Onchain Gold Trading Volume Soars to All-Time High

Gold has posted new all-time highs nearly every week in 2025, and amid geopolitical and macroeconomic uncertainty, crypto traders also appear to be flocking to the asset, as shown by significant spikes in onchain gold trading volume.

Paxos Gold (PAXG) and Tether Gold (XAUt) both hit all-time high trading volumes last week, with PAXG processing $802 million and XAUt generating $267 million between April 5 and 12.

XAUt’s previous all-time high was $179 million in June 2024, while PAXG’s previous record was $715 million in March 2023, during the banking crisis.

Gold’s recent surge in value is driven largely by the weakening dollar and economic uncertainty that has accompanied the United States’ new trade tariff policies, as it is considered a ‘safe haven’ asset.

Following the recent rally, XAUt and PAXG account for a combined market capitalization of $1.54 billion, making tokenized gold a Top 100 crypto category by valuation on CoinGecko.