Tokenized gold has returned to the center of crypto trading following a strong August revival, with Tether Gold, or XAUT, leading activity across decentralized exchanges, lending platforms and leveraged futures markets. CoinGecko showed XAUT trading near $4,430 after gold retreated from recent highs, while volumes remained elevated compared with earlier periods this year. PAXG continued to attract decentralized liquidity alongside XAUT. XAUT liquidity on Uniswap V3 reached about $2.39 million during the reported period, and Lighter added the token as collateral for perpetual futures (futures contracts without an expiry date). RWA.xyz data showed XAUT held across 84,756 wallets, up more than 16% over 30 days. More than $4.6 billion moved on-chain globally during August, while active addresses exceeded 53,000. Ethereum still hosted most XAUT supply, although BNB Chain and Monad recently gained supply. On Hyperliquid through HIP-3, gold open interest returned toward $750 million and daily trading reached about $299 million. Large traders were generally positioned long, while the largest reported short had nearly $2.2 million in unrealized losses on September 4. A wallet linked with high probability to Antalpha accumulated repeated 1,000-unit tranches and held about 16,120 XAUT, worth more than $71 million, by September 4. Another Antalpha-linked wallet held more than 33,000 units, while related wallets traded gold and moved funds toward Bitfinex and Cobo.com custody. The activity points to expanding use of tokenized gold for hedging, collateral and leveraged speculation, with decentralized liquidity reducing reliance on centralized exchanges.