Tokenized gold hit a $4.56B market cap as supply doubled and held through gold's drawdown. Here are the key insights from our latest article on tokenized gold 👇 1. Supply x2 to a peak of ~1.20M ounces in February 2026 during the gold rally, then held stable at ~1.14M ounces through July even as gold prices fell. 2. The $XAUt and $PAXG duopoly command 93.1% of the $4.56B category, leaving all other gold-backed tokens with a maximum of ~6.9% share. 3. Volume broke out in Q4 2025 and peaked at $91B in Q1 2026. Quarterly volume tripled from $13.6B to $48.8B between Q3 and Q4 2025. 4. ETF wrappers compounded ~72x in a year to $20.8M, a gold perpetuals layer emerged with @Solana reaching $7.19B in a single month, and $XAUm built a 66,000-strong holder base almost entirely on Plume. 5. Total lending TVL of $112.6M tracked gold spot closely, with the largest pool being Aave v3 XAUt on Ethereum. Nascent markets on Solana, Sui, and BSC hint at future expansion.