Amid escalating tensions in the Middle East, trading volume in gold‑backed stablecoins on crypto exchanges has tripled.
Gold‑backed stablecoins account for nearly 98 % of the tokenized gold market. Out of the total market capitalization of $5.72 billion:
- XAUT accounts for approximately $3 billion;
- PAXG accounts for approximately $2.57 billion.
Gold has traditionally been viewed as a safe‑haven asset during crises, and demand for tokenized gold has already surged in 2025 and earlier this year, when the metal delivered strong dollar‑denominated returns.
The rising demand for gold‑backed stablecoins is supporting the price of the underlying asset — gold. Under current conditions, gold prices have reached around $5,400 per troy ounce. Meanwhile, the cryptocurrency market remains highly volatile due to geopolitical tensions, with Bitcoin and other assets responding sensitively to shifts in inflation expectations and macroeconomic outlooks.
Key trading volume figures for March and recent periods:
- total trading volume in gold‑backed stablecoins on March 1 exceeded $3 billion;
- XAUT: approximately $1.7 billion over the past week, and approximately $1.2 billion in the last 24 hours (as of 13:00 MSK on March 2);
- PAXG: $1.4 billion on March 1, and $651 million in the past 24 hours.
In summary, gold continues to serve as a safe‑haven asset amid conflicts, and its price is rising — partly driven by strong demand for its tokenized forms.