Data: The tokenized commodity market is almost entirely dominated by gold, with a scale reaching USD 5 billions.

ChainCatcher reports that a16z crypto stated in an article that the current tokenized commodity market is almost entirely dominated by gold. Citing data from rwa.xyz, it noted that as of May 7, 2026, the on-chain tokenized gold market had reached approximately $5 billion, occupying the overwhelming majority of the market share. In comparison, tokenized silver amounted to only about $28,100,000, tokenized gold ETF (iShare Gold Trust) about $14,100,000, and other commodity categories totaled around $2,950,000.

a16z pointed out that gold possesses characteristics such as global circulation, standardization, and a long-term reliance on paper certificate transactions, making it naturally suitable for tokenization. Products such as Tether Gold (XAUt) and Pax Gold (PAXG) essentially map the ownership of vault-stored gold onto on-chain wallets. It also stated that apart from gold, the tokenization of commodities such as oil, agricultural products, energy, and computing power is still at a very early stage, with a relatively limited market share at present.