The total market cap of gold-backed stablecoins has surpassed $4 billion, nearly tripling from around $1.3 billion at the beginning of 2025. Among them, Tether Gold (XAUt) ranks first with a market cap of approximately $2.2 billion, accounting for about 50% of the market, while Paxos Gold (PAXG) comes in second with around $1.5 billion. Together, they dominate nearly 90% of the tokenized gold market share. Analysts point out that gold prices have risen about 66% this year. Additionally, Tether has been steadily increasing its gold holdings, reaching approximately 116 tons by the end of September. (The Block) https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=53659