Tokenized commodities are gaining steam as digital assets expand beyond cryptocurrencies. More investors are turning to blockchain-based versions of RWAs – especially precious metals – as they look for new ways to enter.
Here’s the latest.
The market cap of tokenized commodities has crossed $6 billion, an ATH for the sector. Growth has picked up in 2026, with the total value rising almost vertically in recent weeks.
Much of this expansion is gold-backed tokens, led by Tether’s XAUT and Paxos’ PAXG. XAUT has grown to a market cap of $3.6 billion, posting gains of 51.6% over the past 30 days, 64% over 90 days, and 184% over 180 days.
Meanwhile, PAXG has reached $2.3 billion, rising 33.2% in the past month, 66% over three months, and 144% over six months.
Together, these two tokens account for the majority of the sector’s total valuation. Smaller assets such as PGOLD and XAUM are also expanding, but their market caps remain far below.
Ethereum [ETH] serves as the main network for tokenized commodities, with most gold-backed tokens issued on the platform. While versions of these assets are now available on Arbitrum [ARB], BNB Chain [BNB], Solana [SOL], and other networks, Ethereum remains the core infrastructure for the sector’s expansion.
The appeal is simple. Tokenized gold allows investors to gain exposure to physical gold while staying entirely on-chain. It keeps them from having to deal with storage, transport, or traditional intermediaries. With volatility across crypto markets, demand appears to be going to safer digital assets rather than exiting the space altogether.
The numbers make it clear that tokenized commodities are one of the fastest-growing segments within the greater digital asset market.
