A quiet shift is underway. Gold is moving onchain — and faster than expected.

At the start of the year, the tokenized commodities market stood near $4 billion. In less than six weeks, nearly $2 billion in value has been added. Data from Token Terminal shows that almost all of this growth is coming from gold-backed products.

Gold Tokens Are Driving The Market

The numbers are hard to ignore. Tether’s gold-backed token Tether Gold (XAUt) has been the largest contributor, with its market cap rising 51.6% over the past month to $3.6 billion. Paxos-listed PAX Gold (PAXG) climbed 33.2% over the same period, reaching $2.3 billion.

Together, these two products now represent more than 95% of the entire tokenized commodities market.

On a year-over-year basis, tokenized commodities are up 360%. Since the start of 2026, growth in this segment has outpaced tokenized stocks and tokenized funds, which posted gains of 42% and just 3.6%, respectively.

In comparison, the tokenized commodities market — now at roughly $6.1 billion — stands at just over one-third the size of the $17.2 billion tokenized funds market. Tokenized stocks, meanwhile, sit at only $538 million.

Tether Deepens Its Gold Strategy

This surge isn’t happening in isolation. Tether recently expanded its tokenized commodities strategy by acquiring a $150 million stake in precious metals platform Gold.com, aiming to broaden access to tokenized gold.

The company said its XAUt token will be integrated into Gold.com’s platform and that it is exploring options to allow customers to purchase physical gold using USDT.

In other words, Tether isn’t just issuing digital gold — it’s working to bridge onchain assets with the physical world.

Gold Accelerates While Bitcoin Lags

The rise in tokenized gold follows a powerful rally in spot gold prices.

Gold has gained more than 80% over the past year, reaching a new all-time high of $5,600 on Jan. 29. After a brief pullback to around $4,700 earlier this month, prices rebounded to roughly $5,050 at the time of writing.

Crypto markets have told a different story. A sharp selloff in mid-October triggered roughly $19 billion in liquidations. Bitcoin dropped more than 52% from its early October peak, briefly touching $60,000 before rebounding — but it remains below $70,000.

This divergence hasn’t gone unnoticed. Strike CEO Jack Mallers suggested Bitcoin is still being treated like a software stock rather than hard money. Grayscale echoed that view, noting that Bitcoin’s long-standing “digital gold” narrative is being tested, with recent price action resembling that of a high-risk growth asset.

When Gold Goes Onchain, The Balance Shifts

Capital is quietly rotating. The rapid expansion of tokenized commodities isn’t just another crypto trend. It looks more like an early signal that traditional safe-haven assets are beginning to migrate onto blockchain rails.

Bitcoin may be lagging for now. But gold — both physical and digital — is back in focus.

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After testing record highs earlier in the week, copper retreated sharply as technical disruptions at the London Metal Exchange (LME) coincided with position shifts by Chinese traders. Three-month copper contracts fell nearly 4% from above $14,500 per ton to around $13,000. Over the same period, gold declined about 4%, while silver dropped 5.9%.

Metal Sell-Off Spills Into Crypto

The correction in traditional markets quickly reverberated across crypto, particularly in tokenized gold, silver, and copper products. Over the past 24 hours, positions tied to these assets across spot and derivatives markets saw close to $120 million in liquidations.

Silver-linked contracts accounted for the largest losses at roughly $32 million, followed by gold- and copper-based futures. Prices of tokenized bullion products such as XAU and XAUT fell by more than 7%.

This episode underscores that crypto markets are no longer just a standalone asset class, but increasingly serve as an alternative venue for macro trading.

Crypto as a New Channel for Macro Trades

As metal prices surged earlier in the week, traders gravitated toward crypto-based contracts, drawn by 24/7 access, leverage, and faster execution. When prices reversed, those same markets became a pressure valve for risk.

Gold’s pullback went beyond a routine technical correction. Spot gold slid to around $5,170 after intraday losses exceeded 5%, coming just one day after prices hit an all-time high of $5,594.82. Futures markets mirrored the move, with U.S. February contracts falling to $5,225, as selling pressure also spread to tokenized metal positions in crypto markets.

The post-record correction was even more pronounced in silver. After breaking above $122 on Thursday, prices retreated to around $112 amid heavy selling. Still, silver continues to stand out with gains of more than 50% on a monthly basis.

