The real-world assets (RWA) sector on the blockchain has a new leader. Tokenized commodities have grown by more than 50% since the beginning of 2026, with a market capitalization exceeding $6 billion. Investors are increasingly moving to on-chain versions of gold, while other segments of the crypto market are lagging behind.
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Tokenized gold drives the market
The tokenized commodities market has seen an extraordinary influx of capital in less than six weeks. From approximately $4 billion at the beginning of the year, capitalization has climbed above $6 billion. This means that roughly $2 billion has flowed into the sector in a short period of time. According to data from the Token Terminal platform, this is currently the fastest-growing category within RWA. Year-on-year growth is 360%, while tokenized stocks added 42% and tokenized funds just under 4%.
The main driver of growth is products linked to gold. Tether Gold (XAUt) holds a dominant position, with its market capitalization growing by more than 51% to $3.6 billion over the past month. Competitor Paxos Gold (PAXG) also strengthened, with its value rising by about a third to $2.3 billion. Investors clearly prefer the option of holding exposure to physical metal via blockchain, without having to deal with storage, but with the advantage of immediate liquidity.
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Tether bets on gold: $150 million acquisition and investor shift away from Bitcoin
Tether is also strengthening its position with strategic moves. It announced the purchase of a stake in the Gold.com platform for $150 million with the aim of deepening the integration of the XAUt token and enabling easier purchase of physical gold for the USDT stablecoin. This move confirms the company’s ambition to consolidate its leading role in the tokenized commodities segment and connect the digital and physical worlds of precious metals.
The growth in interest in tokenized gold comes at a time when physical gold is reaching historic highs. The spot price rose to $5,600 at the end of January and, even after a slight correction, remains above the $5,000 mark. In contrast, bitcoin has lost more than half of its value since October 2025, when it reached $126,080. Although the price has partially recovered to $69,000, analysts point out that it behaves more like a risky growth asset than a digital equivalent of gold. This may explain why investors are currently shifting capital into tokenized commodities.
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