4 hours ago
As the terms of golden is connected the cusp of breaking its April peak, the marketplace size of crypto tokens backed by the precious metallic has already surged to caller all-time highs.
The wide marketplace capitalization of tokenized golden topped $2.57 billion, CoinGecko data shows, arsenic the 2 starring offerings, Tether's XAUT and Paxos' PAXG tokens, saw sizable inflows recently. Both tokens's are designed to way the terms of golden and are backed by carnal bars held successful vaults.
XAUT (XAUT), issued by the steadfast that's down the USDT stablecoin, saw a $437 cardinal leap successful its proviso to a grounds $1.3 billion, per CoinGecko. Tether's Treasury minted 129,000 tokens successful aboriginal August connected the Ethereum network, blockchain data by Etherscan shows.
PAXG (PAXG), the gold-backed token of U.S.-based stablecoin steadfast Paxos, swelled to a grounds marketplace size of $983 million, DefiLlama information shows. That's been fueled by $141.5 cardinal nett inflows into the token since June.
Gold presently traded astatine astir $3,470, conscionable shy of the April 22 highest deed amidst the tariff tantrum.
The precious metal, which is wide considered arsenic a harmless haven plus during times of uncertainty, has been resurging lately, driven by a steepening U.S. Treasury output curve.
Read more: Gold’s Rally Has a Big Catalyst, and It Could Help Bitcoin Too
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