Gold hits new highs, boosting the tokenized asset boom, with the RWA market size approaching $4 billion

As the spot gold price hits new highs, on-chain tokenized commodity markets are experiencing rapid growth. According to the latest data, the tokenized commodities market size has approached $4 billion, an increase of about 11% over the past month. Behind this trend is investors’ growing expectation for gold and other precious metals assets to cross traditional financial boundaries.

Gold Hits Record Highs, On-Chain Tokenized Commodity Market Continues to Grow

According to TradingView data, spot gold prices once surged to a historic high of $4,530 per ounce. This rally not only increased market attention on gold itself but also boosted the growth of on-chain tokenized precious metals. According to RWA.xyz statistics, the tokenized commodities market has reached $3.93 billion, up over 10% from the previous month, demonstrating strong momentum in traditional asset tokenization.

Dual Dominance: Tether and Paxos Lead the Tokenized Gold Market

In the tokenized gold sector, the market shows a clear duopoly. Tether Gold (XAUT) leads with a market size of $1.74 billion, followed closely by Paxos Gold (PAXG) at about $1.61 billion. Together, they account for over two-thirds of the market share. This concentration reflects market trust in well-known issuers and highlights the maturity of the tokenized asset space.

On-Chain Infrastructure Improving, but Still Relying on Traditional Finance

From a foundational network perspective, Ethereum remains the dominant platform for tokenized RWA, handling about 65% of the market, equivalent to $12.7 billion. BNB Chain ranks second with approximately 10.5%, indicating the core role of mainstream public chains in the RWA sector. However, on-chain data shows that activities related to tokenized commodities and RWAs still account for a smaller portion of total fees and transactions compared to stablecoins and traditional tokens, which are more mature applications.

This stems from a reality: while tokenized precious metals can be transferred and traded on-chain 24/7, their pricing, liquidity, and redemption processes still heavily depend on traditional financial infrastructure. In other words, the operation of tokenized commodities has not yet fully freed itself from reliance on traditional finance.

RWA Market Outlook Bright, Investment Banks Optimistic About Trillions of Dollars

Although the current scale of tokenized commodities is relatively limited, the long-term potential of the RWA track is undeniable. Standard Chartered predicts that by 2028, the scale of tokenized RWAs excluding stablecoins will surge to $20 trillion, with about $250 billion flowing into illiquid assets such as private equity and commodities. This indicates that tokenized commodities and RWAs will become an important part of future digital assets.

The recent all-time high in gold prices precisely confirms that the trend of traditional financial assets moving on-chain is accelerating, and the expansion of the tokenized commodities market has only just begun.