Platinum followed a similar pattern, easing toward the $2,530 area after topping $2,900 earlier in the week at a record high.

Altogether, the move reinforced how tightly linked crypto markets have become with traditional finance.

Stronger Dollar Adds Pressure

A stronger U.S. dollar also played a key role in the metals pullback. Speculation that the Trump administration may be preparing to nominate Kevin Warsh as the next Federal Reserve chair boosted the greenback. Dollar strength tends to weigh on dollar-denominated commodities, and Friday’s move pressured metals broadly.

Beyond gold and silver, crude oil and iron ore prices also moved lower in this environment.

Bigger Picture: Metals Still a Leading Theme

Despite the sharp short-term correction, metals remain one of the strongest themes of the year. Copper continues to benefit from supply constraints and electrification-driven demand, keeping weekly momentum intact. Gold, meanwhile, continues to attract investor interest as a hedge against political and fiscal uncertainty.

Bitcoin, however, told a different story. BTC traded relatively independently despite the turbulence in metals, reinforcing the view that it is increasingly behaving as a standalone risk asset rather than a macro proxy.

Crypto markets may no longer be detached from global trends—but they are increasingly acting as a parallel arena where macro forces play out in real time.

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The post What Changed in Gold and Silver? Sharp Sell-Off Begins appeared first on Coin Engineer.

Whales Securing Digital Gold

Market activity actually shows that whales are taking long-term positions rather than short-term trades. For instance, during the last week of January, large wallets withdrew multi-million-dollar amounts of XAUT and PAXG from Bybit and MEXC. On January 27, wallet 0xbe4C pulled nearly $10 million in XAUT; the same day, 0x0F67 withdrew about $2.8 million in XAUT.

Interestingly, wallet 0x1b7D simultaneously withdrew around $1 million worth of both XAUT and PAXG from MEXC. Of course, these aren’t random moves; they appear part of a larger accumulation strategy. On January 28, 0x6Afa spent almost $6 million to acquire PAXG over two days, while newly created wallet 0x0E4F pulled $4 million in XAUT from Bybit.

Negative Exchange Flows Signal Long-Term Holding

Data from Arkham Intelligence shows net negative exchange flows for Tether Gold over the past seven days. This actually indicates consistent withdrawals from centralized exchanges, suggesting long-term accumulation rather than short-term speculation. In other words, investors are positioning for continued upside.

XAUT’s market capitalization also reflects strong momentum. According to CoinGecko, Tether Gold’s total market cap reached around $2.9 billion, hitting an all-time high. This growth closely mirrors rising gold prices and increased demand for tokenized exposure.

Tokenized Gold Bridges Crypto and Safe-Haven Demand

The market trend shows that digital gold is bridging traditional safe-haven demand and crypto-native capital. Amid geopolitical tensions and monetary policy uncertainty, whales increasingly favor tokenized gold as a liquid, blockchain-based safe-haven.

With falling exchange balances and rising market capitalization, XAUT is emerging as a key long-term store of value. Truthfully, the accumulation by crypto whales signals a growing convergence between traditional bullion demand and the new digital frontier.

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Thailand’s First Tokenized Gold Pair Goes Live

Announced on May 13, Tether revealed that its gold-backed asset, Tether Gold (XAUt), is now available on Maxbit — a regulated digital asset exchange in Thailand. Each XAUt token represents one troy ounce of physical gold, offering digital investors the opportunity to gain exposure to the traditional safe-haven asset via blockchain.

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With a market cap of 802 million$, Tether Gold was initially launched in January 2020. Maxbit is now the first exchange in Thailand to list such a tokenized gold trading pair.

Regulatory Support Fuels Expansion

This move follows significant regulatory developments in Thailand’s crypto sector. In March, the Thai SEC approved USD-backed stablecoins, including Tether’s USDt and Circle’s USDC, allowing them to be traded on regulated platforms nationwide.

Maxbit itself launched in October 2023 and operates under the supervision of the Thai Securities and Exchange Commission. It is majority-owned by PTG Energy (35%), with Spearhead Labs and Unit Company holding 29% and 28.7% stakes, respectively.

The listing of Tether Gold marks a growing trend of tokenized real-world assets becoming more accessible to retail and institutional investors alike.

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