Gold-Backed Crypto Minting Hits 5-Year High Amid Tariff Turmoil and Record Futures Spike

Commodity-backed cryptocurrencies—primarily gold-linked tokens—have recorded their highest minting volume in at least five years, as investors react to gold market volatility and fresh geopolitical trade risks.

The surge follows gold futures briefly surpassing the $3,500 mark for the first time, driven by escalating concerns over U.S. tariffs on Swiss gold exports. The Swiss Precious Metals Association had warned that Washington’s proposed 39% tariffs could significantly disrupt the global movement of physical gold.

Although both spot and futures prices retreated after a U.S. official clarified that gold bars would likely be exempt from the tariffs, the market shock had already spurred heavy minting of gold-pegged tokens.

Gold-based cryptocurrencies such as Tether Gold (XAUT) and Paxos Gold (PAXG) jumped to over $3,390 during the peak of the turmoil before pulling back. According to data from RWA.xyz, token minting volume for the week hit $439 million—more than double the previous record of $195 million set in 2021.

These tokens, fully backed by physical gold held in vaults, offer investors borderless access to gold exposure via blockchain infrastructure—instantly transferrable and globally liquid.

Switzerland, a key player in global gold refining despite lacking domestic mines, has exported over $61 billion worth of the precious metal to the U.S. in the past 12 months. The tariff proposal has triggered political debate in the country, with some lawmakers urging the gold sector to absorb part of the anticipated economic damage.

Gold remains one of Switzerland’s most critical export commodities, representing more than 25% of total exports, according to Swiss National Bank data.