any token covered by our recusal policy is left out. See the disclosure below.
• We pulled the data on a Saturday, when the main gold markets are closed. Weekend trading may not look like weekday trading.
• The ounce and tonne estimates divide reported value by a gold price of about $4,150. They are rough.

We plan to repeat this snapshot on a regular schedule, using the same method, so the numbers can be compared over time.