$XAUt is seeing some serious activity on-chain. Tether’s gold-backed XAUT generated around $1.2B in DEX trading volume over the past 90 days. Ethereum led with about $877.7M, followed by $BNB Chain at $292.2M, while Uniswap v3 and v4 together handled nearly $896M. The interesting part for me is what this says about tokenized commodities: people aren't just holding tokenized gold they're actively trading it on DeFi. That’s another sign that real-world assets are gradually becoming part of everyday on-chain markets.