XGLD’s 856 Wallets and $14.1 Million TVL Show Who Is Buying Tokenized Gold

XGLD has drawn 856 valid holding addresses and about $14,096,488.57 in TVL since launch, according to an analysis by Unitas Team cited by Foresight News. The team started with 920 XGLD holding addresses, then filtered out exchange hot wallets, LP addresses, contract addresses and other non-individual wallets. It also removed addresses with less than $100 in holdings. That left 856 wallets for analysis. Those wallets were then grouped by the share of gold assets in each portfolio, onchain interaction frequency, and how they were paired with stablecoins or major crypto assets. The result was split into 10 categories. The largest group was the high-conviction gold holder cohort. It included 239 addresses and accounted for 73.5% of total TVL. By contrast, high-frequency onchain interaction wallets made up 21.4% of addresses but only 0.3% of TVL. A second major source of TVL came from stablecoin-led users. That group contributed 18% of TVL, and the article says they appear to use XGLD for portfolio rebalancing or hedging. In other words, the product is not only attracting gold-first users. It also has a place among users sitting on large stablecoin balances who want yield. Foresight News also examined 654 valid XAUt holding addresses after excluding exchange hot wallets. The overall structure looked similar to the XGLD group, though some differences stood out. The article notes that XAUt holder categories overlap, so a single address can match more than one classification and the category counts add up to more than the total sample. Among XAUt users, 42 addresses held tokenized stocks or ETFs. These wallets were also holding gold, which the article describes as evidence that onchain allocation is moving closer to traditional multi-asset portfolio construction. It also said that 90% of XAUt supply is concentrated in three Binance exchange hot wallets. That leaves direct onchain XAUt holders as a relatively focused user group, with a clear conversion path. On the product side, Tether Gold has confirmed an integration with Unitas Labs, bringing XGLD into the XAUt ecosystem. XAUt is Tether’s tokenized gold product, with each token representing one ounce of physical gold stored in a Swiss vault. XGLD is designed to solve a simple problem: gold itself does not yield. Users deposit XAUt and mint XGLD on a 1:1 basis. The protocol then uses XAUt as collateral, borrows stablecoins through major centralized exchanges or qualified compliant lenders, and deploys those funds into a delta-neutral strategy to capture funding-rate income. When users exit, they burn XGLD through the redemption contract and get XAUt back. There is no mandatory lockup. The article says the strategy has historically produced double-digit annualized returns, but funding rates move with the market and returns are not guaranteed. Reserve checks are provided in real time by Primus Labs through Proof of Reserves, and users can deposit at unitas.so/xgld. The broader point, according to the article, is that tokenized gold has already solved the “put gold onchain” problem. The next question is what gold can do after it gets there. The 856 addresses and nearly $15 million in TVL are presented as one real-data answer.