$6.1 Billion Tokenized Gold Emerges as Price Discovery Venue Over the Weekend
According to analysis by Coin Metrics, tokenized gold and hyperliquid on-chain perpetual futures have been used as a price discovery venue during traditional market closures. While geopolitical shocks have caused fluctuations in gold and oil prices, blockchain-based assets continued to facilitate trading and settlements over the weekend. Paxos Gold and Tether Gold are presented as on-chain alternatives for one ounce of gold, with a combined market size reaching $6.1 billion. The trading volume of tokenized gold spot transactions on major centralized exchanges exceeded $1.8 billion in early 2026, surpassing $1 billion during heightened tensions. Ethereum on-chain trading volumes also exceeded $1.4 billion on two occasions. Tether reported that the reserves for Tether Gold amount to 700,774.139 fine troy ounces, with a market value of $3.33 billion. Hyperliquid's HIP-3 allows third parties to deploy perpetual futures markets, with cumulative trading volumes exceeding $95 billion. In the oil market, USDC-based CL-USDC contracts rose to about $109 over the weekend, with open interest and trading volumes increasing to $175 million and $1.9 billion, respectively. In the domestic market, tokenized real assets are expanding due to trading hour issues, and this case demonstrates that tokenized gold and on-chain perpetual futures can generate price signals even over the weekend. Coin Metrics noted that this market is in its early stages and is constrained by liquidity and regulatory uncertainties.
-- Price
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