Commodity-backed cryptocurrencies, predominantly gold-backed tokens, recorded a historic surge in minting volumes this week, reaching $439 million—the highest level in at least five years. This surge coincided with gold futures trading above $3,500 on news of U.S. tariffs on Swiss gold exports that raised concerns over physical flow disruptions.
Data from RWA.xyz shows that gold-backed tokens such as Tether Gold (XAUT) and Paxos Gold (PAXG) briefly climbed to $3,390 in minting prices before receding, reflecting heightened demand for tokenized commodity exposure amid macroeconomic uncertainty. The rally in token issuance more than doubled the previous $195 million record set in 2021, demonstrating strong investor interest in asset-backed digital instruments.
Switzerland, responsible for refining a large share of the world’s gold despite lacking domestic mining operations, exported over $61 billion of the precious metal to the U.S. in the past year. The imposition of a 39% U.S. tariff on Swiss gold prompted a political backlash in Swiss legislatures, with calls for the industry to share economic fallout risks.
Physical gold prices and futures experienced initial volatility, with spot prices retreating after a White House clarification indicated that gold bar imports would be exempt from the tariffs. Nevertheless, the minting volumes of tokenized gold products remained elevated, underscoring robust on-chain demand and the appeal of tokenized commodity access for global investors.
Token issuance on-chain offers instantaneous transferability, cross-border settlement efficiencies, and liquidity advantages compared with physical bullion. The current environment of elevated yields and geopolitical tensions has amplified use cases for commodity-backed stablecoins and tokenized assets.
Market participants anticipate continued issuance activity as token issuers expand collateral management infrastructures and regulatory clarity improves. The catalytic effect of gold price milestones on token minting underscores the symbiotic relationship between traditional commodity markets and emerging digital asset ecosystems, suggesting that commodity-backed tokens will remain a key segment in digital finance innovation.
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