Market Cap of Tokenized Gold Climbs to Record $1.4B as March Trading Activity Spikes

Tokenized Gold Hits Record $1.4B as Stablecoin Market Expands for 18th Straight Month

The tokenized gold market surged to an all-time high of $1.4 billion in March, fueled by increasing investor demand and record-breaking gold prices, according to CoinDesk Data’s latest stablecoin report.

This milestone comes as physical gold prices exceeded $3,000 per ounce, driving renewed interest in blockchain-based gold assets. Leading the space, Tether’s XAUT and Paxos’ PAXG hold market caps of $749 million and $653 million, respectively.

March also saw a sharp increase in trading activity for tokenized gold, with total volume surpassing $1.6 billion—the highest in over a year.

Meanwhile, the overall stablecoin market continued its consistent growth streak, surpassing $231 billion in total capitalization and marking its 18th consecutive month of expansion.

Tether’s USDT supply reached a record $144 billion, though its market dominance fell to 62.1%, its lowest level since March 2023, amid growing competition. Circle’s USDC rose 7% in market cap for the month, nearing $60 billion.

A newcomer to the sector, Ethena’s USDtb—a dollar stablecoin backed by BlackRock’s tokenized money market fund BUIDL—quickly amassed over $1 billion in assets, becoming the eighth-largest stablecoin by market cap.

USDT remained the most traded stablecoin on centralized exchanges, maintaining a 75.7% share of the top 10 stablecoin trading volumes, despite a slight dip. At the same time, USDC and FDUSD (issued by Hong Kong-based First Digital) saw their trading market shares increase to 13.6% and 10%, respectively.

Regulatory shifts in Europe also influenced stablecoin dynamics, particularly euro-backed assets. Kraken, Coinbase, and Crypto.com removed non-compliant stablecoins to align with the EU’s Markets in Crypto-Assets (MiCA) regulations.

As a result, Circle’s EURC stablecoin saw a major boost, rising nearly 30% in market cap to $157 million and securing a 45% share of the euro-denominated stablecoin sector.