The tokenized gold sector has been making a lot of noise recently. In just half a year, the total market capitalization of the entire market surged from less than $1.8 billion to over $4.2 billion, an increase of nearly 150%. This growth rate is quite impressive among crypto assets.

Speaking of the market landscape, it is primarily dominated by two major players. Tether's XAUT is performing the strongest, with a market cap approaching $2.24 billion, while Paxos's PAXG follows closely behind, with nearly $1.5 billion. Together, these two accounts for nearly 90% of the market, indicating a high level of market concentration.

Why are these two projects so popular? The core reason is trust. Each XAUT and PAXG is strictly backed 1:1 by real gold (physical gold). This means you are not holding an air token; there is indeed physical assets supporting it. In the current environment, tokens backed by transparent, tangible assets like these are naturally very attractive to investors.