As gold breaks through the historic $3,500 per ounce mark for the first time, a new record is being established in decentralized finance. Tokenized gold assets—which are mostly $PAXG (Paxos Gold) and $XAUt (Tether Gold)—have exceeded a whopping $102 million in monthly trading volume on decentralized exchanges (DEXs) on the Ethereum blockchain. This DEX activity is up an astonishing fivefold from January 2025, when trading volume in tokenized gold DEXs was just $18 million. Gold Goes On-Chain: Real-World Value Meets DeFi When it comes to technical accomplishments, crossing the $100 million mark in tokenized gold DEX volume is huge. But
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