黃金儲備穩定幣總市值已攀升至 40 億美元以上，較 2025 年初約 13 億美元的規模成長近三倍。其中，Tether Gold（XAUt）以約 22 億美元市值位居龍頭，占據市場約 50% 份額；Paxos Gold（PAXG）以約 15 億美元市值排名第二，兩者合計拿下近 90% 的代幣化黃金市場份額。分析指出，黃金價格於本年度上漲約 66%；此外，Tether 持續加碼增持黃金，截至 9 月底持有量已達約 116 噸。

The total market capitalization of gold-backed stablecoins has climbed above $4 billion, nearly tripling from around $1.3 billion at the start of 2025. Among them, Tether Gold (XAUt) leads the market with a market cap of approximately $2.2 billion, accounting for about 50% of the total market. Paxos Gold (PAXG) ranks second with a market cap of around $1.5 billion. Together, the two tokens hold nearly 90% of the tokenized gold market share. Analyses indicate that the price of gold has risen by about 66% this year. Additionally, Tether has continued to increase its gold holdings, reaching approximately 116 tons by the end of September.