Gold-backed cryptocurrencies spike amid global trade uncertainty

Gold-backed cryptos like Tether Gold and Paxos Gold have risen around 7% in the past month as investors seek safe haven assets.

Gold-backed cryptocurrencies have spiked in value amid the global trade war unleashed by US President Donald Trump’s April 2 tariffs.

Tether Gold (XAUT) and Paxos Gold (PAXG) reached all-time highs on April 22, with Tether Gold touching $3,529 and Paxos Gold recording a peak of $3,520, according to data from CoinMarketCap. Two other gold-backed cryptocurrencies — Quorium (QGOLD) and Kinesis Gold (KAU) — have seen rises of 8.5% and 7.6%, respectively, in the past 30 days. All four tokens are up 40% or more in the past 12 months, CoinGecko data shows.

Related: Tether clocks $13B in 2024 profits, US bond holdings hit all-time highs

Read more