AsianFin -- As gold approaches its April peak, the market for crypto tokens backed by the precious metal has surged to new record levels.

Data from CoinGecko shows the total market capitalization of tokenized gold has topped $2.57 billion, driven by strong inflows into the sector’s two leading offerings: Tether’s XAUT and Paxos’ PAXG. Both tokens are pegged to the price of gold and fully backed by physical bars stored in secure vaults.