When gold futures are not trading, the market does not stand still. According to former Credit Suisse CIO Iggy Iope, tokenized assets like PAX Gold and Tether Gold become virtually the only public channel through which price movements can be observed on weekends. This is a full-fledged price formation process, not a secondary segment.
From Futures to Blockchain
On weekdays, the main liquidity is concentrated on CME and in ETFs. But on weekends, traditional platforms are closed. Some deals take place on the over-the-counter market in Asia, but such operations are not reflected in public feeds.
As a result, tokenized gold remains the only transparent source of prices 24/7. When CME opens on Monday, futures often adjust to reflect movements that have already occurred on the blockchain. This creates a ‘catch-up’ alignment effect. It changes the very structure of market observation.
Sharp Growth of the Segment
Over the year, the capitalization of tokenized gold grew from about $1.6 billion to $4.4 billion. This is an increase of 177%. About $2.8 billion in new capital was attracted to the segment.
In terms of trading volume, the dynamics are even more noticeable. In 2025, turnover amounted to about $178 billion, of which more than $126 billion was in the fourth quarter. In scale, this is comparable to the largest gold investment products.
Tokenized versions of the metal occupy a significant share among digital instruments backed by real assets.
Who Creates Liquidity
The main participants are market makers and arbitrage traders. They balance the difference between the token price and quotes on traditional markets.
For the crypto market, such assets are not only a way to invest in gold. The token can be used as collateral, a hedging tool, or a base for generating income. During periods of geopolitical tension, demand for such mechanisms increases.
Institutional participants closely monitor weekend dynamics. However, they more often perceive it as an indicator of sentiment rather than a direct signal for large positions.
Geopolitics Test
The advantage of round-the-clock trading is especially noticeable during sharp events. In the latest phase of escalation in the Middle East, tokenized gold surged on Saturday, while Bitcoin and Ether declined.
Investors were able to reallocate risk immediately, without waiting for futures to open. This strengthened the role of blockchain platforms as an operational indicator of demand for safe-haven assets.
Limitations Remain
Despite growth, liquidity in tokenized gold lags behind futures and ETFs. Large orders can affect the price more than on traditional platforms.
Additional factors remain regulatory differences and asset storage requirements in different jurisdictions. This limits participation by some large players.
What Changes in the Global Structure
For now, traditional and digital instruments coexist in parallel. But weekends show that blockchain is already integrated into the global price formation process.
When Wall Street is closed, it is tokens that reflect the reaction to news. The segment has grown to $4.4 billion in capitalization and hundreds of billions in annual turnover, making it a significant element of the gold market.
In the short term, the role of tokenized gold will strengthen during periods of volatility. In the long term, much depends on the depth of liquidity and regulatory clarity. But the fact is obvious. On weekends, it is blockchain that sets the tone for gold price movements.
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