Tokenized Gold Volumes Surge to $97B in Q1 2026, Topping Full-Year 2025 Total

Spot trading volume for gold-backed tokens like XAUt and PAXG exploded to $97 billion in Q1 2026, exceeding 2025's full-year total of $84.6 billion and signaling tokenized gold's mainstream DeFi adoption amid $4,600/oz spot prices. Tether launched XAUt on BNB Chain March 26 at $2.49B cap post-2025's 64% gold rally, followed by Q1 attestation revealing slowed buys to 6 tons but XAUt growth to $3.3B (707k oz) and total reserves at 154 tonnes ($20B), with $1.04B profit. BloFin highlighted three-phase demand—sovereign (1,000t/year), institutional (801t 2025), crypto-native—bolstering XAUUSD as volumes hit new highs.