# Tokenized Gold Supply: XAUT vs PAXG

> Tokenized gold supply in troy ounces: XAUT, XAUt0 and PAXG by chain, their market share, mints and burns, holders and value at the gold reference price.

Markdown copy of https://voltfincrypto.com/apps/tokenized-gold-xaut-paxg

**Question:** How many ounces of gold are tokenized on-chain, and how is supply split between XAUT and PAXG?

- Kind: Dashboard in Voltfin Vantage
- Topic: [Tokenized assets](https://voltfincrypto.com/topics/rwa)
- Chains: Multi-chain, Ethereum, Tron
- Status: Planned. The data is not published yet, so this page states no figure; each figure will open its receipt when it is.

Tokenized gold puts allocated, vaulted gold on public chains: each XAUT (Tether Gold) and each PAXG (Paxos Gold) represents one fine troy ounce held for its holders. Because one token stands for one ounce, the token supply is the amount of gold tokenized, and it can be read straight from the contracts. This dashboard does that for both tokens on every chain they are issued on and shows how the total splits between them.

XAUT also moves to other chains as XAUt0, an omnichain version that locks XAUT on Ethereum and mints the same amount elsewhere, so XAUt0 is shown as part of XAUT and never added to it. Mints and burns show when the issuers create or redeem tokens against gold, which is where real changes in tokenized gold happen.

Use it to follow growth in tokenized gold, to compare the two issuers and to value the supply at the gold reference price, with every figure tied to the block it was read at.

## Blueprint

### Supply

Ounces tokenized, the split between XAUT and PAXG and where they live.

- **Gold tokenized** (troy ounces): Troy ounces represented by XAUT and PAXG outstanding at the latest day-end block, with XAUt0 counted inside XAUT.
- **Value at the gold price** (USD): The same ounces valued at the Chainlink XAU/USD answer at the same block.
- **XAUT's share** (%): XAUT's share of tokenized gold ounces; PAXG holds the rest.
- **Holders** (count): Addresses with a non-zero balance of XAUT, XAUt0 or PAXG at the latest blocks, by token in the tooltip.
- **Supply by token and chain** (troy ounces): Supply by token and chain: PAXG on Ethereum; XAUT on Ethereum and Tron; XAUt0 on each chain it is minted on.
- **XAUt0 minted against XAUT locked** (troy ounces): XAUt0 supply on each chain, summed and set against the XAUT locked in the adapter contract on Ethereum.
- **Gold tokenized by day** (troy ounces): Ounces outstanding by token at each day-end block.

### Mints and burns

Issuance and redemptions over time.

- **Ounces minted** (troy ounces): Ounces minted by the issuers over the selected period.
- **Ounces redeemed** (troy ounces): Ounces burned on redemption over the same period.
- **Mints and burns by day** (troy ounces): Mints and burns per day for each token, so issuance and redemptions show apart.

Filters: Token (All gold tokens, XAUT or PAXG); Period (Last 30 days, last year or all history).

## How it will be measured

- Supply is each token's totalSupply() at the last block of each day, scaled by its decimals: PAXG on Ethereum; XAUT on Ethereum and Tron; XAUt0 on each chain it is minted on.
- XAUt0 is checked against the XAUT locked in its adapter contract on Ethereum, so the omnichain copies are never added to XAUT's own supply.
- Mints and burns come from each contract's issuance and redemption events and from Transfer logs to and from the zero address, summed per day.
- USD values multiply ounces by the Chainlink XAU/USD answer at the same block, with the round's update time; holders are addresses with a non-zero balance, rebuilt from Transfer logs.
- Every figure carries a receipt: the block, its hash and the calls behind it.

## Data it needs

- `rwa_supply_daily` (to build): Supply and holders of tokenized treasuries, money-market funds, stocks, gold and credit per token and chain per day, with issuer and asset class.
- `native_prices_daily` (to build): Reference prices of major assets read from on-chain oracle feeds (Chainlink latestRoundData) at each day's last block, with each round's update time.
- `token_holders_snapshot` (to build): Holder counts, top holders and concentration shares of registry tokens at a pinned block, with contract and exchange labels.
- `token_transfers_daily` (to build): ERC-20 and native transfer counts, volume and unique senders and receivers per token per chain per day.
- Source: PAXG totalSupply() and mint and burn Transfer logs on Ethereum
- Source: XAUT totalSupply() on Ethereum and Tron, and XAUt0 totalSupply() on each OFT chain
- Source: XAUT balance of the XAUt0 adapter contract on Ethereum
- Source: Chainlink XAU/USD answers at day-end blocks for USD value
- Source: Transfer logs for holder counts

## Questions

### What is tokenized gold?

A token that represents ownership of physical gold held in a vault by its issuer. XAUT and PAXG each stand for one fine troy ounce, and holders can redeem them with the issuer for gold or its value, subject to the issuer's terms and minimums.

### What is the difference between XAUT and PAXG?

Both are backed one to one by vaulted gold. PAXG is issued by Paxos under New York regulation and lives mainly on Ethereum; XAUT is issued by Tether on Ethereum and Tron and travels to other chains as XAUt0. They differ in custody, redemption terms and fees.

### How much gold is tokenized?

The headline tile adds the ounces of XAUT and PAXG outstanding at the latest day-end block, with XAUt0 counted inside XAUT. It is the supply the contracts report; the issuers publish their attestations of the gold behind it off-chain.

### What is XAUt0?

An omnichain version of XAUT built on LayerZero's OFT standard: XAUT is locked in an adapter contract on Ethereum and the same amount of XAUt0 is minted on another chain. It is operated separately from Tether, which issues and redeems only XAUT.

### Is the gold behind these tokens on-chain?

No. The gold sits in vaults, and the issuers publish attestations of their holdings off-chain. The chain shows the tokens outstanding, so this dashboard reports supply and leaves the reserve check to the issuers' reports.

## Glossary

- **Troy ounce**: The unit gold is weighed in, slightly heavier than an ordinary ounce. Each XAUT and PAXG represents one fine troy ounce.
- **Allocated gold**: Specific bars held in a vault for the token holders, as opposed to a general claim on an issuer's metal.
- **Omnichain token**: A token that moves between chains by locking or burning it on one chain and minting it on another, so total supply stays the same.

## Related apps

- [Tokenized RWA Market Size by Chain](https://voltfincrypto.com/apps/tokenized-rwa-market-size-by-chain)
- [Tokenized Stocks Market Cap by Issuer and Chain](https://voltfincrypto.com/apps/tokenized-stocks-market-cap)
- [Tokenized Treasuries Tracker: BUIDL, BENJI, USYC, OUSG](https://voltfincrypto.com/apps/tokenized-treasuries-tracker)
- [Stablecoin Market Cap and Total Supply](https://voltfincrypto.com/apps/stablecoin-market-cap)
- [BlackRock BUIDL Fund: Supply, Chains and Holders](https://voltfincrypto.com/apps/blackrock-buidl-fund-tracker)
- [Tokenized Treasuries by Fund and Chain](https://voltfincrypto.com/apps/tokenized-treasuries-table)

Build it in Voltfin Studio: https://app.voltfincrypto.com/signup?next=%2F