Tokenized Gold Dominates Market with $5 Billion Valuation

The tokenized commodities market is currently dominated by gold, according to a report by a16z crypto. Citing data from rwa.xyz, the report highlights that as of May 7, 2026, the on-chain tokenized gold market has reached approximately $5 billion, capturing the majority of the market share. In contrast, tokenized silver is valued at around $28.1 million, while tokenized gold ETFs, such as the iShare Gold Trust, are valued at about $14.1 million. Other commodity categories collectively account for approximately $2.95 million. According to ChainCatcher, a16z notes that gold's global circulation, standardization, and historical reliance on paper-based transactions make it naturally suited for tokenization. Products like Tether Gold (XAUt) and Pax Gold (PAXG) essentially map the ownership of stored gold to on-chain wallets. The report also mentions that aside from gold, tokenized assets such as oil, agricultural products, energy, and computing power are still in very early stages, with limited market share.