Uniswap dominates 84% of tokenized gold trading volume on decentralized exchanges in 2025.

Uniswap has captured 84% of the tokenized gold trading volume on decentralized exchanges (DEXs) as of mid-2026, handling billions in trades primarily involving PAXG and XAUt tokens on Ethereum. Tokenized gold trading reached an estimated $178 billion in 2025, rivaling traditional gold ETFs, driven by rising gold prices and the advantages of on-chain trading such as 24/7 access and fast settlement. This dominance offers deep liquidity and trading benefits but also poses concentration risks if Uniswap faces operational issues. The growing tokenized gold market signals a shift from experimental to mainstream, with significant implications for investors and DeFi applications.