Commodities, especially gold and silver, played a crucial role in the recent growth of RWAs.
Recent market trends have seen many digital assets struggle due to liquidity outflows, but Real-World Asset (RWA) projects have managed to stay strong. These platforms have attracted consistent liquidity, even as traders have moved away from altcoins and established tokens. Tokenized assets have found increased interest as investors look for more stable investments in light of the market’s volatility.
In February 2026, tokenized commodities such as gold and silver have emerged as major drivers for RWA platforms. Tether’s tokenized gold, XAUT, has attracted considerable liquidity, surpassing Paxos Gold as the most popular RWA token. As buying interest surged, gold remained a solid hedge for many traders, providing a stable store of value.
Silver also performed well, benefiting from the shift in market focus toward traditional commodities. These assets have found new life as crypto traders adapt to trading them alongside digital currencies. As a result, tokenized commodities have become an essential part of the RWA landscape, drawing substantial volumes to RWA platforms.
The total value in tokenized assets recently reached a new record above $24 billion. While US tokenized bonds held the largest share, commodities were the main drivers of the recent growth. This shift reflects traders’ desire for assets with tangible backing in uncertain market conditions.
Private credit also gained traction in the RWA tokenization space, contributing to the overall increase in tokenized asset values. Despite this, RWA adoption is still limited, with large entities mainly controlling treasury debt. The broader retail market has yet to fully embrace RWA tokenization, though the demand for tokenized commodities and equities is growing.
The decentralized exchange (DEX) landscape is beginning to incorporate tokenized RWAs, though markets remain fragmented. HIP-3 has become one of the most active platforms for trading tokenized shares. The market for RWA tokens is still developing, with a limited number of issuers and trading venues.
However, tokenized equities are drawing interest, with more than 309,000 wallets now holding tokenized public equity. These tokenized assets continue to play an increasing role in RWA adoption, though the market still faces challenges in terms of liquidity and infrastructure. As RWA volumes grow, further market integration will be essential for broader adoption.
