Tokenized gold accounts for 25% of RWA net growth in 2025 after 177% market-cap rise

Onchain gold products added billions in new value last year, outpacing physical bullion and most gold ETFs as trading activity increasingly shifted to blockchain rails.

Onchain gold products added billions in new value last year, growing faster than the overall gold market and most major spot gold exchange-traded funds (ETFs) as onchain trading activity accelerated.

The market capitalization of tokenized gold jumped 177% over the past year, while the number of holders nearly tripled, with more than 115,000 new wallets added during the year, outpacing most other RWA categories, according to data compiled by Cex.io from public blockchain and market sources.

The tokenized gold market added close to $2.8 billion in net value in 2025, expanding from about $1.6 billion to $4.4 billion, per the report. That increase alone represented almost 25% of total net inflows across the RWA sector, exceeding the combined growth seen in tokenized stocks, corporate bonds and non-US Treasurys.

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