Tether Gold (XAUT) increased its market capitalization by $237 million in the 30 days leading up to mid-August 2026, making it a major contributor to the tokenized commodity market's recent growth. The source places XAUT's market value between $2.48 billion and $2.67 billion. At the same time, XAUT perpetual contracts on Binance are now generating roughly $2 billion in daily trading volume, up from about $1.5 million a day in December 2025, with peak daily volume reaching $6.4 billion on March 23, 2026. The contract briefly became Binance's fifth most-traded perpetual pair in early August 2026. Binance lists XAUT only as a perpetual futures contract rather than a spot pair, indicating that much of the activity is leveraged speculation on price moves rather than direct buying of tokenized gold. Tether Gold is issued by the same company behind USDT, with each token backed 1:1 by physical gold meeting LBMA standards and stored in Swiss vaults. The token operates on Ethereum and Tron.