1.2 million ounces of gold now sit on public blockchains

We count $4.90 billion in tokenized gold across XAUt, PAXG and XAUm, read from 6 blockchains, after removing tokens Tether holds in its own reserve.

The Migration by Concrete · Oct 28, 2026

Short answer

As of October 28, 2026, 1,205,452 troy ounces of tokenized gold are on public blockchains, worth $4.90 billion at Chainlink's on-chain gold price of $4,067.44, by The Migration by Concrete's count. Tether Gold (XAUt) is the largest at $3.02 billion, then Paxos Gold (PAXG) at $1.81 billion.

Key facts

1,205,452 troy ounces across XAUt, PAXG and XAUm
XAUt: 743,064 ounces, $3.02 billion
PAXG: 446,117 ounces, $1.81 billion
98% of the ounces are on Ethereum
About 97,994 XAUt held in Tether's own reserve are removed

As of October 28, 2026, 1,205,452 troy ounces of tokenized gold circulate on public blockchains, by our count. At Chainlink's on-chain gold price of $4,067.44 per ounce, that is $4.90 billion.

Three tokens

Token	Issuer	Ounces	Value
XAUt	TG Commodities (Tether)	743,064	$3.02B
PAXG	Paxos	446,117	$1.81B
XAUm	Matrixdock	16,271	$66M

Each token is a claim on one troy ounce of allocated gold held in a vault. Tether Gold accounts for 62% of the ounces we count, and Paxos Gold for 37%.

Almost all of it is on Ethereum

Ethereum holds 1,177,741 ounces, or 98% of the total: 729,424 ounces of XAUt, 442,906 of PAXG and 5,411 of XAUm. The rest is spread across BNB Chain, Solana, Sui, Stellar and Plume. Matrixdock's XAUm is the most spread out, issued on six chains.

What we remove

Tether reports that it holds part of the XAUt supply in its own reserve, created but not yet sold. Using Tether's own transparency figures, we remove those tokens, about 97,994 ounces on Ethereum, because they are not in anyone else's hands. This is the same rule we use for dollar stablecoins.

We also leave out bridged copies. XAUt0, the version of Tether Gold that moves to other chains, is backed by XAUt held on Ethereum, which we already count. Counting both would count the same gold twice.

Being verified now

Kinesis Gold (KAU), WisdomTree Gold Token (GOLD) and Comtech Gold (CGO) are being checked against their issuers' published addresses. The live gold count updates every 6 hours.

Questions and answers

How much gold is tokenized?

1,205,452 troy ounces as of October 28, 2026, worth $4.90 billion, across three gold-backed tokens on six blockchains.

What is the largest gold token?

Tether Gold (XAUt), with 743,064 ounces, worth $3.02 billion, as of October 28, 2026.

Which blockchain has the most tokenized gold?

Ethereum, with 1,177,741 ounces, 98% of the total.

Is XAUt0 counted?

No. XAUt0 is backed by XAUt held on Ethereum, which is already counted, so counting both would count the same gold twice.

Citing this article: "The Migration by Concrete, 1.2 million ounces of gold now sit on public blockchains, Oct 28, 2026," with a link to this page and to Concrete. Questions or corrections: mason@blueprintfinance.com.

The Migration by Concrete tracks traditional finance moving on-chain, reading every token directly from public blockchains. See all our counts.

For information only. Not investment advice.