With exchanges like Coinbase and Hyperliquid looking to tokenize stocks, onchain gold continues to do well, with cumulative trading volumes at all-time highs.
The trend began in April when the price of spot gold skyrocketed due to economic uncertainty driven 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 kicked off the trend back in April.
PAXG Trading Volume – DeFiLlama
Spot gold has done particularly well recently as the conflict in the Middle East continues to drive uncertainty across global markets. Spot gold is up 2% over the last month and 29% over the last six months.
Tokenized Stocks
The sustained demand for onchain commodity trading may be being closely watched by companies and DeFi protocols looking to offer tokenized stocks. The two particularly noteworthy entities are Coinbase, the largest centralized exchange (CEX) in the United States, and Hyperliquid, the leading decentralized perpetual futures exchange.
While speculators watch the two behemoths race to launch blockchain-based stocks, Dinari, a decentralized protocol that offers dShares — Dinari-denominated tokenized stocks — is quietly surging.
Dinari Leading dShares – Dinari
Dinari’s total value locked (TVL) is up 760% since the beginning of March, when Coinbase’s CFO Alesia Haas alluded to the activation. “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,” she said at the time.
Speculation ramped up 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.
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