2 Gold-Backed Crypto Asset Market Caps Near $1 Billion, XAUT Jumps 19,000% in 23 Months

2 years ago

While reserve-backed crypto assets and stablecoin marketplace valuations accrued a large woody during the past year, gold-backed cryptocurrencies person besides seen their marketplace caps swell. Between the tokens tether golden and pax gold, the marketplace valuations of these 2 golden cryptos are nearing a cardinal dollars successful worth with $742 cardinal today.

Tether Gold’s Market Cap Swells Over 19,000% successful Less Than 2 Years, While Pax Gold Increased by More Than 15,000%

On February 21, 2020, the marketplace valuation of tether golden (XAUT) was $2.1 cardinal and 23 months later, the valuation has accrued by 19,423% to $410 million. Since March 24, 2020, oregon 672 days ago, pax golden (PAXG) has seen its marketplace headdress turn from $2.2 cardinal to today’s $332.7 million. The summation the gold-backed crypto token PAXG saw implicit the past 22 months was astir 15,022%.

XAUT/USD connected Bitfinex connected January 25, 2022, regular chart.

Both projects assertion to beryllium backed by 1 ounce of .999 good golden which means XAUT’s vaults should clasp 223,921 ounces of good gold. PAXG’s reserves should beryllium astir 181,321 ounces of the precious metal.

According to PAXG specifications, the token is backed by 1 good troy ounce of a London Good Delivery golden bar. While some gold-backed tokens person seen important marketplace headdress increases implicit the past 2 years, commercialized measurement is light. XAUT’s commercialized measurement connected January 25 is $1.5 cardinal portion PAXG has $16.1 cardinal successful 24-hour trades.

PAXG/USD connected Kraken connected January 25, 2022, regular chart.

Tether golden lone has 3 large trading pairs which see tether (USDT) with 66.92% of each trades today, USD with 26.69%, and BTC with 6.39% of today’s XAUT swaps. Data shows that Bitfinex and FTX are the astir progressive XAUT exchanges.

Pax golden has a batch much trading pairs with USDT capturing astir of the PAXG swaps with 46.70% of today’s PAXG trades. This is followed by BTC (20.27%), USD (12.52%), WETH (8.13%), EUR (7.19%), and ETH (3.22%). Binance is PAXG’s astir progressive speech followed by Kucoin and Crypto.com.

PMGT and DGX Market Valuations Are Much Smaller Than Competitors

In summation to XAUT and PAXG, the gold-backed tokens perth mint golden token (PMGT) and digix golden (DGX) some person marketplace caps supra $1 cardinal each. PMGT has a $1.7 cardinal marketplace capitalization and DGX has $1.1 cardinal today. 100% of PMGT trades are settled successful AUD via the Independent Reserve, portion a ample information of DGX swaps are settled successful the Indonesian rupiah (IDR) via the speech Indodax.

While PMGT is besides backed by 1 troy good ounce of carnal golden similar XAUT and PAXG, DGX tokens are backed by a gram of LBMA (the London Bullion Market Association) gold. According to the Digixdao team, the assets are stored successful a harmless location located successful Singapore.

PMGT and DGX person not seen the maturation XAUT and PAXG person seen. On March 12, 2020, PMGT had a marketplace valuation of $177,205 and since past it’s accrued 859%. DGX had a marketplace valuation of $1.2 cardinal successful May 2018, and contiguous the valuation is astir the same.

What bash you deliberation astir the maturation of the gold-backed tokens XAUT and PAXG? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Jamie Redman

Jamie Redman is the News Lead astatine Bitcoin.com News and a fiscal tech writer surviving successful Florida. Redman has been an progressive subordinate of the cryptocurrency assemblage since 2011. He has a passionateness for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written much than 5,000 articles for Bitcoin.com News astir the disruptive protocols emerging today.

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