Tokenized gold drove 25% of 2025 RWA growth; Q4 volume topped gold ETFs

Tokenized gold surged in 2025, contributing around 25% of net RWA growth as market capitalization rose from roughly $1.6 billion to $4.4 billion. Trading volume reached $178 billion for the year, with Q4 exceeding $126 billion and surpassing the combined activity of five leading gold ETFs.