Market Overview - The tokenized gold market is witnessing a competition between PAXG (Paxos Gold) and XAUt (Tether Gold) [1] - PAXG is currently leading in attracting new onchain gold investors [1] New Investor Acquisition (Year-to-Date 2025) - PAXG has acquired approximately 31,700 first-time buyers with an initial purchase worth at least $10 [1] - XAUt has acquired approximately 12,300 first-time buyers with an initial purchase worth at least $10 [1]