Gold-backed stablecoins have surged to a $4 billion market cap in 2025, a significant increase from $1.3 billion at the beginning of the year. This growth is largely dominated by two leading tokens, which together control 90% of the market. One of these tokens has expanded its supply to surpass its competitor, capitalizing on rising gold prices and macroeconomic uncertainty that have fueled investor demand. A major issuer of these stablecoins has emerged as one of the largest gold holders in the crypto market, with reserves comparable to those of small central banks. This development underscores the growing influence of gold-backed digital assets in the broader financial ecosystem.