If you read any newsletters that are more macro-oriented along with what you read from The Block, then perhaps you’ve been caught up with the fact that gold has continued to surge to record highs recently, continually boosted by geopolitical tensions.
However, the gold stablecoin market has historically been pretty bleak. The two major players are Tether, with XAUT, and Paxos, with PAXG, but compared to the two firms’ dollar stablecoins, USDT and USDP, these seem like just a blip. Even with the recent run-up in gold, XAUT has a market cap of $580 million, and PAXG’s even lower at just under $450 million.
Looking at trading volume on centralized exchanges for these gold stablecoins, we have seen a bit of an uptick, but that can partially be attributed to the rising value of gold. Volumes have been on a slow rise since hitting a low in May. This weekend did prove pivotal for PAXG, though, as its volume jumped up to $71 million on April 13, the highest level since May 2022, as reports of Iranian drone attacks on Israel stoked fears of broader conflict. XAUT volumes also picked up slightly, but not to the same degree.
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Bron: NBCDFW - 🏆 288. / 63 Lees verder »