The total market capitalization of gold-backed stablecoins has risen to over 4 billion USD, nearly tripling from about 1.3 billion USD at the beginning of 2025. Among them, Tether Gold (XAUt) ranks first with a market value of about 2.2 billion USD, accounting for about 50% of the market, followed by Paxos Gold (PAXG) with a market value of about 1.5 billion USD, together holding nearly 90% of the tokenized gold market share. Analysis indicates that gold prices have risen by about 66% this year. In addition, Tether continues to increase its gold holdings, holding about 116 tons as of the end of September. (The Block)