Tokenized Gold Becomes Weekend Price Discovery Driver

The rise of tokenized gold as a price discovery mechanism has gained momentum during weekends, when traditional futures markets are closed. Iggy Ioppe, chief investment officer at Theo, notes that on-chain markets provide continuous price formation for bullion-like exposures.

Tokenized gold's market capitalization has expanded to approximately $4.4 billion, up 177% year-over-year. This growth is driven by over 115,000 wallet holders and significant trading volume of around $178 billion in 2025, with peak quarterly activity exceeding $126 billion.

Liquidity providers and cross-venue traders dominate on-chain markets, complemented by crypto-native macro traders who use tokenized gold for exposure, collateral, and hedging during periods of heightened risk. The trend is expected to continue alongside traditional gold products, as institutions explore standardized frameworks for institutional participation.