Tokenized gold drives 25% of RWA growth in 2025 with 177% surge

Onchain gold products added billions in new value last year, outpacing physical bullion and most gold ETFs as trading activity increasingly shifted to blockchain rails.

Tokenized gold emerged as one of crypto’s fastest-growing asset classes in 2025, accounting for roughly a quarter of all net growth in real-world assets (RWAs).

The market capitalization of tokenized gold jumped 177% over the past year, while the number of holders nearly tripled, with more than 115,000 new wallets added during the year, outpacing most other RWA categories, according to data accumulated by Cex.io.

The tokenized gold market added close to $2.8 billion in net value in 2025, expanding from about $1.6 billion to $4.4 billion, per the report. That increase alone represented nearly 25% of total net inflows across the RWA sector, exceeding the combined growth seen in tokenized stocks, corporate bonds and non-US Treasurys.

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