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Tokenized gold market caps grew significantly last month as premiums driven by fresh demand

Gold reached an all-time high of $2K per ounce this year, but the most valuable tokenized gold crypto assets according to market valuation continue seeing significant demand, premiums and growth in market capitalization. 

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Tokenized gold market caps grew significantly last month as premiums driven by fresh demand

Paxos Trust Company's Paxos market cap for PAXG jumped by more than 43% from $424 million to $611 million in just 31 days.

PAXG and XAUT Market Caps Rise, Both Gold Tokens See Premiums over Gold's Spot Value

The price for one troy ounce.999 fine golden gold was $2,069 per unit on March 8, 2022. One troy ounce equals approximately 480 grains, or 31.10 grams. This is almost pure gold. The demand for tokenized assets of gold crypto assets has grown significantly as the price of physical bullion has risen. Tokenized gold assets are also experiencing a premium, since tokens that equal one troy ounces of.999 pure gold have seen higher spot markets prices than those in the physical bullion.

At the time this article was written, Tether’s XAUT is at 2.18% above the current spot gold price. Pax Gold (PAXG ) has a premium of 0.26%. Both tokenized gold asset market values have increased in the past 30 days. Data shows that Paxos Trust Company’s PAXG had an estimated market value of $424million on February 19, 2022. Metrics show that PAXG's market capital grew by more than 43% to $611million a month later. XAUT's market capital grew more than 13% from $430 million 31 Days Ago to $486 Million Today.

Paxos Trust Company's vaults contain approximately 325,333 ounces fine gold. This would be calculated by taking the average gold price per ounce over the past 30 days ($1,875) and multiplying $611 million by this number. Paxos Trust Company has added approximately 99,200 ounces to their vaults since February 19, according to the same average. Tether has added approximately 29,866 ounces to its gold stash using the same math. This is approximately 129,066 troy-ounces of.999 gold backing tokenized crypto assets.

However, the 30-day average price per troy ounce is not consistent with the number of tokenized-gold crypto assets. At the time this article was written, PAXG's current supply is 317.255 tokens, and XAUT is 246,524 tokens. One token equals one troy ounces of.999 pure gold, stored in vaults. Coingecko.com data indicates a circulating supply at 246,524 XAUT tokens. However, Tether's transparency page shows that there are 226,289 XAUT.

Perth mint golden token (PMGT). has a lower market value than the gold tokens from Paxos or Tether. PMGT's market capitalization stands at $2.1 million. PMGT traded volume in swaps has been approximately $13,650 during the past 24 hours. Today's PAXG 24-hour trade volume is $14.4 Million, while XAUT's daily volume stands at $1.5 Million.


 

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