Tokenisation Protocols Surge in 2026: Tokenised Gold Leads the Charge Amid Broader Crypto Decline

Tokenisation Protocols Surge Amid Crypto Rout: Gold Takes Center Stage in 2026

In a year marked by volatility in the cryptocurrency market, tokenisation protocols have defied the odds, experiencing double-digit growth in 2026. Leading the charge are tokenised gold protocols, which have emerged as the standout performers, capitalising on gold’s remarkable ascent.

Gold has been on a record-breaking spree this year, peaking at an astonishing $5,417 per ounce at the end of January. Although it faced a dip due to a sell-off in leveraged metals, it has maintained a trading price above $5,000 in recent weeks. Experts attribute this rally to a mix of political turmoil, including US tariffs and escalating tensions surrounding a potential invasion of Iran.

Among the top performers, Tether Gold has seen a staggering 62% growth, reaching a market cap of $3.7 billion since January 1. Paxos Gold is not far behind, with a 48% increase, bringing its total to $2.4 billion. Other tokenisation platforms like Ondo Finance and Securitize have also reported impressive double-digit growth.

In stark contrast, the broader cryptocurrency market has faced significant challenges. Bitcoin has reversed its gains from the post-2024 election period, and the global crypto market has plummeted over 21% since the start of the year, according to CoinGecko. Of the top 20 decentralised finance (DeFi) protocols, only Ethena, the issuer of the synthetic dollar USDe, has managed to show any growth.

While some DeFi protocols have seen increases in crypto terms, the dollar value of user deposits has taken a hit. Sky, the top performer in this category, has seen a 5% decline in dollar deposits, while Aave, the largest DeFi protocol, has experienced a more significant drop of over 19%.

The Tokenised Gold Case

The appeal of tokenised gold is clear, particularly for South Korean investors looking to sidestep hefty tax bills associated with traditional gold purchases. Unlike crypto trading, which remains untaxed in South Korea, tokenised gold products allow investors to gain exposure to the soaring metal without incurring the same financial burdens.

These gold-backed tokens are digital assets pegged to the value of physical gold, with each token typically representing a troy ounce or a gram of gold stored in secure, audited vaults. Even smaller players in the tokenised gold market are reaping the benefits; Pleasing Gold has seen a 21% increase since the start of the year, while Matrixdock Gold has surged by 23%, reaching a market cap of over $69 million.

As the crypto landscape continues to evolve, the resilience of tokenised gold protocols highlights a growing trend towards asset-backed digital currencies, offering investors a stable haven amid the chaos of the broader market.

For more insights and updates on the evolving world of DeFi, stay tuned to DL News.

Aleks Gilbert is DL News’ New York-based DeFi correspondent. You can reach him at aleks@dlnews.com.