![]() ![]() ![]() Indeed, the acceleration of geopolitical tension and high inflation in the wake of the Russian invasion of Ukraine has led to the increased demand for gold-backed tokens. Finbold earlier reported that nearly $1 trillion had been infused into gold, as the price of the precious metal reached a 13-month high on February 24. Specifically, every PAXG and XAUT token is equal to one troy fine ounce of gold.This gold stablecoin market cap increase is pushed by the growing price of the yellow metal, making strides under the uncertainties escalated by the recent geopolitical developments. This represents a 60% growth of these rare cryptocurrencies, primarily PAX Gold (PAXG) and Tether Gold (XAUT).These are the two topmost gold stablecoins, as they're often called, due to their price being closely linked with that of gold. Goldbacked tokens see massive growth surpassing 1 billion market capĪffected by the various geopolitical and financial market developments, traders have increasingly started turning to digital tokens backed by gold, leading to their unprecedented growth in 2022.The market capitalization of tokens backed by gold, a precious metal that has traditionally been used to fend off inflation, stood at $1 billion on March 7, according to the data from Arcane Research. ![]()
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