Over the last six months, the value of an ounce of gold has witnessed a 3.8% surge in relation to the U.S. dollar. Within the realm of cryptocurrencies, there exist two noteworthy tokens backed by gold: pax gold (PAXG) and tether gold (XAUT). Together, these tokens amass a considerable worth of nearly $1 billion. Although the total number of PAXG and XAUT tokens reaches nearly 500,000, their distribution is relatively concentrated, amongst the 31,000 token holders.
Nearly 500,000 Gold-Backed Tokens in Circulation, Yet 20 Wallets Dominate the Supply
The two leading gold-pegged crypto assets, PAXG and XAUT, which are backed by a troy ounce of .999 fine gold, still dominate the field of precious metal-based digital currencies. The demand for tokens backed by gold experienced a significant surge in 2022, notably when gold reached its all-time high of $2,074.60 per ounce on March 8th.
An illustrative example is PAXG, which saw its market value soar from $424 million on February 19, 2022, to

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