Two tokenized gold crypto projects, PAXG and XAUT,
have seen enormous growth over the last 15 months
The price of one ounce of excellent gold was $1,790 15 months ago, and it has climbed by 3.71 percent to today's exchange rate of $1,849 per ounce. While the value of gold has increased, the value of the top two tokenized gold coins has increased dramatically.
Since February 26, 2021, Pax gold's (PAXG) market value has increased by 407 percent, while Tether's (XAUT) market capitalization has increased by 248 percent. The combined market capitalizations of PAXG and XAUT are currently worth just over $1 billion.
Pax Gold
The top two gold token blockchain initiatives currently have well over $1 billion in tokenized gold coins. Pax gold, with a market cap of $620 billion, is the first project with the highest market capitalization. The asset-backed currency PAXG is an Ethereum-based ERC20 token that amounts to one fine troy ounce (t oz) of London Good Delivery gold (LBMA).
Paxos issues PAXG, which may be redeemed for "LBMA-accredited Good Delivery gold bullion bars" with a minimum redemption of 1 troy ounce. According to sources, PAXG was the second-largest tokenized gold coin at the end of February 2021, with a market valuation of $122 million.
PAXG is now the most valuable tokenized gold coin in terms of market value, having gained 407 percent in the previous 15 months. Since then, the price of gold has only risen 3.51 percent, from $1,787 to $1,849 per troy ounce. This indicates that circulation coins account for the majority of PAXG's growth.
PAXG's market capitalization was only $122 billion on February 26, 2021, with $16.9 million in 24-hour worldwide transaction activity. The $620 billion value of PAXG today witnessed $11 million in worldwide transaction volume in a 24-hour period. Tether (USDT) is PAXG's most popular trading pair, accounting for 69 percent of all pax gold swaps.
Paxos' tokenized gold currency has witnessed 12.67 percent of all trades with the stablecoin BUSD, while bitcoin is PAXG's third most traded pair, accounting for 12.05 percent of all deals during the last 24 hours. WETH (3.09 percent), BNB (1.21 percent), USD (1.08 percent), and EUR (0.79 percent ) are some significant PAXG pairings. Tether Gold
Everyone is aware that Tether is the creator of the stablecoin USDT, and that the stablecoin is the largest in terms of market capitalization. Tether, on the other hand, creates additional asset-backed coins that carry the redemption value for a few fiat currencies, which are less well-known. Tether also has a token called tether gold (XAUT), which is the second most valuable tokenized gold currency in terms of market capitalization. XAUT has a $458 million market cap at the time of writing, with $1.45 million in worldwide transaction activity in the last 24 hours. Tether's XAUT website claims that a single XAUT is equivalent to 1 troy ounce of LBMA-compliant tether.
Tether claims to provide a variety of redemption alternatives, including the ability for XAUT holders to request actual gold as long as they have undergone TG Commodities Limited's verification process and have the appropriate minimum amount of XAUT.
Tether's tokenized gold coin XAUT had a market worth of roughly $131 million, and a 24-hour worldwide transaction volume of $1.6 million. Since then, XAUT's market capitalization has increased by 248 percent to $458 million.
PAXG and XAUT are worth a total of $1 billion
There are a few other asset-backed tokens that rely on the value and backing of valuable metals stored in vaults, but PAXG and XAUT have massive market capitalizations. Based on the number of coins struck and the current value of gold, the two of them are worth just over $1 billion.
There are currently 333,601 PAXG tokens in circulation and 246,524 XAUT tokens, according to statistics. PAXG and XAUT's market capitalization are flecks of sand in comparison to gold's global market worth of $11.795 trillion. PAXG is rated 86 out of 13,400+ cryptocurrencies in terms of market capitalization, while XAUT is placed 107.
