If you wanted to trade gold on a decentralized exchange last year, there was basically one place to do it. Uniswap now handles 84% of all tokenized gold volume across DEXs, a level of dominance that makes its grip on this niche look less like market leadership and more like a near-monopoly.
The figure, reported as of June 10, 2026, underscores just how thoroughly one platform has cornered a market segment that barely existed a few years ago. Tokenized gold trading volumes reached an estimated $178 billion in 2025, a number comparable to what traditional gold ETFs process.
Two tokens, one blockchain, one winner
The tokenized gold market is effectively a two-horse race. PAXG, issued by Paxos, and XAUt, issued by Tether, together hold roughly 84% of the sector’s total market capitalization as of mid-2025. Each token represents one troy ounce of physical gold held in reserve, giving holders on-chain exposure to the metal without touching a vault or a futures contract.
Both tokens live primarily on Ethereum, which remains the dominant blockchain for tokenized gold activity. Uniswap’s overall DEX market share typically ranges between 25% and 50% depending on the period and the metric used. But in the tokenized gold vertical specifically, 84% is a different animal entirely.
