Onchain Gold Trading on the Rise

With exchanges like Coinbase and Hyperliquid looking to tokenize stocks, onchain gold continues to excel, with cumulative trading volumes at all-time highs.

The trend began in April when the price of spot gold surged due to economic uncertainty caused by the United States’ tariff policies. However, now that crypto markets have recovered from their April lows, onchain gold trading activity is not only sustaining but accelerating.

Over the last two weeks, the aggregated trading volume of Tether Gold (XAUt) and Paxos Gold (PAXG) reached $236 million, with PAXG accounting for roughly 68% of the total.

This marks a 247% increase from the previous two weeks and a 43% increase from the two-week period that initiated the trend back in April.

Spot gold has performed well recently as conflicts in the Middle East continue to create uncertainty in global markets. Spot gold is up 2% over the last month and 29% over the last six months.

Tokenized Stocks

The ongoing demand for onchain commodity trading may be closely monitored by companies and DeFi protocols looking to offer tokenized stocks. Two noteworthy entities in this space are Coinbase, the largest centralized exchange in the United States, and Hyperliquid, the leading decentralized perpetual futures exchange.

While speculators observe the efforts of these two giants to launch blockchain-based stocks, Dinari, a decentralized protocol offering dShares—Dinari-denominated tokenized stocks—has seen significant growth.

Dinari’s total value locked (TVL) has increased by 760% since the beginning of March, when Coinbase’s CFO Alesia Haas hinted at such innovations: “We may be able to bring forward security tokens…and I’m just excited to see innovation in the U.S. and bring more and more assets onchain.”

Speculation increased significantly earlier this week when Reuters reported that Coinbase is seeking approval from the Securities and Exchange Commission (SEC) to offer stock trading via blockchain.